Deduction

An Expense subtracted from adjusted Gross income when calculating Taxable income, such as for state and Local taxes Paid, charitable gifts, and certain types of Interest payments. also called tax Deduction.

Related Terms: 12 Call, Deduction, Expense, Gross income, Interest, Inc., Local, Paid, Tax, Type, Taxable income, Tax deduction

Other Related Pages: Category: Taxes Starting With: D

Additional Related Terms: Accrued expense, Adjusted balance method, Adjusted basis, Allowance for depreciation, Accrual of discount, Accrued interest, After-tax basis, Amortization of premium, At par, All or any part