definitions

tax deduction

noun

an expenditure that is deducted from taxable income.

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Nearby words

tax, tax avoidance, tax break, tax certificate, tax credit, tax deduction, tax deed, tax disc, tax evasion, tax exile, tax expenditure
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019

Culture definitions for tax deduction

tax deduction

An expense, such as a charitable contribution, that can be deducted from one's taxable income. Unlike a tax shelter, a tax deduction does not necessarily take the form of an investment.

The New Dictionary of Cultural Literacy, Third Edition Copyright © 2005 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.