tax deduction

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noun

an expenditure that is deducted from taxable income.

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The rainy weather could not ________ my elated spirits on my graduation day.

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Words nearby tax deduction

tax break, tax certificate, Taxco, tax credit, tax-deductible, tax deduction, tax deed, tax-deferred, tax-deferred annuity, tax disc, taxeme

How to use tax deduction in a sentence

Amortization allows sports team owners to take nearly all of the team purchase price as a tax deduction.
The Billionaire Playbook: How Sports Owners Use Their Teams to Avoid Millions in Taxes|by Robert Faturechi, Justin Elliott and Ellis Simani|July 8, 2021|ProPublica
Many of the richest create foundations for philanthropic giving, which provide large charitable tax deductions during their lifetimes and bypass the estate tax when they die.
The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax|by Jesse Eisinger, Jeff Ernsthausen and Paul Kiel|June 8, 2021|ProPublica
This achieves the twin feat of avoiding any tax on the stock’s growth while getting tax deductions for the full value.
You May Be Paying a Higher Tax Rate Than a Billionaire|by Paul Kiel, Jeff Ernsthausen and Jesse Eisinger|June 8, 2021|ProPublica
The most-used tax deduction is the standard deduction, which is a no-questions-asked amount that you can subtract from your income, lowering the amount of income on which you have to pay taxes.
What Are 2020’s Tax Brackets, and Will I Get Audited?|by Kristen Doerer for ProPublica and Karim Doumar|March 22, 2021|ProPublica

Meanwhile, Senate Democrats are lobbying him to repeal the cap on state and local tax deductions — which would entail a tax cut that mostly benefits the top 1 percent.
Republicans are laying a ‘Trojan horse’ trap on infrastructure|Catherine Rampell|March 18, 2021|Washington Post
Have you tried to access the research that your tax dollars finance, almost all of which is kept behind a paywall?
Anti-Fluoriders Are The OG Anti-Vaxxers|Michael Schulson|July 27, 2016|DAILY BEAST
His life as a man is built around health insurance and tax services.
Houellebecq’s Incendiary Novel Imagines France With a Muslim President|Pierre Assouline|January 9, 2015|DAILY BEAST
Cocaine busts, tax cheats, and bribe-taking, born-again Christians: Welcome to the political scandals of 2014.
2014 Was a Delectably Good Year for Sleaze|Patricia Murphy|December 30, 2014|DAILY BEAST
In response to the screen quota cut, South Korea established a “cinema tax” on the box office.
Propaganda, Protest, and Poisonous Vipers: The Cinema War in Korea|Rich Goldstein|December 30, 2014|DAILY BEAST
Tax evasion carries a maximum penalty of five years, and thus it seems likely that Grimm would be covered by the provision.
The Felon Who Wouldn’t Leave Congress|Ben Jacobs, David Freedlander|December 23, 2014|DAILY BEAST
The law went into operation in England imposing a tax on wearing hair powder.
The Every Day Book of History and Chronology|Joel Munsell
In former years, Korea had paid an annual tribute or tax to China, but for some time it had been held back by this king.
Our Little Korean Cousin|H. Lee M. Pike
Mr. Jackson supposed that Parliament had a right to tax America, but he much doubted the expediency of the present act.
The Eve of the Revolution|Carl Becker
In tax-paying circles it is said that the fashionable thing will be to start now and let the airship overtake you if it can.
Punch, or the London Charivari, Volume 158, April 28, 1920|Various
The stamps, in remote districts, would frequently require more in postage to obtain than the value of the tax.
The Eve of the Revolution|Carl Becker

Cultural 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.