tax deduction

noun

1. an expenditure that is deducted from taxable income.

tax deduction

1. 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.

Example Sentences

The law prevented income-tax rates from increasing as had been scheduled under the tax-code overhaul he signed into law in 2017, and it introduced a range of new temporary tax deductions.

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The state and local tax deduction, or SALT, for homeowners is getting temporarily quadrupled through tax year 2029.

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If they are successful in handing over their animals, horse donors can then receive a tax deduction.

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Campaign finance spending will go much further if directed to churches, where donors get a tax deduction, instead of to political parties and action groups, which cannot offer that benefit.

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Senate Republicans approved an extension of Social Security tax breaks and an increase that would grant a $6,000 tax deduction for older Americans who earn no more than $75,000 a year.

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