tax deduction

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noun

an expenditure that is deducted from taxable income.

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Question 1 of 7

Which sentence is correct?

His boss, whom he admires, is waiting to meet with him about the big project.

His boss, who he admires, is waiting to meet with him about the big project.

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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
The devil was predictably in the details, with a surcharge on the rich and a call to end the state and local tax deduction.
RIP: Obama’s Grand Bargain With the GOP on Entitlements|John Avlon|March 2, 2014|DAILY BEAST
Apparently, not much has really changed since Bill took a $2 tax deduction for each pair of underwear that he donated to charity.
The Clintons Can’t Shake Their Reputation for Ethical Shadiness|Lloyd Green|September 19, 2013|DAILY BEAST
To my mind, this is why we should get rid of the corporate income tax--and the charitable tax deduction as well.
When the Personal Becomes Political|Megan McArdle|June 12, 2013|DAILY BEAST
One reason is that people might decide that it's not worth buying corporate jets if their annual tax deduction is smaller.
"Tax Breaks for Corporate Jets": The Non-Issue at the Heart of the Presidential Agenda|Megan McArdle|April 10, 2013|DAILY BEAST
Work to end the state and local tax deduction, which acts as another form of welfare for high tax locales.
Federalism? Nah, Let DC Pay for It|Justin Green|February 7, 2013|DAILY BEAST
First, I propose a standard tax deduction for health insurance that will be like the standard tax deduction for dependents.
State of the Union Addresses of George W. Bush|George W. Bush
First, a tax deduction for all education and training after high school.
Complete State of the Union Addresses from 1790 to 2006|Various
We should support Americans who tithe and contribute to charities, but don't earn enough to claim a tax deduction for it.
Complete State of the Union Addresses from 1790 to 2006|Various

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.