tax deduction

American  

noun

1. an expenditure that is deducted from taxable income.

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tax deduction Cultural  

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.

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Example Sentences

The new tax deductions are slated to stay in effect through 2028.

From MarketWatch

Glenn had said that provisions in last year’s One Big Beautiful Bill Act, which included a temporary enhanced tax deduction for seniors, would have a material impact on the trust fund’s finances.

From MarketWatch

I make good money, max out every year and want that tax deduction as I near retirement.

From MarketWatch

And if you are running a business, various changes brought about under the act will increase your available tax deductions for 2025, possibly drastically.

From MarketWatch

Take the “senior bonus” tax deduction — a new, straightforward deduction for taxpayers ages 65 and up.

From MarketWatch