tax deduction

American  

noun

1. an expenditure that is deducted from taxable income.

---

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.

---

Example Sentences

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

From April, sole traders who earn more than £50,000 will be required to use MTD to record their business expenses and tax deductions.

From BBC

By subletting to him at a lower-than-market rent, you may be limiting some tax deductions.

From MarketWatch

Analysts have said extra state and local tax deductions could help consumer spending.

From MarketWatch