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

See Examples For:

tax deduction

The IRS lets homeowners take a $40,000 tax deduction on their state and local taxes.

From MarketWatch ● Oct. 8, 2026

In some states, families can get a tax deduction for contributions to 529 accounts.

From MarketWatch ● Jul. 6, 2026

Lack of planning and misconceptions around a new $6,000 senior tax deduction could lead to missed tax savings.

From Barron's ● Apr. 25, 2026

The new tax deduction for overtime pay is working overtime.

From The Wall Street Journal ● Apr. 4, 2026

A tax deduction was an expression of social co- participation, since society needed more people, better educated youth, a stable framework of family life.

From The Civilization of Illiteracy by Mihai Nadin

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