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

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

From MarketWatch ● Jul. 6, 2026

However, since then, the One Big Beautiful Bill Act was signed into law, giving a temporary enhanced tax deduction for seniors and weighing on Social Security’s overall finances.

From MarketWatch ● Jun. 5, 2026

To get the upfront tax deduction, the donor cedes legal control of the donated funds to the DAF sponsor.

From The Wall Street Journal ● May 1, 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

I propose a landmark $30-billion college opportunity tax cut—a middle-class tax deduction for up to $10,000 in college tuition costs.

From State of the Union Address by William Jefferson Clinton