tax deduction

noun

1. an expenditure that is deducted from taxable income.

tax deduction

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

Having a mortgage also allows you to claim mortgage-interest tax deduction.

Read more on MarketWatch

Anyone hovering around a tax deduction’s income cut-off can try to stay under that cap by deferring income and accelerating deductions, advisers say.

Read more on MarketWatch

High-income residents of Democratic-leaning states are poised to get unusually large tax refunds early next year, thanks to the relaxed cap on state and local tax deductions.

Read more on The Wall Street Journal

Another benefit: Many states offer tax deductions for contributions.

Read more on MarketWatch

While being a landlord is not for the faint of heart, you benefit from rental income, appreciation and tax deductions.

Read more on MarketWatch