deduction of expenses
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deduction — de·duc·tion n 1: an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also internal revenue code in the important laws section compare credit, ex … Law dictionary
deduction, itemized — n. Expenses individually listed and deducted from gross income. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 … Law dictionary
deduction, standard — n. A standard amount that a taxpayer may deduct from gross income instead of itemizing individual expenses. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 … Law dictionary
Deduction (food stamps) — For the food stamp program, Deductions are used to calculate a household’s monthly food stamp benefit. This calculation is done by subtracting a series of dollar deductions from the household’s total cash monthly income, so as to better reflect… … Wikipedia
deduction — That which is deducted; the part taken away; abatement; as deductions from gross income in arriving at net income for tax purposes. In the civil law, a portion or thing which an heir has a right to take from the mass of the succession before any… … Black's law dictionary
deduction — That which is deducted; the part taken away; abatement; as deductions from gross income in arriving at net income for tax purposes. In the civil law, a portion or thing which an heir has a right to take from the mass of the succession before any… … Black's law dictionary
Expenses versus Capital Expenditures — Under United States income tax law, to make a deduction in the current taxable year, a taxpayer must be able to show that a particular cost is a business expense [IRC § 162. Section 212 permits deductions for investment expenses.] (but not an… … Wikipedia
deduction — /di duk sheuhn/, n. 1. the act or process of deducting; subtraction. 2. something that is or may be deducted: She took deductions for a home office and other business expenses from her taxes. 3. the act or process of deducing. 4. something that… … Universalium
deduction — noun Date: 15th century 1. a. an act of taking away < deduction of legitimate business expenses > b. something that is or may be subtracted < deductions from his taxable income > 2 … New Collegiate Dictionary
deduction — noun 1) the deduction of tax Syn: subtraction, removal, debit 2) gross pay, before deductions Syn: stoppage, tax, expenses, rebate, discount, concession 3) … Synonyms and antonyms dictionary
Tax deduction — This article is about the deduction of expenses for the purpose of calculating taxable income. For tax deducted at source, see Withholding tax. Taxation An aspect of fiscal policy … Wikipedia
