income deduction
81accumulated taxable income — The base upon which the accumulated earnings tax is imposed. Basically, it is the taxable income of the corporation as adjusted for certain items (e.g., the Federal income tax, excess charitable contributions, the dividends received deduction)… …
82Property Tax Deduction — State and local property taxes that are generally deductible from United States federal income taxes. These include real estate taxes, which include any state, local or foreign taxes that are imposed for the welfare of the general public.… …
83dividend received deduction — ( DRD) Federal tax law allows a C corporation investing in the stock of other corporations to take a tax deduction for the dividend income received from other corporations. This tax treatment applies to dividends from preferred and convertible… …
84payroll deduction — UK US noun [C] ► HR an amount of money that is taken by an employer from an employee s pay, for income tax, insurance, etc., or the act of taking this money: »Employers are not allowed to bear the full expense of insurance premiums for their… …
85disposable income — dis·pos·able income n: income available for disposal: as a: the income remaining to an individual after deduction of taxes b: the income of a debtor in bankruptcy that is not necessary to support the debtor or the debtor s dependents Merriam… …
86Foreign Earned Income Exclusion — The amount of income earned from a foreign source that is excludable from domestic taxation. The foreign earned income exclusion can only be claimed by those who meet the foreign residence or physical presence tests, who have a tax home in a… …
87tax deduction — An expense that a taxpayer is allowed to deduct from taxable income. Bloomberg Financial Dictionary * * * tax deduction UK US noun [C] TAX ► an amount or cost that can be subtracted from someone s income before calculating how much tax they owe:… …
88Adjusted Gross Income - AGI — A measure of income used to determine how much of your income is taxable. Adjusted gross income (AGI) is calculated as your gross income from taxable sources minus allowable deductions, such as unreimbursed business expenses, medical expenses,… …
89Dividends Received Deduction - DRD — A tax deduction received by a corporation on the dividends paid to it by companies in which it has an ownership stake. The purpose of this deduction is to soften the consequences of triple taxation. Triple taxation occurs because the company… …
90Marital Deduction — A tax deduction that allows an individual to transfer some assets to his or her spouse tax free, creating a reduction in taxable income. A marital deduction is mainly used for the purposes of estates and gifts. The Internal Revenue Service has… …
