tax deduction

noun

an expenditure that is deducted from taxable income.

tax deduction

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

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The cap on the state and local tax deduction, known as SALT, will increase to $40,000 from $10,000, phasing out for individuals and households making more than $500,000.

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Under the previous Section 199, which expired in 2017, film and TV productions that were made in the U.S. qualified as domestic manufacturing and were eligible for that tax deduction, the letter states.

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I thought there may be a silver lining with tax deductions.

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The balanced budget outlook through 2025-26 also relies on $7 billion from the state’s rainy day fund, which Newsom and lawmakers previously agreed upon, and continuing to limit corporate tax deductions and credits.

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DAFs allow donors to contribute assets, receive an immediate tax deduction and recommend grants to their favorite nonprofits over time.

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tax-deductible tax deed

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