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Deduction

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Dictionary Says

Definition of 'Deduction'

Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax.

Also referred to as "allowable deduction".
Investopedia Says

Investopedia explains 'Deduction'

For example, if you make $40,000 and you have a deduction for $1,000, then your taxable income is reduced to $39,000.

Articles Of Interest

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    Tax-Saving Advice For IRA Holders

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  2. Deducting Your Donations

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  3. Surviving The IRS Audit

    Keeping thorough records and knowing the penalties make this experience easier than you'd expect.

  4. Tax Deductions On Mortgage Interest

    If you're a homeowner, this is one item you want to understand and use on your return.

  5. Don't Put Off Your Year-End Tax Plan

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  6. Top Tax Deductions For Brokers

    If you are paying out of pocket, you can make your business expenses work for you at tax time.

  7. Traditional IRA Deductibility Limits For 2011

    Find out where you can take a tax deduction on the contributions you make.

  8. Preparing Your Finances From Natural Disasters

    Use these easy tips to protect your financial interests from natural disasters.

  9. Top 9 Solutions To An Unexpected Tax Bill

    Finding out you owe when you expected a refund is a nasty shock. Find out how to cope.

  10. Tax Deductions For Rental Property Owners

    Besides creating ongoing income and capital appreciation, real estate provides deductions that can reduce the income tax on your profits.
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