Tax Deduction

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Dictionary Says

Definition of 'Tax Deduction'

A deduction from gross income that arises due to various types of expenses incurred by a taxpayer. Tax deductions are removed from taxable income (adjusted gross income) and thus lower the overall tax-expense liability.
Investopedia Says

Investopedia explains 'Tax Deduction'

Different regions have different tax codes that allow a variety of expenses to be deducted from taxable income. Tax deductions are often used to entice taxpayers to participate in programs which have a societal benefit. For example, charitable donations and the expenses incurred to make one's home more environmentally friendly can sometimes be deducted from taxable income.

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Search results for

'Tax Deduction'

  • Calculating The Mortgage Interest Tax Deduction

    http://www.investopedia.com/articles/mortgages-real-estate/11/calculate-the-mortgage-interest-math.asp
    The amount of money you save by paying your mortgage off quickly will far
    exceed any benefit from the mortgage interest tax deduction. ...

  • Tax Deductions On Mortgage Interest

    http://www.investopedia.com/articles/pf/06/MortIntTaxDeduct.asp
    ... Introduced along with the income tax in 1913, the mortgage interest tax deduction
    has since become the favorite tax deduction for millions of US homeowners. ...

  • How To Qualify For The Home-Office Tax Deduction

    http://www.investopedia.com/articles/pf/08/home-office-tax-deduction.asp
    How To Qualify For The Home-Office Tax Deduction. ... and The Mortgage Interest
    Tax Deduction.) Test 1 - Is the space used only for business? ...

  • The Most Controversial Tax Deductions Slideshow | Investopedia

    http://www.investopedia.com/slide-show/the-most-controversial-tax-deductions/mortgage-interest-deduction.aspx
    ... Unfortunately, the truth is slightly more complicated than it looks. A tax deduction
    is a reduction in taxes for someone, but not necessarily you. ...

  • Give To Charity; Slash Your Tax Payment

    http://www.investopedia.com/articles/tax/10/give-to-charity-taxes.asp
    ... The charity tax deduction is a heart-warming way to keep your pockets full, if
    you itemize deductions. However, there are some restrictions ...

  • Tax Deductions Vs. Tax Credits

    http://www.investopedia.com/video/play/tax-deduction-versus-tax-credit
    ... Definitions; Investing; Personal Finance; Active Trading; Forex; Videos /. Tax
    Deductions Vs. Tax Credits. ... Read More ยป; The Most Controversial Tax Deductions. ...

  • 3 Tax Benefits For Homeowners - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/1011/3-Tax-Benefits-For-Homeowners.aspx
    ... Mortgage Interest Deductions The mortgage interest deduction is perhaps
    the most popular home ownership tax deduction. The tax code ...

  • Top Tax Refunds For Recent Grads

    http://www.investopedia.com/articles/tax/10/tax-refunds-for-grads.asp
    ... Student Loan Tax Deduction Tax benefits don't end the year after graduation.When
    you start paying off your student loans, you will get to claim a deduction for ...

  • The Great Canadian Tax Quiz - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/0311/The-Great-Canadian-Tax-Quiz.aspx
    ... 6. Is it better to get a tax credit or a tax deduction? A tax deduction reduces
    your taxable income at the highest marginal tax rate that you are subject to. ...

  • 10 Most Overlooked Tax Deductions

    http://www.investopedia.com/articles/tax/09/overlooked-tax-deductions.asp
    ... (For related reading, see Use Real Estate To Put Off Tax Bills and The Mortgage
    Interest Tax Deduction.) Driving Home a Tax Break You pay a sales tax on your ...

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