deductions Synonyms
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deductions Meaning
deductions
the deriving of a conclusion by reasoning, a deduction for a specifically recorded item that is allowed to be taken from adjusted gross income if the total of such deductions exceeds the standard deduction, a deduction allowed under the Internal Revenue Code to be taken from the gross estate that amounts to the value of any property interest which is included in the estate and which was given by a decedent to the surviving spouse provided that the interest is not terminable during the life of the survivor, a deduction allowed for a contribution to a charity usually that is qualified under the tax law (as sections 170 and 2055 of the Internal Revenue Code), an act of taking away, a deduction of an amount set by tax law that is allowed to be taken from adjusted gross income unless the taxpayer elects to itemize deductions, inference in which the conclusion about particulars follows necessarily from general or universal premises (see premise entry 1 sense 1) compare induction, an item of property or an amount that an heir has a right to take from the mass of the succession before any of it is partitioned (as for a debt owed by the deceased to the heir), a deduction allowed to be taken for losses or expenses that are not necessarily attributable to a business activity or an activity engaged in for profit, a deduction for an amount set by tax law that under section 151 of the Internal Revenue Code includes the dependency deduction, a deduction usually taken from gross income that is allowed for losses or expenses attributable to business activities or to activities engaged in for profit, the drawing of a conclusion by reasoning, something that is or may be subtracted, reasoning in which the conclusion follows necessarily from a general rule or principle, a conclusion reached by logical deduction, 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 compare credit, exclusion, exemption, a deduction allowed under the Internal Revenue Code of the value of any gift inter vivos subject to gift tax by one spouse to the other, a conclusion reached by such reasoning, a deduction allowed to be taken in a set amount for a qualified dependent (as under sections 151 and 152 of the Internal Revenue Code)
deductions Sentence Examples
- The forensic accountant made several deductions based on the financial records.
- The detective drew logical deductions from the clues found at the crime scene.
- The scientist presented deductions from the experimental data to support their hypothesis.
- The tax preparer calculated significant deductions on the client's tax return.
- Insurance companies rely on deductions to assess risk and determine premiums.
- Accountants deduct allowable expenses from a business's gross income.
- The deductions on the loan reduced the amount of interest owed over time.
- Deductions from an employee's paycheck include taxes and health insurance contributions.
- The IRS allows certain itemized deductions on personal income tax returns.
- Careful analysis of data led to valuable deductions and insights.
FAQs About the word deductions
the deriving of a conclusion by reasoning, a deduction for a specifically recorded item that is allowed to be taken from adjusted gross income if the total of s
reductions, discounts, rebates,abatements, forfeits, givebacks, depreciations, forfeitures, dents, kickbacks
gains, increments,additions, accessions, increases, accruals,accretions, rises, raises, appreciations
The forensic accountant made several deductions based on the financial records.
The detective drew logical deductions from the clues found at the crime scene.
The scientist presented deductions from the experimental data to support their hypothesis.
The tax preparer calculated significant deductions on the client's tax return.
