tax deduction Antonyms
No Synonyms and anytonyms found
Meaning of tax deduction
Wordnet
tax deduction (n)
a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket
tax deduction Sentence Examples
- Mortgage interest payments can be claimed as a tax deduction to reduce taxable income.
- Charitable donations are eligible for tax deductions, encouraging support for non-profit organizations.
- The child tax deduction provides a credit against taxes owed for eligible children.
- Business expenses, such as rent and utility costs, can be deducted as tax deductions to lower taxable revenue.
- Investment losses can be used as tax deductions to offset capital gains, reducing tax liability.
- Health insurance premiums for self-employed individuals qualify as tax deductions.
- Certain educational expenses, such as tuition and fees, can be deducted as tax deductions to promote higher education.
- The standard deduction is a fixed amount that can be deducted from taxable income without itemizing expenses.
- Retirement contributions made to qualified plans are tax-deductible, encouraging long-term savings.
- Home office expenses, for those who work from home, can be claimed as tax deductions under specific criteria.
FAQs About the word tax deduction
a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket
No synonyms found.
No antonyms found.
Mortgage interest payments can be claimed as a tax deduction to reduce taxable income.
Charitable donations are eligible for tax deductions, encouraging support for non-profit organizations.
The child tax deduction provides a credit against taxes owed for eligible children.
Business expenses, such as rent and utility costs, can be deducted as tax deductions to lower taxable revenue.
