Tax Deduction

Business / Accounting / Tax Deduction: An expense that a taxpayer can subtract from taxable income. Examples include deductions for home mortgage interest and for charitable gifts. (See Tax Credit, Tax Exemption.) Tax Deferred Investments where taxes due on the amount invested and/or its earnings are postponed until funds are withdrawn, usually at retirement.

Other Words for Deduction

Deduction Verb Synonyms: subtraction, diminution, decrease, reduction, withdrawal, removal, abstraction
Deduction Noun Synonyms: conclusion, inference, finding, reasoning, result
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Other Words for Tax

Tax Noun Synonyms: assess, exact, demand, charge, impose or levy a tax (on), tithe
Tax Adjective Synonyms: levy, impost, duty, tariff, assessment, tribute, toll, excise, customs, charge, contribution, scot, tithe, octroi, cess, rate(s), dues
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Tax-Deferred Retirement Plans

Business / Finance / Tax-Deferred Retirement Plans: The effect of creating a tax deduction, such as charitable contributions and mortgage interest. MORE

Mortgage Interest Deduction

Business / Finance / Mortgage Interest Deduction: A federal tax deduction for interest paid on a mortgage used to acquire, construct, or improve a residence. MORE

Tax Credit

Business / Accounting / Tax Credit: An amount that a taxpayer who meets certain criteria can subtract from tax owed. Examples include a credit for earned income below a certain limit and for qualified post-secondary school expenses. (Se MORE

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