TAX DEDUCTION

Pronunciation (US): (GB):

Meaning:

A reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket

Synonyms:

deduction; tax deduction; tax write-off

Classified under:

Nouns denoting possession and transfer of possession

Hypernyms ("tax deduction" is a kind of...):

write-down; write-off ((accounting) reduction in the book value of an asset)

Hyponyms (each of the following is a kind of "tax deduction"):

tax benefit; tax break (a tax deduction that is granted in order to encourage a particular type of commercial activity)

business deduction (tax write-off for expenses of doing business)

exemption (a deduction allowed to a taxpayer because of his status (having certain dependents or being blind or being over 65 etc.))