deduction

deduction
An expense that is allowable as a reduction of gross taxable income by the IRS e.g., charity donations. Bloomberg Financial Dictionary

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deduction de‧duc‧tion [dɪˈdʌkʆn] noun [countable, uncountable]
the process of taking away an amount from a total, or the amount that is taken away
ˈincome tax deˌduction [countable]
TAX a part of someone's income that is not taxed, for example because it comes from a particular source, or because they have children; = income tax allowance Bre:

• Gifts to charity can generate an income tax deduction.

ˌstandard deˈduction [countable usually singular]
TAX in the US, a fixed amount of the money that you have earned, on which you do not have to pay tax:

• The exemption and the standard deduction are the basic elements that determine how much of a person's income is subject to tax.

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deduction UK US /dɪˈdʌkʃən/ noun [C or U]
► the process of taking away an amount or a part of something from a total, or the amount that is taken: »

The interest you receive will be paid after deduction of tax.

 »

The tax and social security authorities normally insist upon deduction of payments and contributions at source.

 »

Household insurance policies tend to replace lost or stolen items on a ""new for old"" basis, while travel policies tend to make deductions for wear and tear.

► TAX the process of taking away particular costs from the amount of money that you have earned before you pay tax on it, or the costs that are taken away: »

The married couple's allowance was in the form of a tax deduction.

→ See also INCOME TAX DEDUCTION(Cf. ↑income tax deduction), STANDARD DEDUCTION(Cf. ↑standard deduction)

Financial and business terms. 2012.

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  • déduction — [ dedyksjɔ̃ ] n. f. • 1355; lat. deductio I ♦ Action de soustraire une somme d une autre. ⇒ décompte, défalcation, retranchement, soustraction. Faire la déduction des sommes déjà payées. Déduction faite des arrhes versées. Somme qui entre, vient… …   Encyclopédie Universelle

  • deduction — de·duc·tion n 1: 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 in the important laws section compare credit, ex …   Law dictionary

  • Deduction — • An argument or reasoning process, that kind of mediate inference by which from truths already known we advance to a knowledge of other truths necessarily implied in the former; the mental product or result of that process. Also a method, the… …   Catholic encyclopedia

  • deduction — 1 Deduction, abatement, rebate, discount are comparable when they mean an amount subtracted from a gross sum. Deduction is interchangeable with any of the others but not without some loss in precision. An abatement is a deduction from a levied… …   New Dictionary of Synonyms

  • Deduction — Déduction Cette page d’homonymie répertorie les différents sujets et articles partageant un même nom …   Wikipédia en Français

  • Deduction — may refer to: in logic: Deductive reasoning, inference in which the conclusion is of no greater generality than the premises Natural deduction, an approach to proof theory that attempts to provide a formal model of logical reasoning as it… …   Wikipedia

  • Deduction — De*duc tion, n. [L. deductio: cf. F. d[ e]duction.] 1. Act or process of deducing or inferring. [1913 Webster] The deduction of one language from another. Johnson. [1913 Webster] This process, by which from two statements we deduce a third, is… …   The Collaborative International Dictionary of English

  • déduction — DÉDUCTION. s. f. Soustraction. On lui a payé tant en déduction du principal. La succession, déduction faite des frais, monte à telle somme. [b]f♛/b] Il signifie aussi, Narration, énumération en détail. Faire une longue déduction de ses raisons,… …   Dictionnaire de l'Académie Française 1798

  • deduction — Deduction. Soustraction. On luy a payé tant en deduction du principal. Il signifie aussi, Narration, enumeration en detail. Faire une longue deduction de ses raisons …   Dictionnaire de l'Académie française

  • deduction — deduction, deductive The use of logical rules to arrive at a set of premisses from which certain conclusions must follow. Deduction begins with theory , moves to hypotheses derived from the theory, and then tests hypotheses via prediction and… …   Dictionary of sociology

  • deduction — early 15c., action of deducting, from M.Fr. déduction or directly from L. deductionem (nom. deductio), noun of action from pp. stem of deducere (see DEDUCE (Cf. deduce)). Meaning that which is deducted is from 1540s. As a term in logic, from L.L …   Etymology dictionary

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