Tax break



tax break definition

A special tax benefit given to promote specific economic or social objectives. For example, the U.S. government, having decided that individual home ownership is a boon to the economy, allows interest on a home mortgage to be subtracted, in whole or in part, from one’s taxable income. The resulting lower taxation for homeowners constitutes a tax break.

Tagged:

Read Also:

  • Tax-certificate

    noun 1. a document issued to the purchaser of property sold for unpaid taxes attesting to the holder’s right to eventual receipt of the title deed.

  • Taxco

    noun 1. a city in Guerrero state, S Mexico: silver mining.



  • Tax-deductible

    [taks-di-duhk-tuh-buh l] /ˈtæks dɪˌdʌk tə bəl/ adjective 1. noting an item the value or cost of which is deductible from the gross amount on which a tax is calculated. tax-deductible adjective 1. (of an expense, loss, etc) legally deductible from income or wealth before tax assessment

  • Tax-deduction

    noun 1. an expenditure that is deducted from taxable income. tax deduction definition An expense, such as a charitable contribution, that can be deducted from one’s taxable income. Unlike a tax shelter, a tax deduction does not necessarily take the form of an investment.



Disclaimer: Tax break definition / meaning should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. All content on this website is for informational purposes only.