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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.


Read Also:

  • Tax-deed

    noun 1. a title deed issued by a public authority to the purchaser of property sold for the nonpayment of taxes.

  • Tax-deferred

    [taks-di-furd] /ˈtæks dɪˈfɜrd/ adjective 1. noting or providing income that is not taxed until a later time.

  • Tax-deferred annuity

    [taks-di-furd] /ˈtæks dɪˌfɜrd/ noun 1. an annuity that enables one to purchase an insurance product that will earn interest, with the tax obligation deferred until withdrawals begin, usually at retirement. Abbreviation: TDA.

  • Tax disc

    noun 1. a paper disc displayed on the windscreen of a motor vehicle showing that the tax due on it has been paid

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