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Glossary > D > "Deduction" Definition

Deduction

Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax.

In the US, an expense allowed by the Internal Revenue Service which is deducted from adjusted gross income to establish taxable income. These include interest payments and state and local taxes. The equivalent term in the UK is "tax allowance", and the main one is the "personal allowance" of tax-free income which every individual is entitled to.

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Deduction - Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax.

In the US, an expense allowed by the Internal Revenue Service which is deducted from adjusted gross income to establish taxable income. These include interest payments and state and local taxes. The equivalent term in the UK is "tax allowance", and the main one is the "personal allowance" of tax-free income which every individual is entitled to.

Deduction : any item or expenditure subtracted from gross income to reduce the amount of income subject to tax.

in the us, an expense allowed by the internal revenue service which is deducted from adjusted gross income to establish taxable income. these include interest payments and state and local taxes. the equivalent term in the uk is "tax allowance", and the main one is the "personal allowance" of tax-free income which every individual is entitled to.