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- DictionaryTax-de·duct·i·ble/ˌtaks dəˈdəktəbəl/
adjective
- 1. able to be deducted from taxable income when calculating income tax due: "the interest charge would be fully tax deductible"
Apr 18, 2024 · The meaning of TAX-DEDUCTIBLE is allowed to be subtracted from the total amount of a person's income before calculating the tax he or she is required to pay : allowable as a deduction from taxes. How to use tax-deductible in a sentence.
Apr 28, 2021 · Jan 29, 2024. A tax deduction is an item you can subtract from your taxable income to lower the amount of taxes you owe. Browse Investopedia's expert-written...
Jul 12, 2023 · Tax deductibility refers to the process of reducing an individual's or a business's taxable income by accounting for certain allowable expenses, known as tax deductions. These deductions can be claimed when filing a federal income tax return, effectively lowering the overall amount of income subject to tax.
Mar 4, 2024 · A deduction reduces the amount of a taxpayer's income that's subject to tax, generally reducing the amount of tax the individual may have to pay. Most taxpayers now qualify for the standard deduction, but there are some important details involving itemized deductions that people should keep in mind. Standard deduction.
A tax deduction is a provision that reduces taxable income. A standard deduction is a single deduction at a fixed amount. Itemized deductions are popular among higher-income taxpayers who often have significant deductible expenses, such as state and local taxes paid, mortgage interest, and charitable contributions.
us / ˈtæks dɪˌdʌk·tə·bəl / Add to word list. allowed to be subtracted from your income when you calculate your taxes. (Definition of tax-deductible from the Cambridge Academic Content Dictionary © Cambridge University Press) tax-deductible | Business English. adjective. TAX, ACCOUNTING uk / ˌtæksdɪˈdʌktɪbl̩ / us / -ə- / Add to word list.
Jul 12, 2023 · Tax deductions are expenses that can be subtracted from an individual's taxable income, effectively reducing the amount of income subject to taxation. Tax deductions can help individuals lower their overall tax liability by decreasing their taxable income, which in turn may result in a lower tax bill.
