tax deduction

noun

1. an expenditure that is deducted from taxable income.

tax deduction

1. 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 .

Example Sentences

The balanced budget outlook through 2025-26 also relies on $7 billion from the state’s rainy day fund, which Newsom and lawmakers previously agreed upon, and continuing to limit corporate tax deductions and credits.

From Los Angeles Times

DAFs allow donors to contribute assets, receive an immediate tax deduction and recommend grants to their favorite nonprofits over time.

From Salon

Churches don’t have to disclose their donors to the IRS, so donors could seek to influence elections while remaining anonymous — and get a tax deduction for their contributions.

From Los Angeles Times

She wants to give down payment assistance to homebuyers and tax deductions to new businesses, but the impacts of these may be limited, experts said.

From Salon

Although specialized tax deductions like this sound good, it's hard to take advantage of them in practicality.

From Salon