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

Amortization allows sports team owners to take nearly all of the team purchase price as a tax deduction.

From ProPublica

Many of the richest create foundations for philanthropic giving, which provide large charitable tax deductions during their lifetimes and bypass the estate tax when they die.

From ProPublica

This achieves the twin feat of avoiding any tax on the stock’s growth while getting tax deductions for the full value.

From ProPublica

The most-used tax deduction is the standard deduction, which is a no-questions-asked amount that you can subtract from your income, lowering the amount of income on which you have to pay taxes.

From ProPublica

Meanwhile, Senate Democrats are lobbying him to repeal the cap on state and local tax deductions — which would entail a tax cut that mostly benefits the top 1 percent.

From Washington Post

The devil was predictably in the details, with a surcharge on the rich and a call to end the state and local tax deduction.

From The Daily Beast

Apparently, not much has really changed since Bill took a $2 tax deduction for each pair of underwear that he donated to charity.

From The Daily Beast

To my mind, this is why we should get rid of the corporate income tax--and the charitable tax deduction as well.

From The Daily Beast

One reason is that people might decide that it's not worth buying corporate jets if their annual tax deduction is smaller.

From The Daily Beast

Work to end the state and local tax deduction, which acts as another form of welfare for high tax locales.

From The Daily Beast

First, I propose a standard tax deduction for health insurance that will be like the standard tax deduction for dependents.

From Project Gutenberg

First, a tax deduction for all education and training after high school.

From Project Gutenberg

We should support Americans who tithe and contribute to charities, but don't earn enough to claim a tax deduction for it.

From Project Gutenberg