What is deduction?

  • (noun): A reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket.
    Synonyms: tax write-off, tax deduction
    See also — Additional definitions below

More definitions of "deduction":

  • (noun): An amount or percentage deducted.
    Synonyms: discount
  • (noun): The act of subtracting (removing a part from the whole).
    Synonyms: subtraction