Meanings
a reduction in the amount of income that is subject to tax, often due to expenses incurred by the taxpayer.
The homeowner received a tax deduction for the interest paid on their mortgage.
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Antonyms
an amount subtracted from gross income to arrive at taxable income, often for specific expenses like medical costs or charitable donations.
Charitable donations can be claimed as a tax deduction.
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Antonyms
Last updated: 2025/01/11 11:51