Legal-Explanations.com - Legal resources in plain English
Legal-Explanations.com Home > Legal Definitions
 

Deduction

n. An amount which is subtracted from total income in order to determine taxable income. The expenditure applies to tax payers and is not equivalent to exemptions such as for marital status, age over 65, disability, or number of dependents which reduce the total amount of owed tax.

 
Legal-Explanations.com Home
About us | Contact us | Privacy | Terms of service

2004 - 2007 Legal-Explanations.com. All rights reserved