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de·duc·tion n1: an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also internal revenue code in the important laws section compare credit, exclusion, exemptionbusi·ness deduction: a deduction usu. taken from gross income that is allowed for losses or expenses attributable to business activities or to activities engaged in for profitcharitable deduction: a deduction allowed for a contribution to a charity usu. that is qualified under the tax law (as sections 170 and 2055 of the Internal Revenue Code)de·pen·den·cy deduction: a deduction allowed to be taken in a set amount for a qualified dependent (as under sections 151 and 152 of the Internal Revenue Code)itemized deduction: a deduction for a specifically recorded item that is allowed to be taken from adjusted gross income if the total of such deductions exceeds the standard deductionmarital deduction1: a deduction allowed under the Internal Revenue Code to be taken from the gross estate that amounts to the value of any property interest which is included in the estate and which was given by a decedent to the surviving spouse provided that the interest is not terminable during the life of the survivor2: a deduction allowed under the IRC of the value of any gift inter vivos subject to gift tax by one spouse to the otherper·son·al deduction: a deduction allowed to be taken for losses or expenses that are not necessarily attributable to a business activity or an activity engaged in for profitpersonal exemption deduction: a deduction for an amount set by tax law that under section 151 of the Internal Revenue Code includes the dependency deductionstan·dard deduction: a deduction of an amount set by tax law that is allowed to be taken from adjusted gross income unless the taxpayer elects to itemize deductions2 in the civil law of Louisiana: an item of property or an amount that an heir has a right to take from the mass of the succession before any of it is partitioned (as for a debt owed by the deceased to the heir)
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
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I
(conclusion) noun
assumption, calculation, divination, hypothesis, illation, implication, logical process, logical sequence, opinion, postulate, postulation, ratiocination, rationalization, reasoned judgment, supposal, supposition, surmise, theory, thesis
II
(diminution) noun
abatement, abridgment, attenuation, cut, decline, decrease, decrement, decrescence, deductio, deminutio, discount, dwindling, elimination, lessening, lowering, making less, minimization, reduction, removal, shortening, shrinkage, subduction, subtraction, withdrawal
associated concepts: allowable deduction, business deductions, deduction directed by law, deduction from purchase price, deduction of cost, deduction of expense, deductions from account, deductions from salary, income tax deductions, marital deduction, special deduction
III
index
computation, concept, conclusion (determination), consequence (conclusion), construction, corollary, decrease, decrement, dialectic, diminution, discount, estimate (idea), estimation (calculation), holding (ruling of a court), hypothesis, inference, perception, presumption, ratiocination, rebate, removal
Burton's Legal Thesaurus. William C. Burton. 2006
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In tax law, an amount that an individual or business can subtract from its gross income (total income) to determine its taxable income (the total income on which it owes tax). Examples of federal income tax deductions include mortgage interest, charitable contributions, and certain state taxes.Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & FinancesCategory: Business Cash Flow Problems & BankruptcyCategory: Business, LLCs & Corporations → Business Tax & DeductionsCategory: Personal Finance & Retirement → Money & Taxes for RetireesCategory: Personal Finance & Retirement → Taxes → Tax Audits
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
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n. A monetary amount that a taxpayer is permitted by law or regulation to subtract from income when determining income tax.@ itemized deductionAn expense, such as state and local taxes paid, or annual interest on a mortgage, that is listed on a tax return as a deduction.Includes charitable deductions.+itemized deduction A deduction listed separately as a line item on an income tax return.@ standard deductionA dollar amount that a taxpayer is permitted by law to subtract from taxable income in lieu of listing itemized deductions.=>> deduction.@
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
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That which is deducted; the part taken away; abatement; as in deductions from gross income in arriving at net income for tax purposes.In civil law, a portion or thing that an heir has a right to take from the mass of the succession before any partition takes place.
Dictionary from West's Encyclopedia of American Law. 2005.
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That which is deducted; the part taken away; abatement; as in deductions from gross income in arriving at net income for tax purposes.In civil law, a portion or thing that an heir has a right to take from the mass of the succession before any partition takes place.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
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n.an expenditure which an income tax payer may subtract from gross (total) income to determine taxable income. This is not the same as an exemption, which is for one's marital status, age over 65, blindness and number of dependents (e.g. children), which, added together, reduce the tax owed.
Law dictionary. EdwART. 2013.
