deduction deduction  /dɪ ˈdək ʃən/

Definition(s):

  1. (n) a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket
  2. (n) an amount or percentage deducted
  3. (n) something that is inferred (deduced or entailed or implied)
  4. (n) reasoning from the general to the particular (or from cause to effect)
  5. (n) the act of subtracting (removing a part from the whole)
  6. (n) the act of reducing the selling price of merchandise

Usage(s):

  1. Behind the push to eliminate the home-mortgage deduction.
  2. The minimum standard deduction for a single person is now $1,700, the maximum $2,400.
  3. This deduction is targeted to relatively prosperous taxpayers.

News

  1. Mercedes F-1 Team Escapes Major Penalty Over Between-Race Test

    Daimler AG (DAI) ’s Mercedes Grand Prix team escaped sanctions such as a fine or points deduction after being accused of breaking a ban on Formula One teams testing cars between races.
    on June 21, 2013     Source: Bloomberg

  2. Parting Shots in Massachusetts

    In the closing days of the Massachusetts Senate race, the campaign rhetoric has been marred by partial truths. An ad from Rep. Ed Markey’s campaign says Republican Gabriel Gomez would “consider ending the home mortgage deduction for middle-class families.” Consider, yes. Gomez has said that as part of a tax … More >>
    on June 21, 2013     Source: FactCheck.org via Yahoo! News

  3. Hearts seeks administrators, gets points deduction

    EDINBURGH, Scotland — Cash-strapped Scottish team Hearts was handed over to financial administrators on Wednesday, triggering a 15-point deduction that will take effect at the start of next season. Accountancy firm BDO has taken over the running of the Edinburgh club, which has struggled with financial problems over the past two years and racked up debts of 25 million pounds ($39 million).
    on June 19, 2013     Source: Boston Herald

Quotes

  1. "I will double the child deduction from $3,500 to $7,000 for every dependent," McCain said in the prepared remarks.
    on Jul 7, 2008 By: John McCain Source: Newsweek

  2. "I think there are several tax deductions that are vital to our economy," Giuliani said. "This would not be a good time - I don't know if there would ever be a good time to do this - to advocate ending the home mortgage deduction. The home...
    on Dec 3, 2007 By: Rudy Giuliani Source: Guardian Unlimited

  3. Mr Watson said: "If this deduction was not disclosed to the court it is a serious matter."
    on Jun 12, 2008 By: Geoffrey Watson Source: Sydney Morning Herald

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