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Tax deduction dictionary

Derived forms: tax deductions. 2 per cent. Type of: write-down, write-off. 5 cent deduction per business mile. A reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket - tax write-off, deduction. That’s why, in a unique project, TransLegal has teamed up with leading law schools from around the world to create an online multilingual law dictionary linking the world’s legal languages to a single English law dictionary. The tax base for the retail classification is the gross proceeds of sales or gross income derived from the business. Only Federal income tax can be listed as an expense for IRS purposes. Encyclopedia: Tax deduction. Deduction is the act or process of subtracting an amount of money from a total amount. Self employed individuals who pay both the employer’s and employee’s share of the tax can list the employer’s 1. Small business would get a more generous tax deduction for new investment. Some examples of tax-deductible itemized deductions TheLaw. Tax deductions, expenses which are allowed to be deducted from grows income such …deduct : Deutsch - Englisch Übersetzungen und Synonyme (BEOLINGUS Online-Dictionary, TU Chemnitz) A service provided by TU Chemnitz supported by IBS and MIOTU/Mio2 . com Law Dictionary & Black's Law Dictionary 2nd Ed. Jul 10, 2018 · A tax deduction is a reduction of the adjusted gross income of a taxpayer, which reduces the person’s income tax liability. In addition to the deductions from the tax base prescribed by subsection A of thisJul 17, 2016 · An excise tax is an indirect tax, usually paid by the manufacturer or retailer of the product, then passed along in the price of the product to the consumer. The thesaurus of synonyms and related words is fully integrated into the dictionary. Mar 01, 2019 · For 2018 tax filing, the self-employed can claim a 54. 45 percent portion of the tax as a business expense on their company’s income tax, but not the employee’s 1. English may be the common language of the world, but the Common Law is not the common law of the world. Mexico is considering legislation to provide broader tax deductions for charitable groups. Pronunciation: an expenditure that is deducted from taxable income. For instance, goods such as cigarettes and alcohol are often taxed by the state or local authority, at a flat rate per item. Nearesttax' deduc"tion. definition of "tax deduction". Click on the thesaurus category heading under the button in an entry to see the synonyms and related words for that meaning. The Bush plan would also provide a number of increased tax deductions. tax deduction in a sentence. Italian workers pay far more in tax and other deductions. property at retail. After the deduction of tax at 20 per cent, the interest rate will be 6. Those miles could be racked up from meetings with clients, travel to secondary work sites or errands to tax-deductible: An item or expense subtracted from adjusted gross income to reduce the amount of income subject to tax. . 45 percent portion on their personal tax forms. Noun: tax deduction taks di'dúk-shun. Tax deductions are set by federal, state and local tax codes and are intended to incentivize taxpayers to act in certain ways. The World Law Dictionary Project. The tax imposed on the retail classification does not apply to the gross proceeds of sales or gross income from: b. Tax authorities specify the items that can be deducted from gross income for the purpose of reducing taxable income, and the specific rules governing the deductibility of each of these items

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