Definitions of "deduction"
  1. A sum of money permitted to be removed from total income, thereby reducing the overall taxable income and consequently the amount owed in income tax
  2. A specific material object or monetary value claimed by an inheritor from an estate before it is split among other beneficiaries. This could be to settle a debt owed by the deceased to the inheritor
How to use "deduction" in a sentence
  1. After considering all the business expenses, the accountant calculated a sizable deduction which lowered the income tax payable.
  2. In his last will, it was stated that any outstanding personal loans to relatives would be considered a deduction from their respective share of inheritance.
  3. To curb heavy taxes on her earnings, she implemented some shrewd strategies which increased her deductions, enabling her to keep a larger portion of her income.

Provide Feedback
Browse Our Legal Dictionary
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z