deduction
- 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
- 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
- After considering all the business expenses, the accountant calculated a sizable deduction which lowered the income tax payable.
- 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.
- 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.
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