personal deduction

Definition of "personal deduction"
  1. A type of deduction that individuals can claim for certain losses or expenses, regardless of whether these are connected to a profit-making action or business
How to use "personal deduction" in a sentence
  1. After calculating the amount, the tax advisor recommended claiming a personal deduction to reduce the tax burden.
  2. Certain personal deductions can help offset the cost of healthcare expenses.
  3. Before filing your taxes, you should understand what counts toward a personal deduction.

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