What is TAX DEDUCTION?

The fixed percentage or amount that tax authorities allow a tax payer to subtract from the adjusted gross income to get to the taxable income.

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Related Legal Terms
STANDARD DEDUCTION, MEDICAL EXPENSE DEDUCTION, FOREIGN TAX DEDUCTION, AFTER-TAX DEDUCTION, ABOVE THE LINE DEDUCTION, MARITAL DEDUCTION, PAYROLL DEDUCTION, PAYROLL DEDUCTION INSURANCE, DEDUCTION FOR NEW, DEDUCTION


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