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- Amount deducted from taxable incomeA tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits.en.wikipedia.org/wiki/Tax_deduction
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Tax deduction - Wikipedia
A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that … See more
Above and below the line refers to items above or below adjusted gross income, which is item 37 on the tax year 2017 1040 tax form. Tax deductions above the line lessen adjusted gross income, while deductions below … See more
Many systems require that the cost of items likely to produce future benefits be capitalized. Examples include plant and equipment, fees … See more
Some systems allow a deduction to a company or other entity for expenses or losses of another company or entity if the two companies or entities are commonly controlled. Such … See more
Often, deductions are subject to conditions, such as being allowed only for expenses incurred that produce current benefits. See more
Nearly all jurisdictions that tax business income allow deductions for business and trade expenses. Allowances vary and may be general or … See more
Some systems distinguish between an active trade or business and the holding of assets to produce income. In such systems, there may be additional limitations on the … See more
Many systems impose limitations on tax deductions paid to foreign parties, especially related parties. See International tax and Transfer pricing. See more
Wikipedia text under CC-BY-SA license Tax deduction - Simple English Wikipedia, the free encyclopedia
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