All > Business > Finance > Personal Finance > Income Tax

• An amount (often a personal or business expense) that reduces income subject to tax.

  Internal Revenue Service - Cite This Source - This Definition
  ×

  Cite Definition for tax deduction

  American Psychological Association (APA)

  tax deduction. (n.d.). Understanding Taxes Student Glossary. Retrieved May 28, 2023, from website: http://www.expertglossary.com/definition/tax-deduction.

  Chicago Manual of Style (CMS)

  tax deduction. apps.irs.gov. Understanding Taxes Student Glossary. Internal Revenue Service. http://www.expertglossary.com/definition/tax-deduction (accessed: May 28, 2023).

  Modern Language Association (MLA)

  "tax deduction." Understanding Taxes Student Glossary. Internal Revenue Service. 28 May. 2023 http://www.expertglossary.com/definition/tax-deduction.

• Browse Related Terms: adjusted gross income (AGI), Citizen or Resident Test, dependency exemption, dependent, exemptions, filing status, foster child, Head of Household filing status, Married Filing Joint filing status, Married Filing Separate filing status, personal exemption, qualifying child, qualifying relative, Qualifying Widow(er) filing status, single filing status, standard deduction, tax deduction, tax-exempt interest income