• Meaning of Deductions: Deduction, or deductible, refers to something that is outside the scope of your policy (something that is withheld from your rights). This includes things like extra or extra payments.

  • You can deduct from your gross income to calculate your taxable income. All taxpayers can claim standard deductions set by the IRS. If your eligible expenses exceed your standard deduction, you can claim more money by dividing your deduction. Although no registration is required to prove your eligibility for flat rate benefits, provide proof of eligible expenses when you set them up. For high-income taxpayers, the allowable individual deduction amount will be reduced if the adjusted gross income (AGI) exceeds the limit. The amount of deductions and limits can vary from year to year.

Meanings of Deductions

  1. The act of reducing or diminishing something.

Sentences of Deductions

  1. Profits are paid without holding tax.

Synonyms of Deductions

docking, knocking off, discounting, removal, taking off, taking away, subtraction, abstraction, withdrawal, debit