Tax break

Tax break,

Definition of Tax break:

  1. Anything that reduces the amount of total tax that an individual or business must pay. See also tax exemptions, tax deduction, tax credit.

  2. If the government gives a tax break to a particular group of people or type of organization, it reduces the amount of tax they would otherwise have to pay or changes the tax system in a way that benefits them.

  3. A tax break is a reduction of a taxpayer's total liability. The term also is used to refer to the favorable tax treatment of any class of persons in the United States.

How to use Tax break in a sentence?

  1. A credit offsets the taxpayer's liability on a dollar-for-dollar basis.
  2. A deduction reduces the amount of gross income that is subject to taxes.
  3. An exemption shields a portion of income from taxation.

Meaning of Tax break & Tax break Definition