from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- n. a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket
Sorry, no etymologies found.
The business-use percentage becomes an immediate tax deduction as an expense or through depreciation.
By using this strategy, Bob created a $1,500-per-year tax deduction 50 weeks × $30 per week.
You must use the straight-line method, which give you approximately half the tax deduction the first year of the MACRS method.
This couple achieved two objectives: funding their child’s education, and creating a $2,000-per-year tax deduction in the process.