Definitions for "Tax Deductions"
A tax deduction is an amount allowed against your gross income in order to arrive at your taxable income. For example, you recover your cost in income producing property through yearly tax deductions by depreciating the property; that is, by deducting some of your cost on your tax return each year. Other examples are your standard or itemized deductions and your exemption deductions.
A part of a person's or a business's total expenditures that can be subtracted in determining taxable income.
Items subtracted from your income to arrive at your taxable income. Examples are educator expenses, IRA contributions, moving expenses, and the standard deduction or itemized deductions