tax deduction

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Related to Deductible expense: Out of Pocket Expense
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  • noun

Synonyms for tax deduction

a reduction in the gross amount on which a tax is calculated

References in periodicals archive ?
Under the new reimbursement arrangement, employees can substantiate to Employer D the actual amount of deductible expenses incurred in purchasing their equipment in connection with performing services for Employer D.
It is a deductible expense while the property is held, based on the premise that the property is declining in value over time due to wear and tear, usage or obsolescence.
Staff entertaining is a deductible expense for your company, however there is potentially an income tax charge on the employee, where the cost per head exceeds pounds 150, and the party is not available to all employees.
By transferring the intangible assets to the holding company and charging a fee to the operating company for the use of the patent or trademark, the company creates a deductible expense for the operating company while freeing the income from taxes.
Long term care insurance premiums can be a tax deductible expense and we believe a percentage of seniors neglect to take advantage of the deductibility," declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the national trade group.
The long-standing rule for corporate client entertaining is that it is not a deductible expense for tax purposes.
Yet, according to a Norwich Union Healthcare survey, seven in 10 firms fail to protect themselves and their staff with income protection insurance even though the cost is a tax deductible expense.
Many corporations use vacations as a motivating incentive, often a deductible expense.
The Court of Federal Claims reviewed prior cases and determined that classification of such a payment as either a deductible expense or a constructive dividend is based on five factors.
Thus, the mismatch of income inclusion versus deductible expense previously enjoyed by taxpayers using SIFL to value personal use may be a thing of the past.
Communications Expenses - Anytime a personal cell, telephone or Internet connection is used for business use, that is an additional deductible expense, which is often missed.
Additionally, a taxpayer could argue cleanup expenditures should be a currently deductible expense under regulations section 1.
162-25T limits the deductible expense to actual cost.
All the factors together determine how much must be contributed to the pension plan each year to reach the ideal amount; this contribution is a deductible expense.
The IRS contended that the corporation had intentionally inflated the shareholders' salaries to create a deductible expense to circumvent the double taxation on corporate distributions.