Deductions

1.

Amount of money subtracted from an account or from any amount payable/receivable, to pay for services, goods or taxes.

2. Tax.

Amounts for which tax relief is given.

Most often by subtracting the deductions from (otherwise) taxable profits, before calculating the amount of tax payable on the net taxable profits.

See also

• DEBRA
• Rebate
• Super-deduction
• Tax credit
• Tax relief