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Tax deduction
Tax deductions are amounts you can subtract directly from your income.
Tax deductions are amounts you can subtract directly from your income prior to calculating how much tax you owe. Businesses often have many more tax deductions than individuals, however individuals may have some such as retirement contributions, moving expenses, or spousal payments. The idea is to lower your overall income so that it is taxed at a lower rate.
Related Glossaries
SWIFT
SWIFT is an acronym for Society for Worldwide Interbank Financial Telecommunication.
Global payroll
Refers to all the practices needed to administer payroll to individuals across the globe.
IR35
A United Kingdom’s anti-avoidance tax legislation and applies to those working ‘off payroll’.
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