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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
Payslip
A pay slip is an official document provided by an employer to an employee, detailing the employee's earnings and deductions for a specific pay period.
Tax filing
Tax filing is the process of submitting required financial documents and information to tax authorities.
IBAN
IBAN is an acronym for International Bank Account Number.
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