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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
Local transfer
A local transfer is when a bank makes a payment to a foreign bank account.
Compliance
Compliance exists to ensure that banks operate with integrity.
Hybrid organization
A Hybrid Organization is one that adopts both remote and in-office working arrangements.
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