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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
Payroll Taxes
Payroll taxes are mandatory contributions that employers and employees must pay to the government based on wages or salaries.
Statutory Costs
Statutory costs refer to the expenses that a business is legally required to pay under national or regional laws and regulations.
Tax collection
Tax collection refers to the process by which governments collect taxes from individuals and businesses to fund public services and infrastructure.
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Hire Employees in Nigeria: How to Navigate the Landscape
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