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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
In-kind benefits
A benefit-in-kind (BIK) is any non-cash benefit of monetary value.
MT103
An MT103 is a message type within the SWIFT system specifically designed for customer credit transfers.
EOR and PEO
Stand for employer of record and professional employer organization.
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