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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
Gig Economy
A labor market characterized by short-term contracts or freelance work.
Form 1099
A 1099 is another IRS form, most commonly used by employers when they hire contractors.
Remote hiring
Process whereby all interviews are conducted not in person, but rather over platforms such as zoom.
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Hire Employees in Nigeria: How to Navigate the Landscape
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