Deductions
/ˌdɛdʌkˈʃənz/
Definitions
- (n.) Amounts subtracted from gross income or total amounts to arrive at a net amount, often used in taxation or accounting.
The taxpayer claimed several deductions to reduce their taxable income.
Forms
- deduction
Related terms
See also
Commentary
In legal drafting, clearly specifying the nature of deductions and their statutory basis prevents disputes over allowable subtractions in financial calculations.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.