MLchartDataset catalogue

Deduction

Term · Law · MLC-T-LAW-001514

An amount that can be subtracted from gross income or a total sum, thereby reducing the amount subject to tax or other calculations. In tax law, deductions lower taxable income, resulting in a smaller tax liability. Common deductions include mortgage interest, charitable contributions, and certain business expenses.

Table 1. Record
IdentifierMLC-T-LAW-001514
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-001514",
  "term": "Deduction",
  "field": "Law",
  "definition": "An amount that can be subtracted from gross income or a total sum, thereby reducing the amount subject to tax or other calculations. In tax law, deductions lower taxable income, resulting in a smaller tax liability. Common deductions include mortgage interest, charitable contributions, and certain business expenses.",
  "url": "https://mlchart.com/terminology/law/deduction/"
}

Record 1,379 of 5,445 in Law terminology (MLC-0107). Request the full dataset.