MLchartDataset catalogue

Tax deduction

Term · Law · MLC-T-LAW-004843

An amount that can be subtracted from an individual's or company's gross income to reduce the amount of income subject to taxation. Deductions lower taxable income, thereby reducing the overall tax liability. Common examples include deductions for mortgage interest, student loan interest, and contributions to traditional IRAs.

Table 1. Record
IdentifierMLC-T-LAW-004843
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-004843",
  "term": "Tax deduction",
  "field": "Law",
  "definition": "An amount that can be subtracted from an individual's or company's gross income to reduce the amount of income subject to taxation. Deductions lower taxable income, thereby reducing the overall tax liability. Common examples include deductions for mortgage interest, student loan interest, and contributions to traditional IRAs.",
  "url": "https://mlchart.com/terminology/law/tax-deduction/"
}

Record 4,942 of 5,441 in Law terminology (MLC-0107). Request the full dataset.