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deduction
(redirected from Tax deductions)

   Also found in: Dictionary/thesaurus, Legal, Financial, Encyclopedia, Wikipedia 0.03 sec.
deduction
Etymology: L, deducere, to lead
a system of reasoning that leads from a known principle to an unknown, or from the general to the specific. Deductive reasoning is used to test diagnostic hypotheses.

deduction [de-duk´shun]
reasoning in which the conclusion follows necessarily from the premises; reasoning from the general to the particular.


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The concept of income tax reads that a real income will be taxable base, while the paragraph 2 of the article 163 of the Tax Code determines the taxable base as income resulting from overall annual income during a certain tax period less tax deductions," the organizers say.
Make sure you read and learn about the variety of income tax deductions and credits that can help reduce your tax liability.
But what is not generally known is that through the advantages of legal tax deductions most companies do not pay anywhere near that amount of tax assessment on their general revenues.
 
 
 
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