deduction

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Related to deductions: Tax deductions, Payroll deductions, Standard Deductions

deduction

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

de·duc·tion

(dē-dŭk'shŭn),
The logical derivation of a conclusion from certain premises. The conclusion will be true if the premises are true and the deductive argument is valid. Compare: induction (9).

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.

de·duc·tion

(dĕ-dŭk'shŭn)
The logical derivation of a conclusion based on certain premises. The conclusion will be true if the premises are true and the deductive argument is valid.
Compare: induction (9)
References in periodicals archive ?
Certain lighting level and lighting control requirements must also be met in order to qualify for the partial lighting deductions.
And this is a deduction that is often overlooked, said Pete Moraga, spokesman for the Los Angeles-based Insurance Information Network.
After calculating DPGR, the taxpayer next must allocate to its production activities three types of production costs: (i) the cost of goods sold (COGS) directly allocable to DPGR; (ii) the amount of deductions directly allocable to DPGR; and (iii) a ratable portion of other deductions not directly allocable to DPGR or to another class of income.
Legal fees and costs are deductible only as miscellaneous deductions under IRC section 212 and are subject to both the 2% of AGI limit and the 3% overall limitation on itemized deductions and are disallowed under the AMT.
However, a deduction may be allowed for a charitable donation of a single item of clothing or a household item, not in good used condition or better, if the amount claimed for the item exceeds $500 and the taxpayer's return includes a qualified appraisal of that item.
One thing we plan to do to avoid the AMT is to pay our state and local taxes in January 2004, which will reduce our itemized deductions," explains Thomas Gordon.
Neuschler notes that most home owners paying for a mortgage already itemize their deductions, but rarely find it worthwhile to take advantage of deductions for medical expenses.
Your accountant will be of much greater help, and much greater value, if you first go through these 422 deductions before seeing the accountant.
These projections don't give any consideration to the fact that if the deductions are changed, behavior and investment patterns will change.
And the more your federal tax deductions and exemptions are impacted by income-related phaseouts, the greater the incentive to shift income, especially if the proposed federal increases take place.
First, eliminate the subsidy for the most expensive homes and vacation villas by limiting mortgage interest deductions to $12,000 per single return or $20,000 per joint return, adjusted for inflation.
com, new Web-based software that dramatically reduces a taxpayer's record-keeping burden for documenting and substantiating mileage tax deductions they claim for driving their personal car for business, medical or charity purposes.