| NOUN | possession | tax write-off, tax deduction, deduction | a reduction in the gross amount on which a tax is calculated |
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| Meaning | A reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket. | |
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| Synonyms | tax deduction, deduction | |
| Narrower | business deduction | tax write-off for expenses of doing business |
| exemption | A deduction allowed to a taxpayer because of his status (having certain dependents or being blind or being over 65 etc.) | |
| tax benefit, tax break | A tax deduction that is granted in order to encourage a particular type of commercial activity | |
| Broader | write-off, write-down | (accounting) reduction in the book value of an asset |
| Spanish | deducción, desgravación | |
| Catalan | deducció, desgravació | |
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