Meaning of “income tax deduction” in the English Dictionary


"income tax deduction" in Business English

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income tax deductionnoun [ C or U ]

uk us

TAX an amount of money, such as the cost of something that you need to do your work, that the tax authorities allow you to subtract from your income before you calculate your tax payments:

Journalists' unions want a 30% income tax deduction for professional expenses.

(Definition of “income tax deduction” from the Cambridge Business English Dictionary © Cambridge University Press)