Meaning of “tax-deferred” in the English Dictionary

"tax-deferred" in Business English

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uk us TAX

used to describe a situation in which you pay tax for something at a later date than usual:

With this plan, your contributions are tax-deferred, so that your savings grow faster than they would if some of the earnings went to pay taxes.
The money can accumulate on a tax-deferred basis for years until needed.
a tax-deferred account/arrangement/plan
a tax-deferred investment/contribution

With the 529 savings plans, the money grows tax-deferred.

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