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Tax deduction
Tax deductions are amounts you can subtract directly from your income.
Tax deductions are amounts you can subtract directly from your income prior to calculating how much tax you owe. Businesses often have many more tax deductions than individuals, however individuals may have some such as retirement contributions, moving expenses, or spousal payments. The idea is to lower your overall income so that it is taxed at a lower rate.
Related Glossaries
Compliance
Compliance exists to ensure that banks operate with integrity.
In-kind benefits
A benefit-in-kind (BIK) is any non-cash benefit of monetary value.
Tax collection
Tax collection refers to the process by which governments collect taxes from individuals and businesses to fund public services and infrastructure.
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