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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
EOR
EOR stands for Employer of Record.
BIC
BIC stands for Bank Identifier Code.
Gig Economy
A labor market characterized by short-term contracts or freelance work.
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