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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
Misclassification
Misclassification refers to that of an employee’s status.
IR35
A United Kingdom’s anti-avoidance tax legislation and applies to those working ‘off payroll’.
Contractor
A contract employee (or self-employed worker) is not considered a permanent employee.
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