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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
Unpaid Leave
Unpaid leave refers to a period of time off from work in which an employee does not receive their regular salary or wages.
ACH
(Automated Clearing House) or ACH transaction, is an electronic bank to bank money transfer.
IR35
A United Kingdom’s anti-avoidance tax legislation and applies to those working ‘off payroll’.
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