Tax Deduction Definition | Tax deductible

A tax deduction is a deduction that lowers a person or organization's tax liability by lowering their taxable income. Deductions are typically expenses that the ...LinkedInwithBackgroundYourPrivacyRightsInvestopediaandourthird-partypartnersusecookiesandprocesspersonaldatalikeuniqueidentifiersbasedonyourconsenttostoreand/oraccessinformationonadevice,displaypersonalizedadsandforcontentmeasurement,audienceinsight,andproductdevelopment.TochangeorwithdrawyourconsentchoicesforInvestopedia.com,includingyourrighttoobjectwherelegitimateinterestisused,clickbelow.Atanytime,youcanupdateyoursettingsthroughthe"EUPrivacy"linkatthebottomofanypage.Thesechoiceswillbesignaledgloballytoourpartnersandwillnotaffectbrowsingdata.ListofPartners(vendors)Weandourpartnersprocessdatato:Activelyscandevicecharacteristicsforidentification.Useprecisegeolocationdata.Storeand/oraccessinformationonadevice.Selectpersonalisedcontent.Createapersonalisedcontentprofile.Measureadperformance.Selectbasicads.Createapersonalisedadsprofile.Selectpersonalisedads.Applymarketresearchtogenerateaudienceinsights.Measurecontentperformance.Developandimproveproducts.ListofPartners(vendors)IAcceptShowPurposesPartOfTaxDeductionsandCreditsGuideExploreTheGuideOverviewUnderstandingTaxBreaksOverviewTaxReliefTaxBenefitTaxBreakDeductionsTaxpayersLostTaxCreditsOverviewRefundableCreditNon-RefundableCreditEarnedIncomeCredit(EIC)Saver'sTaxCreditUnifiedCreditGeneralBusinessTaxCreditsForeignTaxCreditTaxCreditsforParents/Students/DependentsOverviewDependentHowDependentsReduceTaxesChildandDependentCareCreditChildTaxCreditAdditionalChildTaxCreditHopeCreditAmericanOpportunityTaxCreditTaxDeductionsOverviewTaxDeductionsItemizedDeductionsTax-DeductibleInterestTipsonCharitableContributionsMedicalExpensesEducatorExpenseDeductionTaxDeductionsforRealEstateOverviewTaxAdvantagesofBuyingaHomeHomeMortgageInterestSecondHomeDeductionsRentalPropertyDeductionsForeignRealEstateTaxDeductionsforRetirementSavingsOverview401(k)vs.IRAIRATaxBreaksTaxesTaxDeduc


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