deduct


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deduct (something) from (something)

To subtract something from something else. This phrase is commonly used with financial transactions. You can deduct all of your travel expenses from the corporate account.
See also: deduct

deduct (something) from (something else)

to subtract an amount from another amount. Are you going to deduct this from your income taxes? Mr. Wilson deducted the discount from the bill.
See also: deduct
References in periodicals archive ?
Deduct five points if the coach refers to ``the program'' instead of ``the team.
69-587 and Eastman Kodak, provide a framework for determining whether the taxpayer, in the instant case, can deduct the employment taxes related to the accrued vacation and bonus pay if it establishes certain elements.
She will be able to deduct the full $2,000 IRA contribution from her taxes.
RMC further argued that the sale of the note by its 100% shareholder to the unrelated third party converted the accrued interest prior to 1994 into a new liability, thus permitting the taxpayer to accrue and deduct the entire amount in 1994.
Small businesses can deduct up to 70% (up from 60%) of their healthcare costs for tax year 2002.
73-146, taxpayers presumably should be allowed to follow the IRS's guidance and deduct costs related to payments to employees to terminate unexercised stock options and warrants.
Currently, taxpayers can deduct all interest paid on a mortgage up to $1 million.
In general an accrual basis taxpayer may not deduct an expense until (1) all events have occurred that determine the fact of liability, (2) the amount of liability can be determined with reasonable accuracy and (3) economic performance or payment has occurred.
For 2004 and 2005, instead of deducting state and local income taxes, taxpayers would be able to choose to deduct state and local sales taxes by either (1) accumulating receipts or (2) using IRS sales tax tables and adding actual sales taxes paid for major items, such as vehicles.
You can deduct the business percentage of payments you make for utilities and general home services.
At present, California law allows self-employed individuals and businesses to deduct 25 percent of the cost of health insurance premiums.
30) Thus, an already established and going concern may deduct ordinary and necessary expenses incurred in the expansion of its existing normal business activity.
They can deduct $500 per evacuee up to a maximum credit of $2000.
2/16/05, the Sixth Circuit affirmed a district court's decision (291 FSupp2d 699 (WD TN 2003)), that the taxpayer could currently deduct off-wing maintenance costs related to engine shop visits (ESVs) for aircraft engines and auxiliary power units (APUs).