deduct

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Related to deducting: deducing

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.
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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 ?
"The standard procedure," says Mackles, "is for the company to deduct the cost of the monthly lease payment while the employee has to pay tax on imputed income from personal use." If the company is paying, and deducting, $400 per month to lease a car for you, and your personal use is 25%, you'd have an extra $100 per month in taxable income.
Section 461(h) is consistent with generally accepted accounting principles as it relates to the proper deducting of the California Franchise Tax (and other taxes) and represents current legislative thinking as to the timing of the deduction for such taxes.
Deducting home office expenses will still increase the probability of an IRS audit.
For those years, FedEx timely filed Form 1120, claiming and deducting OWEMP costs under Sec.
But for those who can, the standards developed for deducting transportation expenses between a taxpayer's residence and work locations have reached a new level of confusion.
404(d) timing requirements; thus, Clarkston failed to meet the economic performance prong of the all-events test, thereby preventing the Weavers from deducting the expenses in the years claimed.
and chair of the AICPA personal financial planning member services subcommittee, said many of his clients may react strongly to a tax reform package that eliminates the home mortgage deduction: "People believe a primary reason for buying a home is deducting the interest.
163(h)(3)(B)(ii) and (C)(i) bar taxpayers from deducting excess interest payments.
The Internal Revenue Service, however, has erected numerous obstacles to deducting these fees.
The possibility of the firms obtaining sizable tax benefits from deducting the payments raised a political outcry and prompted proposed legislation to expand the definition of nondeductible fines or penalties.
Taxpayers who otherwise meet the requirements for deducting points as interest may file amended returns for 1991, 1992 and 1993 to elect the new procedure.
(10) See Maples, Finegan and Maples, "Deducting the Costs of Implementing a New Information System Despite IRS Objections," 95 J.
However, until the IRS provides further guidance, taxpayers still should consider deducting points paid on loans to improve a principal residence since the tax code permits a current deduction for interest on such loans.