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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.
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 ?
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.
Deducting organizational/startup costs: A corporation or partnership can elect to deduct up to $5,000 of its organizational expenditures in the year it begins business, if paid or incurred after Oct.
Deduction of CFT in the income year certainly results in a more proper match against income than deducting it in the subsequent year as prescribed by section 461(d).
In May 2004, Treasury issued final regulations (TD 9125) to clarify the rules on deducting interest on qualified education loam under Sec.
The fact that he spent the majority of his time and performed the most important business activities away from the home office no longer would preclude him from deducting home office expenses.
In sole proprietorships, the person deducting the interest has to be directly liable for the debt.
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.
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.
For those years, FedEx timely filed Form 1120, claiming and deducting OWEMP costs under Sec.
The Internal Revenue Service, however, has erected numerous obstacles to deducting these fees.