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 ?
Thus, for a taxpayer to currently deduct employment taxes on accrued vacation/bonus pay that is paid in the subsequent year, it must meet the all events test and economic performance must have occurred with respect to the liability.
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.
In any case, the organization can then use the contribution to pay the legal fees, and deduct them as an ordinary and necessary business expense.
Even so, the court permitted the taxpayer to deduct the fees as ordinary and necessary employee business expenses.
Willie can deduct the remaining $150 of property taxes on Schedule A.
A taxpayer may not deduct an estimate of an anticipated expense--no matter how statistically certain--if the fact of the liability is based on conditional events that have not occurred by the close of the tax year.
404(a) and (a) (5), S could deduct the payments only if (1) they would otherwise be deductible as Sec.
274(n)(2) allows the taxpayers to deduct the entire cost of the meals if they are a Sec.
No passive loss limitations: Partners can fully deduct their share of the partnership's operating expenses (such as rent, salaries, office expenses and professional and management fees), without regard to the passive loss limitations.
26) For instance, if the lessee pays to cancel the lease, and abandons the improvements, the lessee may deduct the cancellation cost and the cost of the improvements in the year of cancellation.
Until the new procedure, B could deduct $2,000, the points paid at settlement, on his return for the year the property was purchased, but not the remaining $2,000 in points paid by S.
For ACE purposes, G is allowed to deduct the 80% DRD to the extent that the dividend it received from R is attributable to earnings subject to Federal income tax.
This change of position allowed a taxpayer who resigned permanently from his present job, rather than merely taking a leave of absence, to deduct his education expenses.
This case seems clearly distinguishable from K-U's casualty loss issue, since Wallingford dealt with a successor corporation attempting to deduct voluntary payments on a predecessor corporation's debt.
It was P&G's practice to deduct expenditures when paid and to report income when it received retainers or settlements from CSAA.