Deductive reasoning, or deduction, is making an inference based on widely accepted facts or premises. If a meal is described as "eaten with a fork" you may use deduction to determine that it is solid food, …

DEDUCTION definition: 1. the process of reaching a decision or answer by thinking about the known facts, or the decision…. Learn more.

Jan 14, 2026 · By lowering your income, deductions lower your tax. You need documents to show expenses or losses you want to deduct. Your tax software will calculate deductions for you and enter …

Jan 28, 2026 · What is a tax deduction? A tax deduction reduces your taxable income. If you claim a $1,000 deduction, it means you don't pay tax on that $1,000.

DEDUCTION definition: the act or process of deducting; subtraction. See examples of deduction used in a sentence.

Deduction is the act or process of subtracting an amount of money from a total amount. After the deduction of tax at 20 per cent, the interest rate will be 6.2 per cent.

Define deduction. deduction synonyms, deduction pronunciation, deduction translation, English dictionary definition of deduction. n. 1. The act of deducting; subtraction. 2. An amount that is or may …

6 days ago · The standard deduction is a popular way for taxpayers to reduce their taxable income. Your deduction amount depends on your age, filing status and other factors.

Nov 18, 2024 · The difference between a tax deduction and a credit is that a deduction is money subtracted from your gross or adjusted gross income (AGI), while a tax credit applies directly to your …

Jan 2, 2026 · Standard deduction amounts for 2025 & 2026, post OBBBA updates, & what percent claim standard vs itemized deductions.