Assertion: deduction | /r/CapableOf | reduce taxable income
Facets:
value: for income tax
type: PURPOSE
value: for the year
type: TEMPORAL
Source sentences:
text: The difference between deductions, exemptions and credits is that deductions and exemptions both reduce taxable income, while credits reduce tax.
text: A deduction reduces the amount of taxable income a taxpayer has for the year.
text: Thus, deductions or expenditures allowed by IRS to be subtracted from gross income to reduce the taxable income for income tax are called allowable deduction.