Deduction

Definition - Noun
1 : an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due
see also Internal Revenue Code in the Important Laws section
compare credit exclusion exemption

Based on Merriam-Webster's Dictionary of Law ©2001.
Merriam-Webster, Incorporated
Published under license with Merriam-Webster, Incorporated.
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slight negligence

failure to exercise the great degree of care typical of an extraordinarily prudent person

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