Phrases with «allowable deductions»

"Allowable deductions" refers to the expenses or costs that are eligible to be subtracted or deducted from your total income or revenue for tax purposes. These deductions can help reduce the taxable amount, potentially lowering the amount of taxes you owe. Full definition

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Sentences with «allowable deductions»

  • Then he calculates his maximum allowable deduction based on his taxable income, which is 20 % of $ 300,000, or $ 60,000. (nahbnow.com)
  • Other salon expenses that are allowable deductions include those that are necessary to run the salon, such as the expenses you pay toward electricity, cable television, water, trash and towels. (bizfluent.com)
  • As with all income tax items, the structure of allowable deductions changes frequently. (investopedia.com)
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