Definition, Meaning & Synonyms
deduct-a-cost
Phrase
/dɪˈdʌkt ə kɔst/
Definition
To subtract an expense from total revenues or income, reducing the taxable income amount.
Examples
- You can deduct-a-cost of business supplies from your income for tax purposes.
- If you work from home, you may be able to deduct-a-cost related to your home office.
Meaning
In financial terms, deducting a cost means taking an amount off from the total income or revenue for the purpose of calculating taxes.
Synonyms
- subtract an expense
- reduce cost
- offset an expense
