Tax Deductions

noun an amount of money that is subtracted from someone's income or from the price of something, especially as a business expense

• The insurance policy has a high deductible, meaning you will have to pay a significant amount out of pocket before coverage kicks in.
• I didn't realize my car insurance deductible was so high until I had to file a claim.
• I can't believe how much my deductible is for this medical procedure, it's gonna cost me an arm and a leg!
• In life, sometimes we have to pay a deductible of hard work and perseverance before we can achieve success.

noun the amount that is subtracted or deducted

• The accountant made a deduction for the business expenses.
• I made a deduction from my paycheck for taxes.
• I did the math and made a deduction, turns out I have more money than I thought.
• Through deductive reasoning, I was able to make a deduction about the suspect's whereabouts.

noun a tax deduction that allows businesses to account for the reduction in value of natural resources as they are extracted or used up

• The company was able to benefit from the depletion allowance provided by the government.
• The company got a tax break thanks to the depletion allowance.
• The company scored a sweet deal with the depletion allowance.
• The depletion allowance acted as a shield against excessive taxation for the company.

noun the cost required for something; the money spent on something

• The company is reviewing its expenses to identify areas for cost reduction.
• I can't go on that trip, it's too much of an expense right now.
• I can't hang out tonight, I'm low on funds and can't afford the expense.
• His constant negativity is an emotional expense that I can no longer afford.

noun the act of making a detailed list or statement of items

• The itemization of expenses is essential for accurate financial reporting.
• Make sure to include a detailed itemization of all your receipts when filing your taxes.
• I can't believe how long it took to do the itemization for that project.
• The itemization of his flaws made it clear why they couldn't be together.

verb to list or detail individually

adverb in a detailed or specific manner

• Please make sure to itemize all expenses on your report for proper documentation.
• Don't forget to itemize all your receipts when doing your taxes.
• Make sure you itemize everything so you can get the most out of your deductions.
• In order to understand the full picture, we need to itemize all the factors at play.

verb to list or detail individual items

adjective describing something that has been listed or detailed in individual items

noun a sum of money charged for teaching or instruction, especially at a formal institution like a college or university

• The university offers financial aid to help cover tuition costs for students in need.
• I'm trying to save up money for tuition so I can go back to school next semester.
• I can't believe how much they're charging for tuition these days, it's ridiculous!
• Investing in your education is like paying tuition to the school of life.

verb to cancel or disregard something as unimportant or not worth pursuing

• The company had to write off a significant amount of debt in their financial statements.
• I had to write off that old car because it was too expensive to fix.
• I'm just going to write off that class because I know I failed the test.
• She decided to write off their friendship after he betrayed her trust.