What is another word for tax deduction?

write-off write-down exemption business dedu… tax break tax benefit tax write-off deduction tax deduct…

What does tax deficiency mean?

What Is a Deficiency? A deficiency is the numerical difference between the amount of tax that a taxpayer, or taxpaying entity, reports on a tax return and the amount that the Internal Revenue Service (IRS) determines is actually owed. The term only applies to shortfalls and not to surpluses.

What does abatement of interest mean?

In a general sense, an IRS interest abatement of any unpaid portion of tax or any liability, which includes interest, will typically be because the interest is excessive in amount, the interest is assessed after the expiration of the statute of limitations, and/or the interest is illegally assessed (IRS.gov, “20.2.

What is a synonym for taxation?

In this page you can discover 22 synonyms, antonyms, idiomatic expressions, and related words for taxation, like: taxis, income tax, tax income, tax-revenue, revenue, tax, revenue enhancement, direct tax, corporation-tax, capital gains tax and inheritance-tax. Words That Rhyme With Orange.

What is a synonym for minus?

without, negative, below, zero, lacking, flaw, deficiency, drawback, shortcoming, defect. Antonyms: gain, advantage, bonus, positive, boon, plus. minusnoun.

What does a deficiency means?

Definition of deficiency 1 : the quality or state of being defective or of lacking some necessary quality or element : the quality or state of being deficient : inadequacy suffers from a deficiency of critical thinking. 2 : an amount that is lacking or inadequate : shortage staffing deficiencies : such as.

How is interest tax deficiency calculated?

Assessed deficiency tax due, including the deficiency interest and surcharge, shall be subjected to a delinquency interest rate of 12% from the date of demand by the Commissioner or any of his authorized representative for payment until the actual date of payment.

Does IRS abate interest?

Is Interest Relief Available? The IRS doesn’t abate interest for reasonable cause or as first-time relief. Interest is charged by law and will continue until your account is fully paid. If any of your penalties are reduced, we will automatically reduce the related interest.

What is a antonym for taxation?

There are no categorical antonyms for taxation. However, one could constructions such as no taxation, absence of taxation, etc., as antonyms.

What is a synonym for deforestation?

Archaic form of deforestation. In this page you can discover 11 synonyms, antonyms, idiomatic expressions, and related words for deforestation, like: afforestation, over-fishing, desertification, urbanisation, disforestation, over-exploitation, salination, overgrazing, overexploitation, and salinisation.

Is tax deficiency interest tax deductible?

In a second pretrial motion, the IRS claimed the tax deficiency interest was not deductible. Result: For the IRS. To qualify for a business deduction of tax deficiency interest, the taxpayer must show the underlying tax deficiency is ordinarily and necessarily an expected occurrence in the taxpayer’s line of business.

What is tax deductible interest and how do I claim it?

What Is Tax Deductible Interest? Tax-deductible interest is a borrowing expense that a taxpayer can claim on a federal or state tax return to reduce taxable income.

What is the rate of interest on unpaid deficiency tax?

Unpaid tax due shall be subjected to a deficiency interest of 12% which runs from the date the tax is due up to the earlier date between (1) actual date of payment and (2) date of notice and demand by the CIR or any of his authorized representative for the payment of the assessed deficiency tax.

When is deficiency interest computed in the Philippines?

(1) Deficiency interest is computed from April 16, 2016 to June 30, 2017, or 441 days based on the basic tax due – income tax, or Php1,000,000.00 at 20%. (2) Deficiency interest is computed from June 30, 2017 to December 31, 2017, or 184 days based on the basic tax due – income tax, or Php1,000,000.00 at 20%.