what does IRS deduction mean?

Question

what does it mean?

Answer 1

It is usually a term associated with buying something. IRS deduction means you can get a return or deduction on your taxes due at years end. The product qualifies for a deduction.
http://en.wikipedia.org/wiki/Itemized_deduction

Answer 2

What type of deduction? There are many. There is a Standard Deduction, there is an amount you deduct based on Exemptions, there is an IRA deduction, and the last year there was a Federal Excise Tax deduction. If you itemize, there are even more, such as for student loans, medical expenses and home loan interest. There are also a wide variety of credits such as Earned Income and Child Tax Credit.

Other than saying the obvious, that an IRS deduction is a deduction the IRS allows, need more 411.

P.S. Not all deductions are calculated before your tax liability is assessed, although most are. One example is the Federal Excise Tax deduction for long-distance or bundled telephone service that came off your tax liability directly, not a reduction in your taxable earnings.

Answer 3

Internal Revenue Service

Answer 4

A deduction is an amount that's subtracted from your income before your taxes are calculated.