Home›Browse›T›tax deductiontax deductionOur editors are putting together more complete content — check back in about 20 minutestax deductiontax deduction — nounnoun1. An amount subtracted from taxable income, reducing the tax owed.1.nounDefinitionAn amount subtracted from taxable income, reducing the tax owed.ExampleCharitable donations are often allowed as a tax deduction.