CrunchBase(0.00 / 0 votes)Rate this definition: Aras. Aras is a suite of open source Product Life Cycle Management (PLM) software solutions that run on a model-based SOA application framework.
What is a 'Tax Deduction'. A tax deduction is a reduction in tax obligation from a taxpayer's gross income. Tax deductions can be the result of a variety of events that the taxpayer experiences over the course of the year. Tax deductions are removed from taxable income, also known as the adjusted gross income, and thus lowers the taxpayer's overall tax liability.
Use Form 4562 to determine your deduction for depreciating a business vehicle. Jupiterimages/Comstock/Getty Images. Depreciation is an income tax deduction that allows business owners to recover the cost of business property during the time the property is used for business purposes.se Form 4562 to determine your deduction for depreciating a business vehicle. Jupiterimages/Comstock/Getty Images. Depreciation is an income tax deduction that allows business owners to recover the cost of business property during the time the property is used for business purposes.