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.
Standard deduction amounts. The amount of your standard deduction depends on the filing status you qualify for. In 2014 for example, single taxpayers and married taxpayers who file separate returns can claim a $6,200 standard deduction.tandard deduction amounts. The amount of your standard deduction depends on the filing status you qualify for. In 2014 for example, single taxpayers and married taxpayers who file separate returns can claim a $6,200 standard deduction.