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. The standard deduction is a fixed dollar amount that reduces the income youâre taxed on. Your standard deduction varies according to your filing status. In 2017, the standard deduction is: For single or married filing separately â $6,350; For married filing jointly or qualifying widow(er) â $12,700; For head of household â $9,350