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.
What is the standard deduction used for? a. The standard deduction is the minimum size a deduction can be to be counted. b. The standard deduction is claimed automatically, before other deductions are calculated. c. The standard deduction is the minimum deduction that anyone may claim. d. The standard deduction is the maximum allowable deduction.