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.
A standard deduction for most taxpayers is a set dollar amount based on the taxpayerâs filing status. increased standard deduction is available to taxpayers who are 65 or older or blind. the standard deduction for taxpayers who can be claimed as a dependent on someone else's return. Volunteer Resource Guide, Deductions tab, includes references for calculating the standard deduction.