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.
The pre-tax parking program is a voluntary payroll deduction program that allows employees to deduct a specified pre-tax dollar amount for work-related parking fees. Money is deducted from the employee's paycheck prior to tax deductions. As a result the employee's taxable income is reduced.