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 Standard Deduction. The standard deduction is a dollar amount that reduces the amount of income on which you are taxed. But you cannot take the standard deduction if you claim itemized deductions. In general, the basic standard deduction is an amount relative to each tax year and varies according to your filing status.