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WordNet-Online
Definitions from WordNet
Noun tax benefit has 1 sense
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Definitions from the WebTax BenefitDescriptionA tax benefit is a financial advantage or incentive provided by the government to individuals or businesses in order to reduce their tax liability. This may include deductions, credits, exemptions, or other tax advantages that can lower the amount of tax owed. Sense 1: Financial AdvantageIn a financial context, tax benefits refer to advantages provided by the tax system to reduce overall tax payments. Such benefits can include deductions for expenses, tax credits for specific activities, or exemptions that reduce taxable income. Example sentence: The tax benefit of contributing to a retirement fund is that it reduces your taxable income, resulting in lower taxes. Sense 2: Government IncentiveIn a broader sense, tax benefits can also represent incentives offered by governments to encourage certain behaviors or activities. These incentives may be aimed at promoting investment, renewable energy, charitable giving, or other socially beneficial actions. Example sentence: The government provides a tax benefit to homeowners who install solar panels by offering a tax credit for a portion of the installation cost. Related Products | ||||
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