Outrageously Funny Word Dictionary :: Nondeductibility

👉 Nondeductibility in taxation refers to an event or condition that renders a tax obligation non-recoverable. This means that if you owe taxes, you cannot deduct the amount of your tax liability from your taxable income, as it is considered a tax on your own earnings and not your legitimate personal expenses.

nondeduction

👉 Nondeductibility is a legal concept in accounting and taxation where an expense or deduction is not considered deductible by the IRS (Internal Revenue Service) for tax purposes. This means that an expense or deduction can be claimed but cannot be fully deducted from taxable income. In the context of taxes, nondeductible expenses are those that do not meet the requirements for deductibility under U.S. federal income tax laws. These include things like charitable contributions, donations to religious organizations, and certain types of gifts

nondeductibility