HomeDefinitionsCompareDebt Tax deductibleThe financial definition for Tax deductible:The effect of creating a tax deduction, such as charitable contributions and mortgage interest. Similar MatchesDeductible contributionDeductible contributionAmount paid into an IRA, an employer-sponsored retirement plan, or other type of retirement plan for a particular tax year that is a deduction from income for tax purposes. Nondeductible contributionNondeductible contributionA contribution to either a traditional IRA or Roth IRA. Income tax is due on the contribution in the tax year for which the contribution is made. Click to compare definitions of Tax deductible Click to view definitions beginning ta |