What is another word for tax allowance?
Pronunciation: [tˈaks ɐlˈa͡ʊəns] (IPA) 
Tax allowances are credits or deductions that reduce the amount of tax that individuals and companies pay to the government. There are several synonyms for tax allowance, including tax credit, tax relief, tax rebate, and tax deduction. Tax credits are given to taxpayers as a direct reduction in the amount of tax owed, while tax reliefs are exemptions from certain types of taxes. Tax rebates are refunds given to taxpayers who overpaid their taxes, while tax deductions are expenses that can be subtracted from the total taxable income. These synonyms are often used interchangeably, but they each have specific meanings and implications for taxpayers.
