Form 1040 Deduction is a term used in the United States to refer to the amount of money that can be deducted from an individual's taxable income. The deduction is typically taken on Form 1040, which is the standard form used by individuals to file their federal income tax returns. Dues is a four-letter word that refers to the payments made to a professional organization or club. These payments are often deductible when filing taxes, and can be included as part of the Form 1040 Deduction.