Author Archives: Hidemi Yuki

Costs

Costs

Description and Definition of Transportation and Storage Costs

The costs of moving your household belongings, furniture, vehicles, and pets, to your new home, and the cost of in transit storage for up to 30 consecutive days. These are deductible moving expenses.

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Capital Budget

Capital Budget

Description and Definition of Capital Budget

The estimated amount planned to be expended for capital items in a given fiscal period. Capital items are fixed assets such as facilities and equipment, the cost of which is normally written off over a number of fiscal periods. Shows plans for buying long-term assets, machinery and other items expected to last several years, and estimates the costs of those purchases.

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Form 1040

Form 1040

Description and Definition of Form 1040

The U.S. Individual Income Tax Return Form 1040 is the basic “long” form taxpayers file annually with the Internal Revenue Service. Taxpayers with simple returns can use the “short” Form 1040 A or Form 1040 EZ.

Description and Definition of Form 1040, U.S. Individual Income Tax Return

This is the basic “long form” you file annually with the IRS. If you do not have a complex tax return, you may be able to use the “short form” versions: Form 1040A or 1040EZ.

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Net Operating Loss (NOL)

Net Operating Loss (NOL)

Description and Definition of Net Operating Loss (NOL)

A net operating loss is experienced by a business when it's deductions exceed it's income. For income tax purposes a net operating loss can be used to offset income in a prior year. An NOL can be carried back for the last 3 years and carried forward as a deduction from future income for 15 years until completely used.

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Improvements

Improvements

Description and Definition of Improvements

The expenses of permanently upgrading your property as compared to maintaining or repairing it. You add the cost of the improvements to the basis of the property instead of taking a deduction for the cost of the improvements in the year paid. If the property you improved is a building that is being depreciated you must depreciate the improvements over the same useful life as the building.

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Identity Theft

Identity Theft

Identity Theft Affidavit, I.R.S Form 14039 Issue

You may find information about Identity Theft Affidavit, I.R.S Form 14039 in this Tax Platform of the American Encyclopedia of Law.

Tax Related Identity Theft Issue

You may find information about Tax Related Identity Theft in this Tax Platform of the American Encyclopedia of Law.