Tax

Category: C

  • Circular 230

    Circular 230 means: an U.S. Internal Revenue Service (IRS) publication that sets forth the requirements and responsibilities of professional preparers of tax returns. The statement details educational, ethical, and procedural guidelines. Treasury Department Circular No. 230 – Regulations […]

  • Community Income

    Description and Definition of Community Income Income earned in a community property state that is treated as belonging equally to husband and wife. Resources See Also Further Reading Community Income in the West's Tax Law Dictionary Community Income in "A Dictionary of Taxation"

  • Convention

    Description and Definition of Convention A rule for determining MACRS depreciation in the year property is placed in service. Resources See Also Further Reading Convention in the West's Tax Law Dictionary Convention in "A Dictionary of Taxation"

  • Consumer Interest Expense

    Description and Definition of Consumer Interest Expense Interest incurred on personal debt and consumer credit. Nondeductible interest from personal loans such as credit cards and car loans. Resources See Also Further Reading Consumer Interest Expense in the West's Tax Law Dictionary […]

  • 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. Resources See Also Further […]

  • 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 […]

  • Crop Method

    Description and Definition of Crop Method A method of accounting used by farmers. It allows them to deduct the entire cost of producing the crop, including the expense of seed and young plants, in the year they realize income from the crop. Resources See Also Further Reading Crop Method in […]

  • Carryback

    Carryback means:a process by which the deductions or credits of one taxable year that cannot be used to reduce tax liability in that year are applied against a tax liability in an earlier year or years. Former IRC (check if this IRC provision is current here) §1212. See also other […]

  • Charitable Organization

    Description and Definition of Charitable Organization An organization that is recognized as tax-exempt by the IRS. Resources See Also Further Reading Charitable Organization in the West's Tax Law Dictionary Charitable Organization in "A Dictionary of Taxation"

  • Capital Expenditure

    Capital Expenditure means:an improvement (as distinguished from a repair) that will have a life of more than 1 year. Capital expenditures are generally depreciated or depleted over their useful life, as distinguished from repairs, which are subtracted from the income of the current year. […]