Tax

Category: S

  • Section 179 Expense Deduction

    Description and Definition of Section 179 Expense Deduction Also known as the First Year Expensing, Section 179, lets you treat up to $19,000 of expenditures that normally would be depreciated over a number of years as current business expenses that you can deduct immediately. Larger […]

  • Short Tax Year

    Short Tax Year means:a tax year of a taxpayer that is less than 12 months. Former IRC (check if this IRC provision is current here) §443. See also other Tax Terms and Definitions in U.S.A. annualizing; short period. Description and Definition of Short Tax Year A tax year of less […]

  • Short Sale

    Description and Definition of Short Sale The sale of securities, borrowed from a broker, to potentially profit from falling prices in a declining market. You do not actually own the securities yet. If the price of the securities drop you buy them and return them. Your profit is the difference […]

  • Spousal Ira

    Spousal Ira means:an individual retirement account created in the name of a nonworking spouse. The maximum contribution is $2,250 per couple, as compared with a $2,000 limit per working individual. The $2,250 may be divided between the spouses' separate IRA accounts according to […]

  • Simplified Employee Pension Plan

    About Simplified Employee Pension Plan: The Simplified Employee Pension (SEP) Plan is a type of pension plan to which an employer may contribute an amount not to exceed the smaller of 15% of compensation or $30,000 per individual. Former IRC (check if this IRC provision is current here) […]

  • Section 457 Plan

    Section 457 Plan means:a deferred-compensation plan established by state and local governments and tax-exempt organizations that allows tax-free deferral of salary up to the lesser of $7,500 or one-third of salary. Description and Definition of Section 457 Plan A deferred compensation […]

  • Small Business Administration

    Description and Definition of Small Business Administration (SBA) The U.S. Government agency that provides low interest loans to small businesses. Resources See Also Further Reading Small Business Administration (SBA) in the West's Tax Law Dictionary Small Business Administration (SBA) in […]

  • Securities

    Securities means:any shares of stock in any corporation, certificates of stock or interest in any corporation, notes, bonds, debentures, or evidence of indebtedness, or any evidence of an interest in or right to subscribe to or for the purchase of any of the foregoing. U.S. and other […]

  • Sales Tax

    Sales Tax means:a percentage tax imposed on the retail sale of certain items. A tax on retail products based on a set percentage of retail cost.Most sales taxes, which are based on the value of the item sold, are regressive taxes. They are a major source of revenue for most states and […]

  • Salvage Value

    Salvage Value means:the estimated value of a property when the owner completes his or her use of it. In determining the amount of depreciation allowable for accounting purposes, salvage value must be subtracted from basis. Value of tangible depreciable property when it is retired from […]