Tax

Tag: FI

  • File A Return

    Description and Definition of File a Return The act of sending to the appropriate taxing authority your completed tax forms. Resources See Also Further Reading File a Return in the West's Tax Law Dictionary File a Return in "A Dictionary of Taxation"

  • Fiscal Year

    About Fiscal Year: Fiscal Tax Year: 1. A regular fiscal tax year is a 12-month period that ends on the last day of any month except December. Former IRC (check if this IRC provision is current here) §441(f). 2. A 52/53-week fiscal tax year varies from 52 to 53 weeks and ends on a […]

  • Fixed Costs

    Description and Definition of Fixed Costs Costs that don't vary with sales volume. Fixed costs are operating expenses that are incurred to provide facilities and organization which are kept in readiness to do business without regard to actual volumes of production and sales. Resources See […]

  • Fishermen

    Income Averaging for Farmers and Fishermen Issue You may find information about Income Averaging for Farmers and Fishermen in this Tax Platform of the American Encyclopedia of Law.

  • Five-year Averaging

    Five-year Averaging Five-year Averaging means:a method of calculating income tax on a lump-sum distribution from a qualified benefit plan that reduces a beneficiary's tax liability on the distribution. This method is available only to participants who were 50 years of age or older […]

  • Fixed Assets

    Description and Definition of Fixed Assets Those assets of a permanent nature such as furniture, fixtures, land, and buildings required for the normal conduct of a business, and which will not normally be converted into cash during the ensuring fiscal period. Resources See Also Further Reading […]

  • Fiduciary

    Fiduciary means:a person, company, or association holding assets in trust for a beneficiary. The fiduciary is charged with the responsibility of investing the money wisely for the beneficiary's benefit. Some examples of fiduciaries are pension trusts, executors of wills and estates, […]

  • First-year Expensing

    Description and Definition of First-year Expensing Also known as the Section 179 deduction, expensing 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 deductions are […]

  • Final Return for Decedent

    Description and Definition of Final Return for Decedent A deceased individual's tax return filed for the last year in which the individual lived. The decedent's personal representative is responsible for filing a final return. Resources See Also Further Reading Final Return for […]

  • Filing Extension

    Description and Definition of Filing Extension An extension of time to file your tax return. This extension is a "paper work" extension and does not extend the time to pay your taxes. Resources See Also Further Reading Filing Extension in the West's Tax Law Dictionary Filing […]