Tax

Tag: IN

  • Inflation

    Inflation means:a rise in the prices of goods and services, as happens when spending increases relative to the supply of goods on the market-in other words, too much money is chasing too few goods. Inflation constitutes a silent tax increase because taxpayers are pushed into higher tax […]

  • Income Exclusion

    Foreign Earned Income Exclusion Issue You may find information about Foreign Earned Income Exclusion in this Tax Platform of the American Encyclopedia of Law.

  • Innocent Spouse Rule

    Innocent Spouse Rule means:an exception to the general rule that both spouses are jointly and severally liable for the tax liability on a joint return. Under certain circumstances, an innocent spouse does not have joint tax liability. Four requirements must be met for a spouse to obtain […]

  • Individual Taxpayer Identification Number

    Description and Definition of Individual Taxpayer Identification Number (ITIN) A taxpayer identification number for persons who do not qualify for a social security number. It is usually assigned to aliens. Resources See Also Further Reading Individual Taxpayer Identification Number (ITIN) in […]

  • Investment in the Contract

    Description and Definition of Investment in the Contract The total investment cost of an annuity. The portion of your annuity payment attributable to your investment in the contract is not included in your taxable income. Resources See Also Further Reading Investment in the Contract in the […]

  • Installment Sale

    Installment Sale means:a sale in which a seller accepts a mortgage for part of the sale. With an installment sale, the taxpayer agrees to have the purchaser pay him or her over a number of years, and he or she reports the profit on the sale as he or she receives the money instead of…

  • Internal Revenue Service

    About Internal Revenue Service: The Internal Revenue Service (IRS) is the federal agency that collects income taxes in the U.S. The agency of the United States federal government that is responsible for the administration and collection of federal taxes. The IRS, which is part of the […]

  • Indexing

    Description and Definition of Indexing To prevent inflation from eroding certain tax benefits the standard deduction, exemptions, and tax brackets are automatically adjusted for increases in the consumer price index. Resources See Also Further Reading Indexing in the West's Tax Law […]

  • Intangible Asset

    Intangible Asset means:a right or a nonphysical resource, including copyrights, patents, trademarks, goodwill, computer programs, capitalized advertising costs, organization costs, licenses, leases, franchises, exploration permits, and import and export permits. Intangible Property is a […]

  • Inclusion Amount

    Description and Definition of Inclusion Amount The calculated amount you must add back to your income if the fair market value of your leased business automobile is above a certain amount. This limits your deduction for lease payments so that you can only deduct the amount you would have been […]