Adoption
Adoption Issue
You may find information about Adoption in this Tax Platform of the American Encyclopedia of Law.
Adoption
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Local Tax
Local Tax
Description and Definition of Local Tax
Your local county, town or city may impose tax to operate services such as garbage pick-up, water treatment, and street-cleaning.
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Gross Profit Percentage
Gross Profit Percentage
Description and Definition of Gross Profit Percentage
The percentage of payments that you receive, such as from installment sales or annuities, which is from your profit, gains, or investment earnings.
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Trust Fund
Trust Fund
Airport and Airway Trust Fund Issue
You may find information about Airport and Airway Trust Fund in this Tax Platform of the American Encyclopedia of Law.
Cost-of-Living Allowance
Cost-of-Living Allowance
Description and Definition of Cost-of-Living Allowance (COLA)
A raise paid by your employer for increased living expenses. Hardship pay for employees sent to live and work in expensive places.
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Form 1040EZ
Form 1040EZ
Description and Definition of Form 1040EZ
The U.S. Individual Income Tax Return Form 1040EZ is the “shortest” “short” form version of Form 1040. It's used by taxpayers with no deductions, no adjustments to income, income of only wages, interest, or unemployment compensation, and no dependents. Form 1040EZ is great if you're single or married, don't have any dependents and aren't rolling in dough.
Description and Definition of Form 1040EZ, U.S. Individual Income Tax Return
The simplest version of Form 1040, used by taxpayers with no deductions, no adjustments, income only from wages, interest, or unemployment compensation, and no dependents.
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- Form 1040EZ, U.S. Individual Income Tax Return in the West's Tax Law Dictionary
- Form 1040EZ, U.S. Individual Income Tax Return in “A Dictionary of Taxation”
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Exempt From Withholding
Exempt From Withholding
Description and Definition of Exempt from Withholding
Taxpayers can be exempt from having federal income tax withheld if they meet certain income, tax liability, and dependency requirements.
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FMS
FMS
Description and Definition of FMS
The Department of Treasury's Financial Management Service (FMS), which issues IRS tax refunds, has been authorized by Congress to conduct the Treasury Offset Program. Through this program, your Federal tax refund or overpayment you asked the IRS to apply to next year's estimated tax, may be reduced by FMS and offset to pay any past-due child support or Federal agency non-tax debts you may owe.
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Tax Deferral
Tax Deferral
Description and Definition of Tax Deferral
Postponement of taxes to a later year. Shifting income to a later year. Investments in qualified retirement plans provide tax deferral.
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Foreign Child
Foreign Child
Description and Definition of Foreign Child
A foreign child is a child who is not a U.S. citizen or resident. Adoption of a foreign child may qualify certain expenses for the adoption credit. You cannot deduct adoption expenses until the year the adoption is finalized.