Property with a useful life of more than one year that is used in your trade or business. Deductions are spread over the estimated useful life of the property.
Long term depreciable property used in a trade or business such as equipment, vehicles, and rental real estate. Provided Section 1231 assets are held for the required period of time capital gain treatment is available on a profit upon the sale of the asset while a loss is deductible as an ordinary loss. All Section 1231 gains and losses must be netted.
Items such as accelerated depreciation, percentage depletion, or certain tax-exempt income, that may subject a taxpayer to the alternative minimum tax (AMT).
A 401(k) Plan is a tax deferred savings plan which is authorized by section 401(k) of the Internal Revenue Code. Under Section 401(k) a percentage of your salary is withheld and placed in a savings account or the company's profit-sharing plan. Your employer may match a percentage of the amount you have withheld. You are not taxed on the amount deducted from your pay, your employer's matching amount, or any interest or gains until you receive distributions, usually at retirement. Most plans allow employees to borrow from their accounts.
Ownership by two persons. Under joint tenancy with rights of survivorship when one tenant dies the decedent's interest passes to the survivor.
You may find information about Taxpayer Publications in this Tax Platform of the American Encyclopedia of Law.
The form you receive from your employer by January 31st of each year which reports your annual wages, taxes withheld, and other information.
You may find information about Bme in this Tax Platform of the American Encyclopedia of Law.
A tax favored medical savings account (MSA) is intended to help the self-employed and employees of certain small businesses that employ 50 or fewer workers save for and pay their medical expenses that are not covered by health insurance. Contributions are deductible and earnings inside the account are not taxed as they build up. Withdrawals are not taxed if the money is used to pay medical expenses. To qualify for an MSA you must have a health insurance policy that requires you to pay at least the first $1,500 (if you are single) or $3,000 (if it's a family policy) of medical bills before your insurance starts paying.
A bank reconciliation is a verification of a bank statement balance against the depositor's check book balance.