Author: Stuart Cullen

  • Entrepreneur

    Description and Definition of Entrepreneur One who assumes the financial risk and other risks of the initiation, operation, and management of a given business or undertaking. Resources See Also Further Reading Entrepreneur in the West's Tax Law Dictionary Entrepreneur in "A […]

  • Social Security

    Description and Definition of Social Security The U.S. Government run retirement plan. Social Security Act of 1983 Issue You may find information about Social Security Act of 1983 in this Tax Platform of the American Encyclopedia of Law. Resources See Also Further Reading Social Security in […]

  • Canal Zone

    Canal Zone Issue You may find information about Canal Zone in this Tax Platform of the American Encyclopedia of Law.

  • Budget

    Description and Definition of Budget An itemized listing of the amount of all estimated revenue and the amount of all estimated costs and expenses that will be incurred in obtaining the revenue during a given period of time for a business. A budget is typically for one business cycle, such as […]

  • CFR

    Description and Definition of CFR Code of Federal Regulations. Resources See Also Further Reading CFR in the West's Tax Law Dictionary CFR in "A Dictionary of Taxation"

  • Tangible Personal Property

    Description and Definition of Tangible Personal Property Assets that physically exist that are not real property. Business equipment such as desks, computers, machinery, and autos are tangible personal property. Assets such as stocks, bonds, certificates of deposit, and franchises only […]

  • Insurance Contributions

    Description and Definition of Federal Insurance Contributions Act (FICA) The Federal Insurance Contributions Act (FICA) consists of both a Social Security (retirement) tax and a Medicare (hospital insurance) tax. The tax is levied on employers, employees, and certain self-employed individuals. […]

  • Acquisition Debt

    Description and Definition of Acquisition Debt Acquisition Debt is debt used to buy, build, or substantially improve a principal residence or second home and which generally qualifies for a full interest expense deduction. This is the technical term that Congress uses for what most of us call […]

  • Ability to Pay

    Description and Definition of Ability to Pay Ability to Pay is a principle of taxation. Different taxpayers ability to pay differs vastly. Generally a taxpayer with less ability to pay pays less tax, because his/her amount of income (wages, interests, profits) and assets (houses, cars, stocks, […]

  • Legally Separated

    Description and Definition of Legally Separated Married couples living apart under a court order or separate maintenance agreement. Payments under the decree are deductible by the payer and taxable to the payee as alimony. Resources See Also Further Reading Legally Separated in the West's […]