Author: Stuart Cullen
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Fair Labor Standards Act
Description and Definition of Fair Labor Standards Act A key federal law protecting workers, it established the minimum wage and the 40-hour work week. It also states that workers get 1.5 times regular hourly pay if they work more than 40 hours in a week. Resources See Also Further Reading […]
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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 […]
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Premium Tax Credit
Premium Tax Credit, I.R.S. Form 8962 Issue You may find information about Premium Tax Credit, I.R.S. Form 8962 in this Tax Platform of the American Encyclopedia of Law.
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Cash Method
Description and Definition of Cash Method Reporting income when actually or constructively received and deducting expenses when paid. Most individuals use this method. Resources See Also Further Reading Cash Method in the West's Tax Law Dictionary Cash Method in "A Dictionary of […]
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Property Credit
Residential Energy Property Credit Issue You may find information about Residential Energy Property Credit in this Tax Platform of the American Encyclopedia of Law.
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Construction Interest Expense
Description and Definition of Construction Interest Expense This is interest that is incurred while a building is being built. This interest is not deductible in the year paid. It must be added to the basis of the building. Resources See Also Further Reading Construction Interest Expense in […]
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Cash Liquidation Distribution
Description and Definition of Cash Liquidation Distribution A return of capital that you receive when a corporation is being partially or completely liquidated. Generally, cash liquidation distributions are tax free until the distribution exceeds your investment. Resources See Also Further […]
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Tax Withholding
Description and Definition of Tax Withholding The portion of your pay that your employer takes from your paycheck to pay part or all of your taxes. Resources See Also Further Reading Tax Withholding in the West's Tax Law Dictionary Tax Withholding in "A Dictionary of Taxation"
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Adjusted Basis
Description and Definition of Adjusted Basis Your adjusted basis in property is the starting point for determining taxable gain or loss. It is generally your original cost, increased by capital improvements, and decreased by depreciation, depletion, and other capital write-offs. Special rules […]
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Education IRA
Description and Definition of Education IRA A new type of savings plan for higher education. An Education IRA has nothing to do with retirement. You may be able to make nondeductible contributions up to $500 per child per year to an education IRA for children under 18. There's no deduction […]