Category: A
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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 […]
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Amount Realized
Amount Realized means:the amount received by a taxpayer on the sale or other disposition of property. It includes the sum of cash, fair market value of any property or services received, and any debt assumed by the buyer. Former IRC (check if this IRC provision is current here) […]
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Adjustment
Description and Definition of Adjustment An adjustment is a reduction of your income for expenses, such as IRAs, up to $1,000 of interest on higher education loans, alimony, medical savings accounts, job-related moving expenses, any penalty paid on the early withdrawal of savings, the […]
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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, […]
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Annuities
General Rule for Pensions and Annuities, I.R.S Pub. 939 Issue You may find information about General Rule for Pensions and Annuities, I.R.S Pub. 939 in this Tax Platform of the American Encyclopedia of Law.
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Accrual Method
Description and Definition of Accrual Method The Accrual Method is a business method of accounting requiring income to be reported when earned and expenses to be deducted when incurred – rather than reporting income when you receive payment and expenses when you pay them. However, deductions […]
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Accrued Interest Adjustment
Description and Definition of Accrued Interest Adjustment The Accrued Interest Adjustment is an adjustment that reduces your taxable interest income by any interest that you reported and paid tax on as it was earned. Resources See Also Further Reading Accrued Interest Adjustment in the […]
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Accountable Reimbursement Plan
Description and Definition of Accountable Reimbursement Plan An Accountable Reimbursement Plan is an employer reimbursement plan or allowance arrangement established so that employees can receive business expense reimbursements tax free. The Accountable Reimbursement Plan must require […]
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Able Accounts
Able Accounts Issue You may find information about Able Accounts in this Tax Platform of the American Encyclopedia of Law.
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Accounting Method
Description and Definition of Accounting Method An Accounting Method is a method used by a business or individual to keep its records. Most individuals and small businesses use the cash method, although businesses that maintain inventory are required to use the accrual method. Resources See […]