Category: E

  • Entertainment Expenses and Business Meals

    The Entertainment Expenses and Business Meals are. items that are deductible only if “directly related to” or “associated with” the active conduct of a taxpayer's trade or business. These expenses are not deductible to the extent that they are lavish or extravagant. These expenses include, for examp…

  • Exempt Income

    The Exempt Income are. items of income specifically excluded from taxation by the Internal Revenue Code, the U.S. Constitution, Congress, or foreign tax treaties. Examples include: • death benefits up to $5,000. • gifts and inheritances. • interest on state and local bonds. • com…

  • Enrollment Period

    Enrollment Period means, under Medicare's medical insurance (Part B) protection, the period during which a person may sign up for coverage. The initial enrollment period of 7 months begins 3 months before the month in which the person first becomes eligible for the medical insurance protection and e…

  • Education interest

    Education interest means (see more about entries related to interest in the U.S. here) Interest on college loans can be deducted as an adjustment to income, so you get a benefit even if you claim the standard deduction rather than itemizing deductions on yo…

  • Environmental Tax

    Environmental Tax means:a tax of 0.12% of a corporation's alternative minimum taxable income (before deducting any carryovers for net operating loss) in excess of $2 million. The environmental tax is separate from the alternative minimum tax and applies even if the corporation is not subject to …

  • Exclusion

    Exclusion means:an amount that would otherwise constitute a part of gross income, but is excluded under a specific provision of the Internal Revenue Code. Some major exclusions are gifts, inheritance, life insurance proceeds, scholarships, and lodging or meals furnished for the convenience of th…

  • Estimated Tax Payment

    Estimated Tax Payment means:a quarterly tax payment by a taxpayer on income that is not subject to withholding taxes, in an amount that represents a projection of the ultimate tax liability for the taxable period. To avoid a penalty for underestimation, estimated payments must equal 90% (for ind…

  • Exemptions

    About Exemptions: Amount, showed in the tax return, that taxpayers can claim for themselves, their spouses, and eligible dependents. There are, in the United States, two types of exemptions-personal and dependency. Each type of exemption reduces the income subject to tax. While each of the exemption…

  • Employer Comparable Contributions

    Employer Comparable Contributions to Health Savings Accounts under Section 4980G AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Final regulations. SUMMARY: This document contains final regulations that provide guidance regarding employer comparable contributions to Health Savings Accounts HSAs) under section 4980G. In general, these final regulations affect employers that contribute to employees’ HSAs. DATES: Effective Date:…

  • Exempt Organizations

    Exempt Organizations Limited Liability Companies as Exempt Organizations By Bradley T. Borden, Associate Professor of Law, Washburn University School of Law, Topeka, KS. This commentary is derived largely from Borden, Real Estate Transactions by Tax-Exempt Entities, 591 T.M./883 T.M. The use of limited liability companies and exempt organizations has exploded over recent years. The combination…