Category: F
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Foreign Child
Description and Definition of Foreign Child A foreign child is a child who is not a U.S. citizen or resident. Adoption of a foreign child may qualify certain expenses for the adoption credit. You cannot deduct adoption expenses until the year the adoption is finalized. Resources See Also […]
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Foreign Assets
Statement of Specified Foreign Assets, Form 8938 Issue You may find information about Statement of Specified Foreign Assets, Form 8938 in this Tax Platform of the American Encyclopedia of Law.
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Fiscal Year
About Fiscal Year: Fiscal Tax Year: 1. A regular fiscal tax year is a 12-month period that ends on the last day of any month except December. Former IRC (check if this IRC provision is current here) §441(f). 2. A 52/53-week fiscal tax year varies from 52 to 53 weeks and ends on a […]
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Fixed Costs
Description and Definition of Fixed Costs Costs that don't vary with sales volume. Fixed costs are operating expenses that are incurred to provide facilities and organization which are kept in readiness to do business without regard to actual volumes of production and sales. Resources See […]
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Fishermen
Income Averaging for Farmers and Fishermen Issue You may find information about Income Averaging for Farmers and Fishermen in this Tax Platform of the American Encyclopedia of Law.
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Five-year Averaging
Five-year Averaging Five-year Averaging means:a method of calculating income tax on a lump-sum distribution from a qualified benefit plan that reduces a beneficiary's tax liability on the distribution. This method is available only to participants who were 50 years of age or older […]
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Form 1040A
Description and Definition of Form 1040A The U.S. Individual Income Tax Return Form 1040A is the "short" form version of Form 1040. You can usually use Form 1040A if you do not itemize or own a business and your taxable income is under $50,000. Description and Definition of Form […]
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Federal Reserve System
Description and Definition of Federal Reserve System The Federal Reserve System is a group of banks that regulate the U.S. money supply and set rules designed to keep commercial and savings banks solvent. They also provide emergency loans to commercial and savings banks. Resources See Also […]
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Fixed Assets
Description and Definition of Fixed Assets Those assets of a permanent nature such as furniture, fixtures, land, and buildings required for the normal conduct of a business, and which will not normally be converted into cash during the ensuring fiscal period. Resources See Also Further Reading […]
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Federal Trade Commission Act
Description and Definition of Federal Trade Commission Act This act established the Federal Trade Commission (FTC) to enforce antitrust rules. The act gave the FTC the right to define unfair methods of competition and make rules to prevent such practices. Resources See Also Further Reading […]