Category: I
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Internal Revenue Service
About Internal Revenue Service: The Internal Revenue Service (IRS) is the federal agency that collects income taxes in the U.S. The agency of the United States federal government that is responsible for the administration and collection of federal taxes. The IRS, which is part of the […]
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Identifying Number
Identifying Number Issue You may find information about Identifying Number in this Tax Platform of the American Encyclopedia of Law.
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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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Imputed Interest
Imputed Interest means:implied interest. In a mortgage that states an insufficient interest rate, tax law will impute a higher rate and a lower principal, which will increase taxes on the receipt of payments. Interest the taxpayer are considered to have earned – and therefore owe tax on […]
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Intangible Asset
Intangible Asset means:a right or a nonphysical resource, including copyrights, patents, trademarks, goodwill, computer programs, capitalized advertising costs, organization costs, licenses, leases, franchises, exploration permits, and import and export permits. Intangible Property is a […]
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Import Duty
Description and Definition of Customs or Import Duty A tariff or tax charged when a product is imported into a country. Some countries have customs duties but no income tax. Resources See Also Further Reading Customs or Import Duty in the West's Tax Law Dictionary Customs or Import Duty […]
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Inclusion Amount
Description and Definition of Inclusion Amount The calculated amount you must add back to your income if the fair market value of your leased business automobile is above a certain amount. This limits your deduction for lease payments so that you can only deduct the amount you would have been […]
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Informal Tax Legislation Process
Description and Definition of Informal Tax Legislation Process Meetings where individuals and interest groups get together to discuss tax issues. Resources See Also Further Reading Informal Tax Legislation Process in the West's Tax Law Dictionary Informal Tax Legislation Process in […]
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Interest
Interest means:money paid for the use of money (often though of as rent paid for the use of money). The charge for the use of borrowed money. See home mortgage interest; imputed interest; interest deductions; interest income; personal interest expense. Description and Definition of […]
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Insurance Marketplace
Health Insurance Marketplace Issue You may find information about Health Insurance Marketplace in this Tax Platform of the American Encyclopedia of Law.