Category: M
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Medical Expenses
Description and Definition of Medical Expenses Your and your dependents expenses for health care that were reasonable and necessary and not reimbursed by insurance or another plan. Expenses include those for doctors, dentists, hospitals, transportation to medical care, prescriptions, and […]
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Multiple Support Agreement
Multiple Support Agreement means:an agreement made by two or more taxpayers regarding the dependency exemption. When two or more taxpayers provide more than half of a person's support, but no one person provides more than half the support, an agreement can be made allowing one of the […]
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Mid-month Convention
Mid-month Convention is used. with respect to depreciating residential and nonresidential real property and railroad grading or tunnel bore, a convention whereby property is deemed placed in service or disposed of at the midpoint of the calendar month in which it was placed in service or […]
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Mortgage Interest Expense
Description and Definition of Mortgage Interest Expense Interest paid on a loan for acquisition indebtedness or home-equity debt secured by your home that is fully deductible up to certain limits. Two residences qualify if acquisition debt secured by the home is $1 million or less, and home […]
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Municipal Bond
Municipal Bond means:a bond issued by a state or local government body such as a county, city, town, or municipal authority. Interest earned on a municipal bond is generally not taxable by the U.S. government or in the jurisdiction that issued that bond. Any gain realized from the sale […]
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Marital Deduction
Marital Deduction means:a federal estate tax deduction permitting a spouse to take, tax free, the decedent spouse's total estate. The marital deduction thus permits property to pass to the surviving spouse without being depleted by the federal estate tax. The same is true with the […]
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Modified Accelerated Cost Recovery System
About Modified Accelerated Cost Recovery System: The Modified Accelerated Cost Recovery System (MACRS) was a method of depreciation introduced by the Tax Reform Act of 1986. Assets are depreciated over longer lives than those provided by the accelerated cost recovery system. Personal property […]
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Medicare
Medicare is. one of five programs under the Social Security System in which hospital and medical insurance coverage is provided to those who qualify. It is run by the Health Care Financing Administration, although the Social Security Administration takes applications for Medicare, assists […]
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Meals
Description and Definition of Meals and Entertainment Meals and entertainment, such as the cost of taking a client to a restaurant, may be 50 percent deductible in your business. If they meet certain exceptions they may be 100 percent deductible. Resources See Also Further Reading Meals and […]
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Minimum Wage
Description and Definition of Minimum Wage The lowest compensation an employee can receive for hourly work. It is defined by Federal and by state laws. State laws may require higher pay than Federal law. Resources See Also Further Reading Minimum Wage in the West's Tax Law Dictionary […]