Category: T
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Tax Return Preparer
Tax Return Preparer means:a person who is paid to prepare, assist in preparing, or review a tax return. Paid preparers must sign the tax returns they have prepared, assisted in preparing, or reviewed. A paid preparer is not required to have any special education or certification. Former […]
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Tax Evasion
Tax Evasion means:any method of avoiding or reducing taxes not permitted by law. A failure to pay or a deliberate underpayment of taxes. Such evasion, which involves deceit, subterfuge, camouflage, concealment, or an attempt to color or obscure events, carries heavy penalties. It is not […]
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Tax-Exempt Interest
Tax-Exempt Interest means (see more about entries related to interest in the U.S. here) Interest paid on bonds issued by states or municipalities that is tax-free for federal income tax purposes. Although you must report this income on your tax return, it is not taxed. State Income Tax […]
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Taxable Income
Taxable Income may have one of the following meanings, depending the context of the term: 1. Individuals. Gross income reduced by deductions allowable in obtaining Adjusted Gross Income and further reduced by the standard deduction or itemized deductions and allowed personal exemptions. Former […]
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Tips
Description and Definition of Tips Additional income paid by a customer to an employee for good service. To keep track of your tips keep a daily "tips-earned log" where you write down the exact amount of tips you earn each day. Resources See Also Further Reading Tips in the […]
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Tax Shift
Description and Definition of Tax Shift A situation that appears when one group is able to shift a tax that they're supposed to pay to another group. Resources See Also Further Reading Tax Shift in the West's Tax Law Dictionary Tax Shift in "A Dictionary of Taxation"
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Testimony
Description and Definition of Testimony Evidence given by a competent witness under oath. Resources See Also Further Reading Testimony in the West's Tax Law Dictionary Testimony in "A Dictionary of Taxation"
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Tax Withholding
Description and Definition of Tax Withholding The portion of your pay that your employer takes from your paycheck to pay part or all of your taxes. Resources See Also Further Reading Tax Withholding in the West's Tax Law Dictionary Tax Withholding in "A Dictionary of Taxation"
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Tax Bracket
About Tax Bracket: Each tax bracket in the United States encompasses a certain amount of income to be taxed at a set rate. The tax rates in 2010 did run from 10% to 35%. Taxpayers are said to be in the 25% bracket if their highest dollar of income falls in that bracket. If taxpayers…
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Tax Credit
Tax Credit means: a dollar-for-dollar reduction in the amount of tax that a taxpayer owes. Unlike deductions or exemptions, which reduce the amount of income subject to tax, a tax credit reduces the actual amount of tax owed. In other words, a reduction in the tax that can be deducted […]