Tax

Category: T

  • Tax Rate Schedule

    Description and Definition of Tax Rate Schedule Schedules of tax amounts published by the IRS for taxpayers with taxable income of more than $100,000 to use to compute their income tax. If your taxable income is less than $100,000 you must use the tax tables. Resources See Also Further Reading […]

  • Taxpayer Advocate

    Description and Definition of Taxpayer Advocate The IRS official who is charged with helping individuals resolve their problems with the IRS, as well as identifying changes in IRS procedures that could make the agency more taxpayer friendly. Taxpayer Advocate Issue You may find information […]

  • Tax Preparation Software

    Tax Preparation Software means:a set of programs telling the computer how to calculate the regular income tax, the total estate tax, the alternative minimum tax, the corporate tax liability, and other taxes. Computer software designed to complete tax returns. Different tax preparation […]

  • Tax Deductions

    Description and Definition of Tax Deductions Amounts that a person or business can subtract from their income before calculating their taxable income. The more you can deduct the less tax you pay. Resources See Also Further Reading Tax Deductions in the West's Tax Law Dictionary Tax […]

  • Travel Expenses

    Description and Definition of Travel and Lodging Expenses Expenses you incur when you are traveling away from home for your business or as an employee. To be deductible these expenses must be ordinary and necessary. Resources See Also Further Reading Travel and Lodging Expenses in the […]

  • Tax Liability

    About Tax Liability: amount owed to a taxing body. Tax liability is the amount of tax computed as due. Taxpayers pay their federal and some States (like Massachusetts) income tax liabilities through withholding, estimated tax payments, and payments made with the tax forms they file with the […]

  • Telephone

    Telephone Help Issue You may find information about Telephone Help in this Tax Platform of the American Encyclopedia of Law.

  • Tariff

    Tariff means:a federal tax (usually Ad Valorem) on imports or exports (in general, a tax on products imported from foreign countries, save in case of some international agreements), usually imposed either to raise revenue (called a revenue tariff) or to protect domestic firms from import […]

  • Tax Year

    Description and Definition of Tax Year A period of 12 months for reporting income and expenses. Most individual taxpayers use the calendar year as their tax year. Resources See Also Further Reading Tax Year in the West's Tax Law Dictionary Tax Year in "A Dictionary of Taxation"

  • Tenants in Common

    Description and Definition of Tenants in Common Two or more persons who have undivided ownership rights in property. If one owner dies the other does not automatically take the entire estate. Whoever is designated in the decedent's will inherits the decedent's share of the property. […]