Category: V

  • Vacation Home

    Vacation Home means:a dwelling used by its owner occasionally for recreational or resort purposes; it may be rented to others for a portion of the year. Income tax deductions pertaining to vacation homes depend on the frequency of use by the owner. Generally a business loss cannot be […]

  • Voluntary Withholding

    Description and Definition of Voluntary Withholding Asking payers to withhold taxes from the payments they remit to you. To request voluntary withholding file Form W-4. Resources See Also Further Reading Voluntary Withholding in the West's Tax Law Dictionary Voluntary Withholding in […]

  • Value

    Value may have one of the following meanings, depending the context of the term: 1. worth of all the rights arising from ownership. 2. the quantity of one thing that will be given in exchange for another. A piece of property may have a certain value to its owner (value in use) equal to the…

  • Voluntary Compliance

    Description and Definition of Voluntary Compliance A voluntary compliance tax system requires citizens to report their income, calculate their tax liability, and file their tax returns on time. The U.S. federal income tax system is based on voluntary compliance. Resources See Also Further […]

  • Value Added

    Description and Definition of Value Added Increases in the sales value of an item through production. Resources See Also Further Reading Value Added in the West's Tax Law Dictionary Value Added in "A Dictionary of Taxation"

  • Volunteer Income Tax Assistance (VITA)

    Description and Definition of Volunteer Income Tax Assistance (VITA) Available in most communities are Volunteer Income Tax Assistance (VITA) sites to help with tax return preparation. If you need help preparing your tax return visit the VITA office nearest you. The service is free to those […]

  • Vertical Equity

    Description and Definition of Vertical Equity Vertical equity requires that people in different income groups pay different rates of taxes. Resources See Also Further Reading Vertical Equity in the West's Tax Law Dictionary Vertical Equity in "A Dictionary of Taxation"

  • Variable Rate Loan

    Description and Definition of Variable Rate Loan A loan with an interest rate that changes with market conditions. Resources See Also Further Reading Variable Rate Loan in the West's Tax Law Dictionary Variable Rate Loan in "A Dictionary of Taxation"

  • Vita

    About Vita: see Volunteer Income Tax Assistance. State Income Tax…

  • Veba

    About Veba: see voluntary employees' beneficiary association….