Mid-quarter Convention

Mid-quarter Convention means:
a convention whereby property is deemed to be placed in service at the midpoint of a quarter for depreciation purposes. In general, business property is depreciated under a midyear rule that allows half a year's depreciation for the first year, whether […]

Miscellaneous Itemized Deductions

Miscellaneous Itemized Deductions means:
job expenses and other miscellaneous expenses that are deductible by individual taxpayers but are not categorizable as medical expenses, taxes, interest, charitable contributions, casualty and theft losses, or moving expenses. Most miscellaneous […]

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 […]

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 […]

Miscellaneous Payroll Period

About Miscellaneous Payroll Period: for purposes of employer withholding of federal income tax from employees' compensation, any payroll period that is not daily, weekly, biweekly, semimonthly, quarterly, semiannual, or annual. Withholding amounts for the foregoing periods may be ascertained from ta…

Michigan Education Trust

About Michigan Education Trust: The Michigan Education Trust (MET) is an arrangement under which individuals pay certain actuarially determined amounts, which are invested by the state; in return, the MET guarantees the college tuition of every beneficiary at a Michigan state-operated university or …

Minimum Tax Credit

Minimum Tax Credit means:
a credit or other debt instrument allowed for the adjusted net minimum tax paid in a prior year, against the regular tax liability for the current year. For individuals, the adjusted net minimum tax is the alternative minimum tax reduced by the tax on exclusion-type pref…


Minor means:
a person under the age of majority specified by law (18-21 years, depending on the state). Certain contracts, if entered into by a minor, are voidable by the minor. The other party is bound; only the minor may void them. For purposes of the kiddie tax, a minor is anyone under age 14….

Ministerial Act

Ministerial Act means:
a procedural or mechanical act, not involving the exercise of judgment or discretion, that occurs during the processing of a taxpayer's case after all prerequisites have taken place. The U.S. Internal Revenue Service may reduce interest assessed when the assessment is due t…

Mileage Allowance

Mileage Allowance means:
a provision that permits an automobile expense deduction based on a standard rate per mile, for people who use their cars for business, medical, charitable, moving, or educational purposes. For example, the moving and medical expense mileage allowance is 9^ per mile for e…

Military Personnel

Military Personnel means:
persons serving in the U.S. armed forces; they receive a number of benefits such as housing and cost-of-living allowances and tax-free pay during combat zone service….

Minimum Funding Standard

Minimum Funding Standard means:
the minimum amount an employer must contribute at any given time to properly fund a qualified plan, especially a defined-benefit pension plan. Two basic actuarial methods apply to a defined-benefit plan: the accrued-benefit and the projected-benefit methods. For a …

Miranda Warning

Miranda Warning means:
the warning a special agent is required to give to a taxpayer, namely, “Under the Fifth Amendment to the Constitution, I cannot compel you to answer any questions or submit any information if such answers or information might tend to incriminate you in any way. I also advis…

Minimum Tax

About Minimum Tax: In certain countries or jurisdictions, companies or corporations are always liable to a certain amount of annual tax, regardless of whether they have realized a profit. See alternative minimum tax….

Mirror Corporations

The Mirror Corporations are. twin corporations resulting from a vertical split of a corporation. A mirror subsidiary results from dividing one corporation into a parent and subsidiary, both in the same business….