Tax-sheltered Annuity Tax-sheltered Annuity means:
a retirement plan invested in annuities or a mutual fund custodial account for employees of a public school system or an exempt educational, charitable, or religious organization. The employee's rights must be nonforfeitable, and the […]
Tax Increase Prevention Act of 2014 Issue You may find information about Tax Increase Prevention Act of 2014 in this Tax Platform of the American Encyclopedia of Law.
Description and Definition of Tax Tables Tables of tax amounts published by the IRS for taxpayers with taxable income of less than $100,000 to use to compute their income tax. If your taxable income is more than $100,000 you must use the tax rate schedules. Resources See Also Further Reading […]
Description and Definition of Tax Exemptions An amount of income, indexed for inflation, on which you don't have to pay income tax. Every taxpayer receives at least one personal exemption. Resources See Also Further Reading Tax Exemptions in the West's Tax Law Dictionary Tax […]
Description and Definition of Tax Preference Items Items such as accelerated depreciation, percentage depletion, or certain tax-exempt income, that may subject a taxpayer to the alternative minimum tax (AMT). Resources See Also Further Reading Tax Preference Items in the West's Tax Law […]
Description and Definition of Tax Credits Money that tax payers can deduct directly from their taxes. Your taxes are reduced by the amount of your credit. You can get tax credits for purposes such as child care expenses and the earned income credit for low-income taxpayers. Resources See Also […]
Description and Definition of Targeted Group Groups of individuals that have been designated as having a high unemployment rate. Employers receive tax incentives to hire these workers under the Workforce Program. These groups include certain economically disadvantaged people, convicts, and […]
Taxpayer Publications Issue You may find information about Taxpayer Publications in this Tax Platform of the American Encyclopedia of Law.
Tax Straddles Issue You may find information about Tax Straddles in this Tax Platform of the American Encyclopedia of Law.
About Taxpayer Identification Number: The Taxpayer Identification Number (TIN) is an identifying number assigned to a taxpayer. In some countries, like in the United States, taxpayers are given an identification number which must be used when filing a tax return and assessing taxes and for all […]
Tax Loopholes Issue You may find information about Tax Loopholes in this Tax Platform of the American Encyclopedia of Law.
Description and Definition of Tax Deferral Postponement of taxes to a later year. Shifting income to a later year. Investments in qualified retirement plans provide tax deferral. Resources See Also Further Reading Tax Deferral in the West's Tax Law Dictionary Tax Deferral in "A […]
Electronic Tax Payment System Issue You may find information about Electronic Tax Payment System in this Tax Platform of the American Encyclopedia of Law.
Tax means:
a rate or sum of money assessed on a citizen's person, property, or activity for the support of government, levied upon assets or real property, upon income, or upon the sale or purchase of goods. Examples include the Ad Valorem tax, excise tax, income tax, property tax, […]
Tax Home means:
a taxpayer's regular place of business or post of duty, regardless of where the taxpayer maintains a family home. A taxpayer's regular place of business or post of duty, regardless of where the taxpayer a family home. A tax home includes the entire city or general […]
Description and Definition of Tangible Personal Property Assets that physically exist that are not real property. Business equipment such as desks, computers, machinery, and autos are tangible personal property. Assets such as stocks, bonds, certificates of deposit, and franchises only […]
Tax Return means:
a Former Federal Tax Form (check here if the Form is current) used to provide sufficient information (e.g., gross income, deductions, credits) concerning taxable income to permit the U.S. Internal Revenue Service to calculate the tax liability. To report income, […]
Description and Definition of Taxes Assessments of money a government makes against it's citizens and requires them to pay. Taxes You Paid Issue You may find information about Taxes You Paid in this Tax Platform of the American Encyclopedia of Law. Resources See Also Further Reading Taxes […]
Tax Shelter means: any partnership or other entity, any investment plan or arrangement, or any other plan or arrangement the principal purpose of which is to avoid or evade federal income tax. An item of income, gain, loss, deduction, or credit is a "tax shelter item" if the item is […]
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 […]
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 […]
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 […]
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 […]
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"
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"
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 are in the […]
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 […]
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 […]
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 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 […]
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 […]
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 […]
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 […]
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"
Us Fiduciary Tax Declaration Issue You may find information about Us Fiduciary Tax Declaration in this Tax Platform of the American Encyclopedia of Law.
Tax Treaties If a taxpayer has ties to both the United States and another country, or is a resident of … Read more
Tax Court Decisions “When the IRS determines a deficiency, the taxpayer can litigate the matter in any one of three … Read more
Tax Looseleaf Services Some researches and tax practitioners start legal tax research with a tax looseleaf service. The tax looseleafs … Read more
About U.S. Tax Cases: publication of Commerce Clearing House. Includes decisions of U.S. District Courts, U.S. Court of Federal Claims, and Court of Appeals….
About Taxable Income from the Property: gross income from an oil and gas property, less allowable deductions (excluding any deduction for depletion), including operating expenses, certain selling expenses, administrative and financial expenses, overhead, depreciation, Categories , T Leave a comment
About Tax-deferred Exchange: A tax-deferred (tax-free) Exchange is the exchange of one piece of property for another, often both real estate, under Section 1031 of the Internal Revenue Code. See also other Tax Terms and Definitions in U.S.A. like-kind property….
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Former IRC (check if this IRC provision is current here) §22. See elderly or disabled tax credit….
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It is an U.S. Internal Revenue Service (IRS) program to provide free tax return preparation assistance for people aged 60 or older, especially those who are disabled or have special needs….
About Tax Equity and Fiscal Responsibility Act of 1982: federal legislation or enactment (it is also called TEFRA) to raise tax revenues, mainly through closing various loopholes and instituting tougher enforcement procedures. see Tax Code in the U.S. Encyclopedia<...
About Taxpayer Compliance Measurement Program: The taxpayer Compliance Measurement Program (TCMP) was a line-by-line audit of the tax returns of approximately 50,000 taxpayers that is performed to gather data for the U.S. Internal Revenue Service to use to determine the best methods for selecting ta…
About Taxpayer Assistance Order: The Taxpayer Assistance Order (TAO) was a binding order issued by a problem resolution officer when the U.S. Internal Revenue Service is causing or is about to cause a significant hardship to a taxpayer. A TAO may order a stop to an Categories , T Leave a comment
About Tax Code: The official body of tax laws and regulations. see Tax Code in the U.S. Encyclopedia and Tax Code in the Global Encyclopedia….
About Tax Basis: Term used in the US to refer to an amount that represents the taxpayer's investment in an asset. See basis….
About Tax Matters Partner: Tax Matters Partner (TMP) is the partner who handles a partnership's tax matters for a specific year. The TMP can: 1. extend the time during which the U.S. Internal Revenue Service can assess tax for all partners based on partnership items, 2. choose where judicial review …