Tag: Tax Meanings
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Tenancy By the Entirety
Tenancy By the Entirety Tenancy By the Entirety means:a form of joint ownership for real estate that exists only between husband and wife with equal rights of possession and enjoyment during their joint lives and with the right of survivorship; that is, when one dies, the property goes […]
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Employer Identification Number
About Employer Identification Number: An Employer Identification Number (EIN) is a taxpayer identification number for an entity other than an individual, such as a partnership, corporation, estate, or trust. See Employer Identification Number and Employer Identification Number. A federal […]
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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 […]
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Married Filing Jointly
Married Filing Jointly means:a filing-status option for married couples who agree to report their combined income and deductions. In a Married Filing Joint filing status, the taxpayer is married and both he/she and his/her spouse agree to file a joint return. (On a joint return, the […]
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Indirect Tax
About Indirect Tax: A tax that can be shifted to others, such as sales taxes, VAT (in Europe and other regions) and business property taxes. See Indirect Tax in the U.S. Reference and Indirect Tax in the International reference. U.S. and other Developed Countries International Tax Meaning Tax […]
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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 […]
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Unstated Interest
Unstated Interest is used. when no interest or low interest is provided in an installment sale the agreement, the part of each payment that will be treated as interest, is referred to also as unstated or imputed interest. When the stated interest on a sales contract is less than the applicable […]
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Defined-contribution Plan
Defined-contribution Plan Defined-contribution Plan means:a deferred retirement plan that provides a separate account for each person covered by the plan; contrast with the entry with defined-benefit pension plan. Future benefits are based only on amounts contributed to or allocated to […]
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Group Life Insurance
Group Life Insurance means:a basic employee benefit Under which an employer buys a master policy and issues to employees certificates denoting participation in the plan. Group life is also available through unions and associations. It is usually issued as yearly renewable term insurance […]
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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…