Tax

Tag: Tax Terms

  • Estate Planning

    Estate Planning means:planning for the orderly handling, disposition, and administration of an estate when the owner dies. Estate planning includes drawing up a will, setting up trusts, and minimizing estate, income, and trust taxes. In a broad sense, it is the art of designing a program for the…

  • Club Dues

    Club Dues means:membership fees. No deduction is permitted after 1993- Earlier, deduction was permitted for club dues if the taxpayer establishes that the club is used primarily for the furtherance of his or her trade or business. After this test is met, the taxpayer may then deduct only that po…

  • Term Life Insurance

    Term Life Insurance means:insurance coverage that stays in effect for only a specified, limited period. If the insured dies within that period, the beneficiary receives the normally tax-free death payments. If the insured survives, the policy ends, and the beneficiary receives nothing. See <a hr…

  • Quarterly Returns

    Quarterly Returns means:estimated tax payments that must be filed by certain individuals and corporations quarterly, due as follows (when the date shown below falls on a Saturday, Sunday, or a federal holiday, the following day is acceptable): Individuals Corporations. April 15 April 15. June 15…

  • Nonconventional Fuel Source

    Nonconventional Fuel Source means:coal seams, geopressured brine, biomass, shale, tar sands, and similar sources used to produce oil, gas, or synthetic fuels. See also other Tax Terms and Definitions in U.S.A. credit for fuel from a nonconventional source….

  • Adjusted Taxable Gifts

    Adjusted Taxable Gifts means:any taxable gifts made by an estate in 1977 and later years; not to include gifts made in contemplation of death. See Inheritance Tax and Inheritance Tax….

  • Improvement

    Improvement means:any permanent, fixed development of land or buildings through expenditure of money or labor that more than merely replaces, repairs, or restores the original condition and that tends to increase the value of the property. Improvements are normally not deductible for tax purpose…

  • Fiscal

    Fiscal means:pertaining to public finance and financial transactions; belonging to the public treasury. See Public Finance and Public Finance….

  • Collusion

    Collusion means:making an agreement with another person for the purpose of perpetrating a tax fraud or evasion. See Offshore Bank in the American Encyclopedia and Offshore Bank in the World Encyclopedia. Se…

  • Trademark

    Trademark means:insignia or logo that distinguishes one maker's goods from all others. Legally registered name, word, symbol or design which identifies the goods or services of a particular manufacturer, business or company. The cost of securing a trademark may be amortized over 15 years. The tr…