Tax

Tag: Tax Terms

  • Deferred Credit

    Deferred Credit means:income items received by a business but not yet reported as income; also called deferred revenue and deferred income. An example is a consulting fee received in advance, before being earned. The term also applies to revenue normally includable in income but deferred until e…

  • U.S. Citizen

    U.S. Citizen means:every person born or naturalized in the United States who is subject to its jurisdiction….

  • Foreign Country

    Foreign Country means:any territory under a government other than that of the United States. Former Tax Regulation (check if this Reg. is current here) §1.911-2(h)….

  • Taxpayer

    Taxpayer means:any person subject to any U.S. internal revenue tax. In connection with the U.S. Internal Revenue Service and tax law, the term person includes an individual, a corporation, a partnership, a trust or estate, a joint-stock company, an association, or a syndicate, group, pool, joint…

  • 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….