Article
| |
|
|
-
Alimony Paid Deduction You receive a deduction for the amount of alimony you pay to your former spouse. Alimony does not in...
|
|
-
Allocated Tips These are tips that your employer is required to pay to you if you work in a restaurant, cocktail lo...
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Deduction Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. ...
|
|
-
Dependency Exemption Amount that taxpayers can claim for their eligible dependents. Each exemption reduces the income sub...
|
|
-
Dependent As of 2005 the term dependent means either a Qualifying Child or a Qualifying Relative. You are al...
|
|
-
Earned Income includes wages, salaries, tips, and net income from a business; it also includes taxable scholarship...
|
|
-
Electronic Filing (e-file) The transmission of tax information directly to the IRS using telephones or computers. Electronic fi...
|
|
-
Electronic Preparation Electronic preparation means that tax preparation software and computers are used to complete tax re...
|
|
|
|
|
|
-
Estimated Tax If you're an employee, your employer withholds a part of your salary as taxes and sends it to the IR...
|
|
-
Exemption Amount that taxpayers can claim for themselves, their spouses, and eligible dependents. There are tw...
|
|
-
Filing Status The category defining the type of tax-return form an individual will use. The filing status is close...
|
|
-
Financial Records Spending and income records and items to keep for tax purposes, including paycheck stubs, statements...
|
|
|
|
-
Hope Credit The Hope Credit allows up to $1650 for 2007 or $1800 ($3600 if a student in a Midwestern disaster ar...
|
|
-
Itemized Deductions It allows a portion of certain expenses to be deducted from your AGI much like the Standard Deductio...
|
|
-
Lifetime Learning Credit The Lifetime Learning Credit allows up to $2000 of credit for a student enrolled in at least one cou...
|
|
|
|
|
|
-
Medical Expenses Amounts paid for qualified medical expenses that exceed 7.5% of AGI may be deducted. To qualify for ...
|
|
-
Moving Expenses Deduction If you move for work related purposes, you can deduct travel costs, lodging, shipping of household i...
|
|
-
Ordinary Dividends Dividends are what shareholders of a company get, as their part of the share of the company's profit...
|
|
-
Out of Pocket Job Expenses You can take a deduction for job expenses you incur throughout the tax year that exceed 2% of your A...
|
|
-
Personal Exemption Can be claimed for the taxpayer and spouse. Each personal exemption reduces the income subject to ta...
|
|
-
Principal Residence Your primary place of residence, where you live more than half the year, discounting vacation and tr...
|
|
-
Property Tax Deductible personal property taxes are only those based on the value of personal property such as a ...
|
|
-
Property Tax Deduction You may be eligible to take a deduction of up to $2,500 of the Indiana property taxes (residentia...
|
|
-
Qualified Dividends Those dividends for which the issuing company has already paid a certain amount of taxes. You will t...
|
|
|
|
-
Qualifying Child In order to be considered a Qualifying Child, the child must meet the 4 tests set out by the IRS's U...
|
|
-
Qualifying Relative A qualifying relative is similar to a qualifying child in that it must meet several tests. Generall...
|
|
|
|
|
|
|
|
|
|
-
Self-employment Tax Similar to Social Security and Medicare taxes. The self-employment tax rate is 15.3 percent of self-...
|
|
-
Single filing status If on the last day of the year, you are unmarried or legally separated from your spouse under a divo...
|
|
|
|
-
Support For dependency test purposes, support includes food, clothing, shelter, education, medical and denta...
|
|
-
Tax Avoidance An action taken to lessen tax liability and maximize after-tax income.
|
|
-
Tax basis The tax basis of property you buy is usually its cost. The cost is the amount you pay in cash, debt ...
|
|
-
Tax Bracket The rate at which an individual is taxed due to a particular income level. Generally a higher income...
|
|
-
Tax Evasion A failure to pay or a deliberate underpayment of taxes, punishable by IRS sanction and prosecution, ...
|
|
-
Tax Liability The amount of tax that must be paid. Taxpayers meet (or pay) their federal income tax liability thro...
|
|
-
Tax-exempt Interest Income Interest income that is not subject to income tax. Tax-exempt interest income is earned from bonds i...
|
|
-
Taxable Interest Income Generally, any interest that you receive, or that is credited to your account and can be withdrawn, ...
|
|
|
|
-
Tip Income This refers to cash tips you get directly from customers, tips from customers using charge cards tha...
|
|
-
Tuition and Fees Deduction The Tuition and Fees deductions may reduce your tax liability by up to $4000 dollars. The tuition an...
|
|
-
Unearned Income includes interest, dividends, capital gains, unemployment compensation, taxable Social Security bene...
|
|
|
|
|
|
| |