Tax

tax reform act of 1986 landmark federal legislation enacted that made comprehensive changes in the system of U.S. taxation. Among the law's major provisions: Provisions Affecting Individuals ...

Tax, taxation A compulsory transfer of money (or occasionally of goods or services) from private individuals, institutions or groups to the state.

Tax A tax is an involuntary fee - or, more precisely, "unrequited payment" - paid by individuals or businesses to a government (central or local).

Tax Exemption Related Category: Taxation immunity from the requirement of paying taxes.

Tax laws: the IRS doesn't want you to know about Tim Barrans Most People Are Not Aware That We Have Two Tax Systems.

Tax-deferred investments in particular refer to retirement accounts which allow deferral of taxes on contributions, growth, or both; taxes are not paid until withdrawal of funds during retirement. See 401(k), IRA, annuity.

Tax Evasion An illegal practice whereby an individual intentionally avoids paying their true tax liability. Anyone caught evading taxes is generally subject to criminal charges and substantial penalties.

Tax Arbitration: Maximizing the rights of and options available to a taxpayer in seeking an amicable resolution of a tax delinquency issue.

tax depreciation The depreciation used on a company's income tax return. Usually this is different from the depreciation used on the financial statements. » For more clarity on this term: ...

tax loss carry back is in the Accounting & Auditing, Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects. This content can be found on the following page: Search for another term ...

Tax credit Additional Services Insurance - need home, travel or car insurance? Credit Reports - how credit worthy are you?

TAX ADVICE Guidance by a professional (usually a lawyer or certified public accountant) to a business concerning business decisions to minimize the tax to be paid. TRADE CREDIT ...

Tax conventions or treaties are legal and binding agreements signed with various foreign countries.

tax myth no. 2 My accountant is liable (for mistakes) Many taxpayers assume that if they go to a professional firm, the accountant will be liable for any errors or omissions that may result in you having to pay more taxes, ...

Tax Home: Centre for Tax Policy and Administration > Glossary of Tax Terms About Statistics Publications & Documents Information by Country ...

Tax spreads are generally negative spreads reflecting tax advantages of certain obligations. In the United States, income from most municipal bonds is exempt from federal taxation.

Tax Preparers Here we describe how to find and evaluate tax preparers. We list the questions you should ask, and we explain the different types of tax professionals.

Tax As applied to real estate, an enforced charge imposed on persons, property or income, by the government to be used to support government services and programs. Tax Abatement The amount of decrease or deduction of a tax improperly levied.

Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank - Money supply Gold standard ...

Tax-timing option The option to sell an asset and claim a loss for tax purposes or not to sell the asset and defer the capital gains tax.

Tax Tip: If you are planning to buy an asset and yearend is approaching, buy it before yearend so that you will get the full CCA write-off sooner.

A tax consists of a rate and a base. Because income is the base for the income tax, a central question is: What constitutes income? Different theoretical concepts of income exist in economics, accounting, and taxation.

The tax-free savings account is a great motivation to start saving. By contributing every month to a TFSA you can accumulate enough for those major life purchases such as a car or a down payment on a home and still have more money than if you save in ...

A fat tax is a type of "vice tax" placed on foods high in empty calories in an attempt to encourage healthy eating habits.

Conveyance Tax Definition 1. A tax imposed on the transfer of real estate property.

Inheritance Tax State tax based on the value of property received through inheritance. (Tax is in the US and in England.) ...

TAX LAWS: Although this book is about financial and managerial accounting, it is certainly necessary to call your attention to the unique features of depreciation under the tax code.

After-tax contribution An after-tax contribution, or excess deferral, is money you put into your 401(k) or other employer sponsored retirement savings plan in addition to your pretax contribution.

To this income-tax, affecting the total income of the subject, is added, as super-tax, a levy on income from investments, in distinction from earned income, i.e. from dividends on shares, etc.

Tax Information Exchange Agreement A TIEA imposes on the agreeing countries a mutual and reciprocal obligation to exchange information relating to the enforcement of their respective tax laws.

Tax base The thing or amount to which a tax rate applies. To collect INCOME TAX, for example, you need a meaningful definition of INCOME.

Tax relief for non-spouse beneficiaries. Under the old rules, non-spouse beneficiaries of a qualified retirement plan (such as a 401(k) or an IRA) could not transfer any assets they inherited into an IRA in their own name.

TAX MULTIPLIER: The ratio of the change in aggregate output (or gross domestic product) to an autonomous change in a taxes. The tax multiplier is equal to the expenditure multiplier times the marginal propensity to consume.

Tax Credit for the Elderly and Disabled Taxpayers age 65 or older or those under 65 who are retired with permanent and total disability are eligible to claim a credit to reduce the amount of their tax liability.

Tax-Exempt Security An investment (generally a debt instrument, i.e., bond) whose interest is exempt from taxation by federal, state, and/or local authorities.

Tax-efficient funds When mutual funds distribute their earnings and any short- or long-term capital gains, its shareholders must report those amounts as taxable income (unless they own the fund in a tax-sheltered retirement plan).

Tax-deferred retirement plans Employee-sponsored and other plans that allow contributions and earnings to be made and accumulate tax-free until they are paid out as benefits.

Tax Deferred. Investments whose earnings are taxed at a later date. For example, you pay no taxes on the money you put into an IRA until you take the money out.

Tax Equalization A tax reimbursement system intended to ensure the expatriate neither gains nor loses, with regard to income tax, from undertaking an expatriate assignment.

Tax-Exempt Bond: Securities issued by state or local government and their agencies and instrumentalities. Income is exempt from federal taxes, and possibly, some or all from state and local taxes. Also known as Municipal Bond.

Tax planning to infinity and beyond!!! by Craig Koop Another year has come and gone and what's really changed?

Tax Exempt Special Savings Scheme or Tessa A building society or bank savings account that pays interest tax free provided investors leave their capital in the account untouched for five years.

TAX-EXEMPT BOND FUND A fund that invests in municipal bonds. While investors do not pay federal income taxes on the income from these funds, they may be subject to state or local taxes.

Tax shield The reduction in income taxes that results from taking an allowable deduction from taxable income.

Tax Exempt a) Referring to income which is not liable for tax in the hands of the recipient; b) Referring to a fund which does not incur tax on its income, by virtue of its beneficiaries being a specialised class of persons, eg.

Tax Anticipation Bill Short-term security similar to a T bill that is accepted at par in payment of corporate federal taxes. Tax Anticipation Note ...

Tax Relief - Leave It To The Professionals by Rob L Daniel Whether you have a well-established business or a start-up, engaging a tax accountant is a must. They are experts who help manage taxes that your business has to pay to Uncle Sam.

Tax-exempt sector The municipal market where state and local governments raise funds. Bonds issued in this sector are exempt from federal income taxes.

Tax Exempt Security A debt obligation whose interest is exempt from federal, state and/or local taxes--commonly called a "municipal bond" or just "municipals".

Tax deferral A tax-deferred account allows you to postpone income tax that would otherwise be due on employment or investment earnings you hold in the account until some point the future, often when you retire.

tax and revenue anticipation notes (TRAN) Short-term notes sold by a public entity that will be repaid from the proceeds of anticipated tax and/or fee collections. tax anticipation notes (TAN) ...

Tax Waiver: Certain states require the estate or representative to pay taxes on a security before transferring it from the name of a decedent.

Tax Anticipation Note - Is a security issued by a municipality against expected tax collections. It has a maximum maturity of one year. It is used for cash management purposes.

Tax haven: A country with low levels of taxation (including on income from foreign sources) and/or liberal tax incentives for undertaking specific economic activities. Français: Paradis fiscal Español: Paraíso fiscal ...

Tax return filed by two people, usually spouses. Joint tenants with right of survivorship In the case of a joint account, on the death of one account holder, ownership of the account assets is transferred to the remaining account holder or holders.

Tax FAQs IRS Frequently Asked Tax Questions And Answers Search the IRS Frequently Asked Tax Questions And Answers for answers using drop-down menus and search text.

Tax advantaged personal retirement program that can be established by a self-employed individual.

tax subsidy: a tax reduction that a government gives a business for a particular purpose, usually to create jobs. T-Bill: a debt instrument of the U.S. government. (Treasury Bill) team player: somebody who works well within a team.

Tax Shelter This is an investment that offers tax savings in some form, such as immediate deductions, credits or income deferral.

Tax losses allowed to be applied to offset future income insome specified number of future years. [ Previous Page ] Personal Finance Glossary ...

See also: Account, Invest, Money, Market, Income