Tax definitions C

What is means Commuting Definition Traveling from one's residence to one's regular place of business and back to the residence compare definition
What is means State Law Common Explain property rights are based on British common law. The property and income of each spouse belongs to him or her separately why definition
What is means Contributions Charitable What is qualified charitable organization. Such donations are deductible, subject to income limits, on Schedule A as itemized deductions how better definition
What is means Cash Method of Accounting Meaning accounting, the other of which is the accrual method defined elsewhere in this glossary. Under the cash method of accounting, income is when definition
What is means Cost Abbreviation Cash and/or the value of property given to acquire the property received determines definition
What is means Distributions Gain Capital How to investment companies, and real estate investment trusts that represent the shareholder's portion of gain from the sale of capital comparing to definition
What is means Callable Help be redeemed before maturity by the issuing corporation under specific conditions. The term also applies to preferred shares of stock, which depends on definition
What is means Expenses Convention Crossword convention are deductible if the meetings are related to a taxpayer's trade or business or job-related activities. If, however, the which definition
What is means Call Examples An option to purchase a security at a fixed price within a specified period of time difference definition
What is means Cost of Maintaining a Home Encyclopedia taxpayer's residence. These costs include rent or mortgage interest and real estate taxes, fire and casualty insurance on the dwelling when definition
What is means Carryover Carryback Information about certain losses or credits to be used in a tax year other than the tax year incurred. A carryover is to a future year. A carryback is to a pros and cons definition
What is means Award Condemnation Tutorial Payment in money or replacement property that is received for property condemned by a government authority similarities definition
What is means Compensation Error Wages, commissions, tips, professional fees, and net self-employment income received for services rendered; that is, earned income how much definition
What is means Convertible Answer under specified conditions, be exchanged for common stock or another security, usually of the same corporation how many definition
What is means Capitalize Means what To treat the cost of additions and improvements to property as a capital improvement or expenditure compare definition
What is means Income Community Description community property state, that is considered to belong equally to each spouse, regardless of which spouse receives the income. The why definition
What is means Cost or Market, Whichever Is Lower Definition inventory valuations. Most taxpayers prefer to use "cost or market, whichever is lower" as a basis for valuing their inventories how better definition
What is means Loss Casualty Explain destruction of property resulting from an identifiable event of a sudden, unexpected, or unusual nature. Examples are floods, storms, fires when definition
What is means Child and Dependent Care Credit What is employment-related child and dependent care expenses for up to $6,000 of expenses is available to individuals who are employed and maintain determines definition
What is means Futures Commodity Meaning Contracts to buy or sell a fixed amount of a commodity (wheat or soy beans, for example) for a fixed price at a future date comparing to definition
What is means Change in Accounting Method Abbreviation another, which usually requires prior approval from the IRS. A change generally requires adjustments to avoid omissions or duplications depends on definition
What is means Copyright How to The exclusive legal right to sell, reproduce, or publish a literary, musical, or artistic work which definition
What is means Property Community Help shares to a husband and wife. This concept of ownership for property acquired after marriage is followed in Arizona, California, Idaho difference definition
What is means Expenditure Capital Crossword useful life of more than one year that increases the value of or extends the useful life of the asset. Capital expenditures generally may when definition
What is means Cladr Examples See Class Life Asset Depreciation Range pros and cons definition
What is means Recovery Cost Encyclopedia depreciation claimed under the ACRS or MACRS methods of depreciation. See also Accelerated Cost Recovery System (ACRS) and Modified similarities definition
What is means Doctrine Equivalent Cash Information about not report income until cash is constructively or actually received. Under the cash equivalent doctrine, cash-basis taxpayers are required how much definition
What is means Commission Tutorial selling securities or property for a client. An allowance paid to a salesperson or agent for services rendered how many definition
What is means Stock Capital Error Shares of stock that represent ownership of a portion of the corporation compare definition
What is means Corporation Answer is incorporated under the laws of a state, a foreign entity that is treated as a corporation under IRS regulations, or an unincorporated why definition
What is means Depletion Cost Means what 039;s investment in natural resources or timber. The cost is recovered proportionately as the resource is extracted or the timber harvested how better definition
What is means Right Of Claim Description some cases, claim a credit for amounts the taxpayer is required to repay that the taxpayer included in income in a prior year or years when definition
What is means Stock Common Definition corporation that are entitled to residual dividends, after bonds and preferred stock have first received interest and dividends. A common determines definition
What is means Coverdell Education Savings Account (ESA) Explain any number of taxpayers may contribute up to a total of $2,000 per year per eligible beneficiary. Contributions are nondeductible. Earnings comparing to definition
What is means Cost Method of Inventory Valuation What is year at cost; that is, the invoice price less any discounts plus transportation or other costs incurred in acquiring the merchandise depends on definition
What is means Casualty Meaning The complete or partial destruction of property resulting from an identifiable event of a sudden, unexpected, or unusual nature which definition
What is means Condemnation Abbreviation authority. The property is condemned as the result of legal action and the owner is compensated by the public authority. The power to difference definition
What is means Gain Capital How to The gain from the sale or exchange of a capital asset when definition
What is means Credit Tax Child Help child under age 17 at the end of the tax year. The credit may be refundable for taxpayers with three or more children eligible for the pros and cons definition
What is means Class Life Asset Depreciation Range (CLADR) Crossword A system of depreciation used to depreciate assets placed in service prior to January 1, 1981 similarities definition
What is means Asset Capital Examples capital assets except those specifically excluded by the tax Code. Major categories of noncapital assets include property held for resale how much definition
What is means Improvement Capital Encyclopedia useful life of a property or add to its value. Major repairs such as the replacement of a roof are capital improvements. The costs of how many definition
What is means Certificate Information about The actual piece of paper that is evidence of ownership of stock in a corporation compare definition
What is means Bond Coupon Tutorial The coupons are clipped as they come due and are presented by the bond holder for payment of accrued interest why definition
What is means Price Contract Error one of the amounts used to compute the percentage of each principal payment that is taxable as gain. The contract is equal to the gross how better definition
What is means Plan Cafeteria Answer choice of salary or specified nontaxable fringe benefits from which participating employees may select. The plan may be funded with when definition
What is means Year Closed Means what limitations has expired. The taxpayer can't claim a refund and the IRS can't collect additional taxes (with certain exceptions determines definition
What is means Structure Historic Certified Description Register of Historic Places or located in a designated historic area. The IRS Code provides tax incentives for the rehabilitation of such comparing to definition
What is means Receipt Constructive Definition income only as it is received. But if the income was unreservedly subject to his or her demand and he or she could have received it but depends on definition
What is means Child Explain includes the taxpayer's son, duaghter, stepchild, eligible foster child, or a descedant of any of them, or an adopted child. It also which definition
What is means Cost of Goods Sold What is purchases, direct labor costs, and overhead costs less withdrawals for personal use and ending inventory. Sole proprietors compute their difference definition
What is means Parent Custodial Meaning The parent with whom a child lives for the greater part of the year when definition
What is means Year Calendar Abbreviation A year that begins January 1 and ends December 31 pros and cons definition
What is means Change in Accounting Period How to another. Income for the short period created by the change must be annualized to calculate the tax for that period similarities definition
What is means Payments Support Child Help divorce decree, or other legal obligation for the support of a taxpayer's child. Payments for child support do not constitute alimony how much definition
What is means Loss Capital Crossword capital asset. Up to $3,000 ($1,500 if married and filing a separate return) of net capital loss is deductible annually with the excess how many definition

Tax explained and meaning

What does it do? Descriptio of tax definitions.

Define Capital Loss definition Child Support Payments explain Change in Accounting Period what is Calendar Year meaning Custodial Parent abbreviation Cost of Goods. definition.

Explain Commuting definition Common-Law State explain Charitable what.