Tax definitions C

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

Tax explained and meaning

What does it do? Descriptio of tax definitions.

Define Capitalize definition Capital Gain explain Corporation what is Change in Accounting Period meaning Convention Expenses abbreviation Carryback/Carryover how to. definition.

Explain Community Income definition Closed Year explain Callable what is what.