What PERSONAL AND DEPENDENT EXEMPTIONS means: The tax code allows an exemption for each taxpayer and spouse (if a joint return is filed) who is not eligible to be claimed as a dependent on another taxpayer's return and for each dependent. The exemption amount is phased out for taxpayers whose adjusted gross income exceed a specified amount. See our Exemption Allowance rate table for the current exemption amount and AGI figures.
- Definition Patent:
- Dictionary of an inventor to make, use, or sell his invention for a period of years. A patent is an intangible asset that may be depreciated over its remaining life. The sale of a patent usually results in personal and dependent exemptions definition.
- Definition Penalties:
- Dictionary amounts that the IRS may assess at a statutory rate as an addition to a tax deficiency and interest. The tax Code provides for penalties for various infractions, such as underpayment of estimated tax personal and dependent exemptions explain.
- Definition Prepaid Expenses:
- Dictionary are expenses that are paid in advance. Cash-basis as well as accrual-basis taxpayers usually are required to capitalize prepayments for rent, insurance, etc. that cover more than one year. Deductions personal and dependent exemptions what is.
- Definition Proprietor:
- Dictionary The sole owner of a trade or business personal and dependent exemptions meaning.
How works Personal and Dependent meaning in Tax definitions P .
