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tax deductions

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  • tax deductions — / tæks dɪˌdʌkʃənz/ plural noun US 1. money removed from a salary to pay tax 2. business expenses which can be claimed against tax …   Dictionary of banking and finance

  • Tax deferral — refers to instances where a taxpayer can delay paying taxes to some future period. In theory, the net taxes paid should be the same. In practice, due to the time value of money, paying taxes in future is usually preferable to paying them now.… …   Wikipedia

  • Tax advantage — refers to the economic bonus which applies to certain accounts or investments that are, by statute, tax reduced, tax deferred, or tax free. The most obvious examples are Retirement plans, but investments in many state or municipal bonds can also… …   Wikipedia

  • tax deduction — n. An amount subtracted from a taxpayer’s taxable income. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008. tax deduction S …   Law dictionary

  • tax attorney — A lawyer who specializes in taxes and has a special degree in tax law or certification from a state bar association. Category: Back Taxes & Tax Debt Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & Finances Category:… …   Law dictionary

  • tax auditor — An IRS employee who analyzes tax returns for correctness. Category: Back Taxes & Tax Debt Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & Finances Category: Business Cash Flow Problems & Bankruptcy Category: Business …   Law dictionary

  • tax fraud — A willful act done with the intent to cheat in the assessment or payment of any tax liability. Examples include keeping two sets of books or using a false Social Secutiry number. Category: Back Taxes & Tax Debt Category: Business, LLCs &… …   Law dictionary

  • tax lien notice — An IRS announcement of a tax debt recorded at a government record s office in the county where the debtor resides or the business is located. Category: Back Taxes & Tax Debt Category: Business, LLCs & Corporations → Business Accounting,… …   Law dictionary

  • tax-exempt income — Income that is specifically made exempt from taxation by Congress, such as certain Social Security benefits, tax exempt interest, welfare benefits, nontaxable life insurance proceeds, and nontaxable pension income. Category: Back Taxes & Tax Debt …   Law dictionary

  • Job-seeking expense tax deductions — Generally, expenses related to the carrying on of a business or trade are deductible from a U.S. taxpayer s adjusted gross income. [Internal Revenue Code § 162(a)] For many taxpayers, this means that expenses related to seeking new employment,… …   Wikipedia

  • tax examiner — See: tax auditor Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & Finances Category: Business Cash Flow Problems & Bankruptcy Category: Business, LLCs & Corporations → Business Tax & Deductions Category: Personal… …   Law dictionary

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