5/24/2017

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Tax Definitions

Tax Definitions
Tax Definitions A
Tax Definitions B
Tax Definitions C
Tax Definitions D
Tax Definitions E
Tax Definitions F
Tax Definitions G,H
Tax Definitions I
Tax Definitions J,K,L
Tax Definitions M
Tax Definitions N,O
Tax Definitions P,Q
Tax Definitions R
Tax Definitions S
Tax Definitions T
Tax Definitions U,V,W

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Tax Definitions and Terms (B)

Bad Debt: Debt that is outstanding without the possibility, or without the intentions, of repaying it. Bad debt is a burden on individuals, companies, and governments, especially to those who are owed.

Balance Sheet: A written document that indicates how much revenue a company brings in, it's assets, inventory, cash on hand, and money due on the sale of goods and services, along with the companies debt and tax liabilities.

Bankruptcy: Filing for bankruptcy protection is a legal process designed to help individuals (and businesses) who have become overburdened with debt and cannot meet their financial responsibilities. Once filed, the responsibility for repaying debt is temporarily suspended and creditors listed on the petition are prohibited from contacting the debtor while under bankruptcy protection.

Basis: The costs of owning property, whether it is stocks and bonds, real estate, mutual funds, or other investments, as it relates to the gain when sold or when claiming depreciation or loss.

Beneficiary: A person or persons, or an entity such as a trust, or a charitable organization, who is designated to receive your assets.

Bonds: Legal instruments of credit that come in many forms in which a sum is agreed to be paid to the holder at a designated time. Bonds are bought and held for their value as an investment, garnering interest while maintaining their purchase or face value.

Boot: The receipt of cash or other valuables in a tax free exchange of real estate is call boot, and it is taxable.

Business: An organization that is created to participate in a particular form of activity, usually for profit. Businesses are usually formed by individuals, but may be entered into as partnerships, corporations, co-operatives, and other entities.

Business Cycles: Recurring changes in business or economic prosperity and conditions. Changes may run from times of good economic times to bad times, and them back to good times. Cycles may be seen from year to year, every five year, every ten years, and so on.

Business Expenses: Costs incurred due to the operation of business enterprises that include operational costs, purchase of machinery and other equipment, office furniture, paid wages, loan interest payments, personal injury claims, work related clothing, travel, insurance costs, union dues, and other business related expenses.

Business Tax Credits: A compilation of separate business related credits that can be claimed under IRS statutes by filing using different tax forms.

Business Travel Expenses: Expenses incurred while traveling to transact business between your home and the destination of your business activities that include transportation fares, hotel or other lodging, meals, tips, cab fares, and other travel related costs.

 

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