4/23/2017

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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 (C)

Capital: Money or other assets from which income can be derived once liabilities are paid, such as an IRA, CD, cash, savings, and credit cards. Capital can be cash on hand, equity in real estate, such as a home or investment property, the cash value of an insurance policy, stocks, bonds, mutual funds, money in a 401k, SEP, and/or other retirement plans.

Capital Gains: The Internal Revenue Service (IRS) defines capital gains as the net amounts of taxable income gained, in terms of the value of assets, over the liabilities and losses that are associated with the assets if they are sold, exchanged, or traded.

Capital Gain Distribution: Money allocated to investors based on profit gains by mutual funds on the fund's investments.

Capital Losses: The deductions and liabilities taken against capital gains when an asset is sold, traded, or exchanged.

Capitalization: The addition of gains or losses to the value of a property.

Casualty Loss: The deduction from a loss that is sudden and unforeseen.

Certified Financial Planner: An individual who has met the required education standards and passes a certification examination set by the Certified Financial Planners Board and has completed a specified number of years of work experience in the financial planning field.

Charitable Contributions: Money or other properties of value that is donated to a charity or charitable organization as a qualified tax deductible expense.

Child Support: Payments ordered to be made by a judgment rendered in court under a divorce decree. Child support payments are not tax deductible.

Community Income: Income derived in a setting that is treated as equal between a husband and a wife.

Consumer Interest: Non-deductible interest incurred by individuals on personal debt and consumer credit.

Coverdell Education Savings Account: A special education allowance fund that can be set up to pay the expenses of a student who is going to pursue a college education.

Credit: A tax reduction that reduces liabilities dollar for dollar on an individual's tax bill.

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