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 (E)

Earned Income: Taxable compensation that is received for doing work.

Earned Income Credit: A credit that is allowed if income is below a certain set taxable bracket.

Education IRA: An account that is set up for college tuition and other education expenses. One such account is called the Coverdell Education Savings Account.

Encumbrance: Any liability, lien, charge, or claim that is placed on real estate by businesses, individuals, tax collecting organizations or other persons that bind the property and possibly affect the sale or transfer at a later date.

Equity: The difference between the market value of real estate, or other assets, minus any encumbrances on it.

Estate: The value of your real property and any other assets that you have minus loans and other encumbrances. Your estate may be subject to taxes at the time of your death.

Estate Tax: A tax charged against the estate of a deceased individual based on it's overall value.

Estimated Tax: An advanced payment of tax that is made to the IRS based on withholdings for self employed individuals in order that they avoid penalties.

Exchange: When an exchange of real property or other assets is made in order to qualify for certain tax advantages over a sale.

Executor (male) Or Executrix (female): An individual who is assigned to carry out the terms of a will.

Exemption: An amount that individuals are allowed to deduct on their tax returns for themselves and their dependents. An exemption excludes money from taxation based on adjusted gross income for the income tax filer, his or her spouse, and any dependents.

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