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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 (F)

Fair Market Value: The price of real estate, stock, or other assets that is being sold, traded, or appraised for sale. The value is what a willing buyer, not being compelled to buy, would pay for the asset.

Federal Tax Lien: A lien attached to property by the Internal Revenue Service (IRS) for nonpayment of taxes. Unlike certain other liens, it cannot be removed by filing bankruptcy.

Fiduciary: A person or company, such as an executor, trustee, or a guardian who is intrusted to manage property for someone else.

Field Audit: A visit by the Internal Revenue Service, to a business or a home, to examine tax records.

Fiscal Year: A yearly accounting period that can end on the last day of any month other than December.

Foreign Tax Credit: A credit for taxes paid to a foreign country, if you worked outside of the United States or if you have international mutual funds that are outside of a retirement account.

401k Plan: A 401(k) Plan is a cash or deferred pay plan that some companies offer their employees if the company has a profit sharing or stock bonus plan. In a 401(k) plan, employees are given the opportunity to invest in additional tax sheltered pay.

403k Plan: A retirement plan, similar to the 401k, for employees of nonprofit organizations.


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