10/19/2017

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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 (I)

Imputed Interest: Seller financed sales in which interest is stated to be below applicable rates that are set by the Internal Revenue Service (IRS).

Incentive Stock Option: Allows employees to invest in company stock, usually at an attractive price and as, or if, the company prospers, so does the employee. Tax on the stock profits is deferred until the sock is sold.

Income: The increase of wealth by getting paid for performing labor, farming, sales, services rendered, rents from property, investments, gambling, or any other source of personal or business revenue.

Income Property: Property used for the purpose of producing income, usually by renting to tenants. This includes farms, barns, houses, apartments, and other real property.

Income Statement: A statement that records the profits, income minus expenses, of a business over a period of time making it easier to make pricing decisions.

Income Tax: A levy assessed on annual income by governmental agencies such as the Internal Revenue Service and state and local jurisdictions.

Individual Retirement Account (IRA): An account that can be set up by anyone in which earning on contributions accumulate tax free.

Installment Agreement: A negotiated agreement made between the IRS and the taxpayer in which the taxpayer agrees to pay delinquent taxes over an agreed upon period of time.

Intestate: When a person dies without a will, state law determines what happens to his or her assets and if there are minor children involved, the state makes a determination as to who will care for them.

Itemized Deductions: A deductible claim made on Schedule A of Form 1040 that are subtracted from adjusted gross income to arrive at a taxable income. Property taxes, mortgage interest, state and local taxes, charitable contributions, medical deductions, and sales taxes can be claimed.

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