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 (M)

Marginal Tax Rate: Combined federal and state tax rates that are paid on the highest or last dollars that are earned.

Marital Deductions: Deduction that allows unlimited transfers of assets from one spouse to another without having to pay gift or estate taxes.

Market Discount: The difference between the face value of a bond and the lower market value, usually attributed to rising interest rates. The gain is normally taxed as ordinary income to the extent of the discount.

Medical Expenses: Expenses that exceed 7.5% of your adjusted gross income can be deducted on Schedule A.

Miscellaneous Itemized Deductions: Deductions for job or investment expenses that exceed 2% of adjusted gross income.

Mortgage: A mortgage is a document that fulfills the rights of a lender that makes a loan (or lien) against real property as security for repayment of the debt.

Mortgage Interest: A deduction on the mortgage interest paid on a primary or secondary residence. It is deducted on the first $1 million in mortgage debt and $100,000 of home equity debt.

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