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 (T)

Tangible Assets: Assets that are movable such as office furniture, computers, machinery, automobiles, etc., depreciable over a five to seven year period.

Taxable Income: The amount of income that is taxed after claiming all deductions from the gross and adjusted gross incomes. Taxable income is the actual amount on which taxes are paid.

Tax Attributes: During certain bankruptcy cases, debts are cancelled and those funds are excluded from gross income totals and appear as losses and credits that must be reduced to the extent of the exclusion.

Tax Deferral: The deferring of taxes by shifting income to later years, thus delaying the payment of taxes until the money is actually withdrawn from an investment vehicle such as a mutual fund, 401k plan, or other retirement account.

Tax Identification Number: The number given to individuals, Social Security Number, and businesses, Employer Identification Number, for keeping track of tax filings, social security, and other purposes.

Tax Sheltered Annuity (TSA): A retirement annuity, offered by insurance companies, to employees of non-profit organizations and educational systems as a means to save for retirement.

Tax Year: Usually a twelve month period in which income and expenses are reported.

Tenants By The Entireties: An ownership interest in real estate that gives each party, a husband and wife, an interest in the entire property.

Tenants In Common: An ownership in real property by two or more people in which, upon on of their deaths, that person's interest goes into his or her own estate and not to the other parties.

Trust: One of many types of legal arrangements in which ownership of assets are passed to another party, a person or corporation for the benefit of third party.

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