tax deductions
51Tax Arbitrage — The practice of profiting from differences between the way transactions are treated for tax purposes. The complexity of tax codes often allows for many incentives which drive individuals to restructure their transactions in the most advantageous… …
52Tax Planning — Logical analysis of a financial situation or plan from a tax perspective, to align financial goals with tax efficiency planning. The purpose of tax planning is to discover how to accomplish all of the other elements of a financial plan in the… …
53tax return — The form on which an individual, corporation or other entity reports income, deductions, and exemptions and calculates their tax liability. A tax return is generally for a one year period, however, in some cases, the period may be less than a… …
54Tax Table — A table or chart displaying the amount of tax due based on income received. The tax rate may be shown as a discrete amount, a percentage rate, or a combination of both. Tax tables are used by individuals, companies and estates for both standard… …
55deductions at source — A method of tax collection in which a person paying income to another deducts the tax on the income and is responsible for paying it to the authorities. Tax authorities have found that, in general, it is easier to collect tax from the payer… …
56deductions at source — A method of tax collection in which a person paying income to another deducts the tax on the income and is responsible for paying it to the authorities. Tax authorities have found that, in general, it is easier to collect tax from the payer… …
57Tax Credit — An amount of money that a taxpayer is able to subtract from the amount of tax that they owe to the government. The value of a tax credit depends on what the credit is being provided for, and certain types of tax credits are granted to individuals …
58Tax Schedule — A rate sheet used by individual taxpayers to determine their estimated taxes due. There are four main schedules used, based on the filing status of the individual: Schedule X single Schedule Y 1 married filing jointly, qualifying widow(er)… …
59Tax Avoidance — The use of legal methods to modify an individual s financial situation in order to lower the amount of income tax owed. This is generally accomplished by claiming the permissible deductions and credits. This practice differs from tax evasion,… …
60Tax Reform Act Of 1993 — Legislation aimed at reducing the federal deficit through a combination of increased taxes and reduced spending. This act was created by the Clinton Administration in 1993 and contained several major provisions for individuals, such as the… …
