tax deductions
61tax liability — The amount which a taxpayer owes under the tax law after properly computing gross income and deductions, using the appropriate tax rate and subtracting any applicable tax credits …
62tax shelter — A device used by a taxpayer to reduce or defer payment of taxes. Common forms of tax shelters include: limited partnership interests, real estate investments which have deductions such as depreciation, interest, taxes, etc. The Tax Reform Act of… …
63Tax Home — An individual s primary place of work or residence. This is used when determining tax for travel or transportation expenses. Many travel deductions require that you travel a minimum mileage away from your tax home to qualify …
64tax avoidance — A legal method of lessening the tax burden, as by taking advantage of legal deductions in calculating net income for taxation. See tax evasion …
65tax return — A written statement of one s income for the taxable year, accepted by the taxing authority as verified under oath, showing income from all sources, such as dividends, interest, rents, earnings, etc. and the amount of income taxable as calculated …
66tax expenditure — any reduction in government revenue through preferential tax treatment, as deductions or credits. * * * …
67tax expenditure — any reduction in government revenue through preferential tax treatment, as deductions or credits …
68income tax — a tax levied on incomes, esp. an annual government tax on personal incomes. [1790 1800] * * * Levy imposed by public authority on the incomes of persons or corporations within its jurisdiction. In nations with an advanced system of private… …
69Corporate tax — Taxation An aspect of fiscal policy …
70Flat tax — A flat tax (short for flat rate tax) is a tax system with a constant tax rate. [James, Simon (1998) A Dictionary of Taxation , Edgar Elgar Publishing Limited: Northampton, MA] Usually the term flat tax would refer to household income (and… …
