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Tax and Tax Information * Basic Tax Terms
Understanding Basic Tax Terms
Ryan Fyfe
If your like many, you don't always understand what people are talking about when it comes to Taxes.
It's important to know the main tax terminology, especially when tax season comes around. Knowing the basics will make tax season less of a hassle for you, and maybe even save you some money. There are hundreds of terms; Below are some of the most important:
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Tax Tips For The Unemployed (CNN Money)
Tax time can be a painful time for many of us, and it's especially tough for people without jobs. If you're unemployed, there are a few twists and turns in the tax code that can work to your benefit.
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Tax Form
A Tax Form is the form that is filled out and submitted to your government to report all of your tax information for the past year.
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NARUC Asks For Clarification On Broadband Grant Tax Status (Broadcasting And Cable)
Association says money should be tax...
New York Mayor Bloomberg Presses For Tax On Soda (Reuters Via Yahoo! News)
New York City Mayor Michael Bloomberg urged state legislators to levy a tax on soda, saying the money raised would help plug the state's shortfalls in health care and education funding.
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Audit
An audit refers to an unbiased examination and evaluation of the financial statements of an individual or organization such as a business. Audit's are performed for the purpose of ensuring that accounting records are fair and consistent, and are following the guidelines laid out for the individual or organization.
Capital Gain
Capital Gain refers to the amount of money made on Capital during a given tax period. For example if you own a house, and over the past year the value of your house increased by twenty thousand dollars, you would have to claim this twenty thousand dollars as a capital gain in your income taxes. Capital Loss Capital Gain refers to the amount of money Lost on Capital during a given tax period. For example if you own a house, and over the past year the value of your house decreased by twenty thousand dollars, you would have to claim this twenty thousand dollars as a capital loss in your income taxes.
Child Tax Credit Child tax credits are tax credits that are given to the caregivers for each dependent child, that at the end of the tax year is under 17.
Flat Tax
Flat tax refers to a system where everyone is taxed at the same rate, regardless of how much they earn.
Gross Income
Gross income is an individuals or corporations total income before any taxes or deductions have been applied to the sum.
Net Income
Net Income is the total amount of income after all deductions and expenses.
Property Tax
Property tax is a tax that is assessed on real estate value by a local government.
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Feel free to reprint this article as long as you keep the following caption and author biography in tact with all hyperlinks.
Ryan Fyfe is the owner and operator of Taxes Area. Which is a great web directory and information center on Taxes and related issues like Income tax and property tax.
What Other Authors say about Taxes
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There are some types of corporations that try to find loopholes in the tax laws that allow them to get out of paying such high taxes. There are some companies that look for tax shelters, which are ways...
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by Dianne Goodman, CPA
Now is the best time to start thinking about your year end tax planning. These tax strategies can be put into effect by the end of the year and some as late as when the tax return is due. Planning now...
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by Carl LaFresnaye
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Forms for Late Filing of...
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If you can afford to have a Certified Public...
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Who are the CPA Moms? Your Tax Professional Forever!!!!
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“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
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Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
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To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
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Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
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Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
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For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon. To Join CPA Moms
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Index of Articles about Taxes
What Other Authors say about Taxes
Being Careful To Choose Legal Tax Shelters
by Carl LaFresnaye
There are some types of corporations that try to find loopholes in the tax laws that allow them to get out of paying such high taxes. There are some companies that look for tax shelters, which are ways...
Last-Minute Tax Help
by David C Skul
Even if in most cases people don't want to hear about the word "taxes" until March, preparing early and staying organized will give you no headaches later. But, for most of the people, the deadline is...
Health Savings Accounts and Taxes
by Kurt Stammberger
HSAs have a "triple" tax advantage from a federal tax standpoint. Individuals receive full tax advantages for HSAs on their Federal Income Tax return (or through a salary reduction program in certain employer-sponsored...
Advice on Internal Revenue Service Audits
by Roni Deutch
It is important to keep in mind that the IRS computer system selects the returns that are audited, not human employees. The computer system selects returns that are likely to yield the most money to the...
How Can Sales Tax Save You Money?
by Steve Dolan
It's that time of the year again... tax time! It may not be one of the more enjoyable times of the year, but it is definitely one of the more important dates on the calendar. Hopefully, you have listened...
Tax Invoice
by Max Plata
A tax invoice is a legal document that offers a look at what the GST is for a transaction. Read on to learn about your obligations for issuing, holding, and supplying the different types of tax invoices.You...
Need a Copy of Your Tax Return Information?
by Richard A. Chapo
Taxpayers have two easy and convenient options for getting copies of their federal tax return information. Tax return transcripts and tax account transcripts -- by phone or by mail.A tax return transcript...
YEAR END TAX PLANNING AND PREPARATION FOR INDIVIDUALS - Tax Tips for 2004 including new tax relief due to the Working Families Tax Relief Act of 2004
by Dianne Goodman, CPA
Now is the best time to start thinking about your year end tax planning. These tax strategies can be put into effect by the end of the year and some as late as when the tax return is due. Planning now...
All About Late Filing Of Federal Taxes
by Carl LaFresnaye
The IRS allows for late filing of federal taxes provided the appropriate paperwork is filled out (there's always paperwork!). This simple guide shows you how to go about it.
Forms for Late Filing of...
Preparing Ahead For A Pleasant Tax Day
by Carl LaFresnaye
How did you spend your last tax day? In line at a post office at almost midnight, dropping off your taxes? Dreading going on an extension again – knowing if you owe and don't pay it on time, there will...
Use Tax Credits To Help Finance Your College Education
by P. Nash
Students are always on the lookout for ways to help pay or offset the cost of their tuition. There are various government grants and scholarships available to you if you qualify. But what if you don't...
Finding Out How Much Money Do You Have To Make To File Taxes?
by Carl LaFresnaye
There are many people who wonder if they really have to file taxes since they do not make very much money. Since taxes are so dreaded by most people, answering the question of how much money a person...
Getting Tax Help From The IRS
by Carl LaFresnaye
They say that the only things certain in life are death and taxes. Since we are all faced with filing our taxes year after year, it is pretty unavoidable.
If you can afford to have a Certified Public...
Tax Treatment for Coverdale IRAs
by Tony Novak
A number of publications, including my own, have mistakenly reported over the past year that Coverdale IRAs, formerly known as Education IRAs, are tax deductible. Coverdale IRAs are not tax-deductible.Originally...
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