摘要: Interest that taxpayers pay on personal and consumer loans. Personal interest is nondeductible, and the rates charged for this type of interest are often quite high. Personal interest that is received[阅读全文:]
摘要: Expenses incurred by individuals for their business or primary employment. "Ordinary and necessary" expenses are categorized as such for income tax purposes, and these expenses are generally conside[阅读全文:]
摘要: Any loss incurred by a taxpayer that is not considered a capital loss. Ordinary losses can stem from many causes, including casualty and theft. Ordinary losses that are larger than a taxpayer's gross[阅读全文:]
摘要: All of the costs directly associated with acquiring an asset and putting it into use.
The type of costs involved vary according to the type of asset. If this is machinery, original cost [阅读全文:]
摘要: A federal tax credit that provides an incentive for pharmaceutical companies to seek treatments and cures for rare diseases affecting Americans. Normally, companies may not be motivated to make a drug[阅读全文:]
摘要: An expense incurred and paid for by an individual for personal use, or relating to one's employment or business. This can also relate to ongoing costs of operating a fixed asset, such as a car or a h[阅读全文:]
摘要: An obsolete tax law that provided homeowners over the age of 55 with a one-time capital gains exclusion. Individuals who met the necessary requirements could exclude up to $125,000 of capital gains on[阅读全文:]
摘要: A criterion that determines whether meals eaten alone while working are tax deductible. To be considered a tax-deductible business expense, meals eaten alone must be eaten when the person is doing bus[阅读全文:]
摘要: A generic term referring to an excess amount of tax being withheld for an employee or retirement plan participant throughout the year. Overwithholding can apply to both income and Social Security taxe[阅读全文:]
摘要: An allowance designated by a church or other organization for its church professionals (clergy) for the expenses of providing and maintaining a home.
This is basically a housing allowan[阅读全文:]