摘要: A common itemized deduction that allows homeowners to deduct the interest they pay on any loan used to build, purchase or make improvements upon their residence. The mortgage interest deduction can al[阅读全文:]
摘要: A tax placed on products or services that are deemed to be unnecessary or non-essential. This type of tax is an indirect tax in that the tax increases the price of the good or service and is only incu[阅读全文:]
摘要: A term used by the Internal Revenue Service (IRS) to define the home a taxpayer has lived in most of the time during a given taxation year, or the only home a taxpayer owns. The classification of a ta[阅读全文:]
摘要: The amount of tax paid on an additional dollar of income. As income rises, so does the tax rate.
Many believe this discourages business investment by removing the incentive to work harde[阅读全文:]
摘要: A tax deduction that allows an individual to transfer some assets to his or her spouse tax free, creating a reduction in taxable income. A marital deduction is mainly used for the purposes of estates [阅读全文:]
摘要: The increased tax burden for married couples compared to when they were filing seperate tax returns as singles. Progressive tax rate structures in the United States led to a situation where higher inc[阅读全文:]
摘要: A filing status for married couples that have wed before the end of the tax year. When filing under the married filing jointly status, couples can record their respective incomes, exemptions and deduc[阅读全文:]
摘要: A filing status for married couples who choose to record their respective incomes, exemptions and deductions on separate tax returns. In most cases, married filing jointly offers the most tax savings,[阅读全文:]
摘要: A set of criteria that determines whether a taxpayer is a material participant in a business venture. The material participation test will determine whether business income received by the taxpayer is[阅读全文:]
摘要: Any cost incurred in the prevention or treatment of injury or disease. Medical expenses include health and dental insurance premiums, doctor and hospital visits, co-pays, prescription and over-the-cou[阅读全文:]