摘要:A type of property that an individual does not use for business purposes or hold as an investment. In other words, property that an individual owns for personal enjoyment.

There are many[阅读全文]

摘要:A type of property which, in its most general definition, can include any asset other than real estate. The distinguishing factor between personal property and real estate is that personal property is[阅读全文]

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:An individual's total annual gross earnings coming from wages, business enterprises and various investments.

Personal income is also known as your "before-tax income" and is used in c[阅读全文]

摘要:The dollar amount that each individual taxpayer is able to deduct for him or herself or a dependent each year. A separate personal exemption is accorded to every man, woman and child in the U.S. that [阅读全文]

摘要:A taxable deduction that assigns a set percentage of depletion to the gross income derived from extracting fossil fuels, minerals or other nonrenewable resources from the earth. Percentage depletion i[阅读全文]

摘要:Generally, a specified amount that employers will pay to employees as reimbursement for various expenses. Per diem payments usually assume a set dollar limit, such as $30 per day for meals or $100 per[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: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:A period in which a company's allowable tax deductions are greater than its taxable income, resulting in a negative taxable income. This generally occurs when a company has incurred more expenses tha[阅读全文]

摘要:Potentially tax-deductible expenses that are incurred when an individual and his or her family relocates for a new job or due to the location transfer of an existing job. After certain baseline criter[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]

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:Costs for an overnight stay, usually in a hotel, that may be taken as a federal income tax deduction if the Internal Revenue Service's criteria are met. Lodging expenses are usually a business expens[阅读全文]

摘要:A specific class of depreciable property that is subject to a special set of tax rules if it is used for business no more than 50% of the time. Listed property includes such items as vehicles, compute[阅读全文]

摘要:Any two assets or properties that are considered to be the same type, making an exchange between them tax free. To qualify as like kind, two assets must be of the same type (e.g. two pieces of residen[阅读全文]

摘要:Deductible expenses incurred while searching for a job in the same or similar line of work. These expenses are deductible regardless of whether you find a new job.

The expenses are not d[阅读全文]

摘要:

A document published by the Internal Revenue Service (IRS) that provides guidance on how people claimed as dependents should compile and file tax information. IRS Publication 929 outlines the filin[阅读全文]

摘要:

A document published by the Internal Revenue Service (IRS) that provides taxpayers with information on how to determine the fair market value (FMV) or appraisal value for property donated to a qual[阅读全文]

摘要:

A document published by the Internal Revenue Service (IRS) that provides information on the audit process, a taxpayer's right to appeal and how a taxpayer can claim a tax refund. The IRS uses a so[阅读全文]