Adoption Tax Credits: Non-refundable credit which reduces taxes owed by adoptive parents who claim adoption expense reimbursement under P.L. 104-188: may be claimed on federal taxes (and in some states with similar legislation, on state taxes).

 

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Adoption Tax Credits: Non-refundable credit which reduces taxes owed by adoptive parents who claim adoption expense reimbursement under P.L. 104-188: may be claimed on federal taxes (and in some states with simil . . . View Full Definition

Tax Basis: The assessed value of the taxable property, assets, and income within a specific geographic area.

Tax Base: Minimizing tax burden through legal means such as tax-free municipal bonds, tax shelters, IRA accounts, and trusts. Compare with tax evasion.

Tax Bill: A property owners tax bill is computed by applying the tax rate to the assessed valuation of the property.

Tax Books: In the context of finance, the original cost of an asset less depreciation that is used to determine gains or losses for tax purposes. In the context of investments, the price of a stock or . . . View Full Definition

Tax Clawback Agreement: The percentage of tax obligation for a particular taxable income.

Tax Bracket: A tax bracket is a range of income that is taxed at a specific rate. In the United States there are six brackets, taxed at 10%, 15%, 25%, 28%, 33%, and 35% of the amount that falls into each . . . View Full Definition

Tax Avoidance: Audit by the IRS or other tax-collecting agency to determine whether a taxpayer has paid the correct amount of tax.

Tax Audit: Notes issued by states or municipalities to finance current operations in anticipation of future tax receipts.

Syntaxic Mode: The mode of perception that forms whole, logical, coherent pictures of reality that can be validated by others.