Tag: deduction
Kiddie Tax
DefinitionThe kiddie tax rule exists in the United States of America and can be found in Internal Revenue Code § 1, which "taxes certain...
Above The Line Deduction
DefinitionIn the United States tax law, an above-the-line deduction is a deduction that the Internal Revenue Service allows a taxpayer to subtract from his...
Accelerated Cost Recovery System (ACRS)
What is 'Accelerated Cost Recovery System - ACRS' A system of depreciation introduced by the Economic Recovery Tax Act of 1981. ACRS...
Ratable Accrual Method
What is 'Ratable Accrual Method' A method for determining when and how much income was earned over a period of time. The...
Charitable Contributions Deduction
Charitable contributions deduction is a tax incentive offered to individuals that donate sums to a recognized charity. The tax deduction allows taxpayers to reduce...
Head Of Household
DefinitionHead of Household is a filing status for individual United States taxpayers. Head Of Household What is 'Head Of Household' A status...
Qualified Production Activities Income (QPAI)
Qualified Production Activities Income (QPAI) What is 'Qualified Production Activities Income - QPAI' Income derived from domestic production that qualifies for...
Qualified Widow Or Widower
What is 'Qualified Widow Or Widower' The least common of the five types of tax filing status each taxpayer must select from...
Qualified Charitable Organization
What is a Qualified Charitable Organization (QCO)?
A Qualified Charitable Organization (QCO) is a type of nonprofit organization that is exempt from paying federal income...
Qualified Appraisal
What is a qualified appraisal and why do you need one
When you're buying or selling a home, it's important to have a qualified appraisal....