Tag: deduction

Qualified Terminable Interest Property,

Qualified Terminable Interest Property (QTIP) Trust

What is a Qualified Terminable Interest Property (QTIP)? A Qualified Terminable Interest Property, or QTIP, is a type of trust that provides income to a...
qualified mortgage insurance premium

Qualified Mortgage Insurance Premium

What is a Qualified Mortgage Insurance Premium A qualified mortgage insurance premium (MIP) is a type of mortgage insurance that homebuyers are required to purchase...

Qualified Higher Education Expense

What is 'Qualified Higher Education Expense' Expenses such as tuition and tuition related expenses that an individual, spouse, or child must pay...

Wash Sale

DefinitionA wash sale is a sale of a security at a loss and repurchase of the same or substantially identical security shortly before or...

Tax Expense

DefinitionA company's tax expense, or tax charge, is the income before tax multiplied by the appropriate tax rate. Generally, companies report income before tax...

Tax Accounting

DefinitionU.S. tax accounting refers to accounting for tax purposes in the United States. Unlike most countries, the United States has a comprehensive set of...

Tax Credit

DefinitionA tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total...
Tax Clawback Agreement

Tax Clawback Agreement

What is a Tax Clawback Agreement A Tax Clawback Agreement is an agreement between a taxpayer and the IRS in which the taxpayer agrees to...
donor advised fund

Donor Advised Fund

What is a Donor Advised Fund A donor advised fund (DAF) is a type of charitable giving vehicle established by donors to provide an easy...
tax deduction

Tax Deduction

What is a tax deduction and how does it work A tax deduction is an expense that can be subtracted from your taxable income. This...

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