Tag: deduction
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
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
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
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
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...