Tag: deductions
Tax Strategies to Reduce Your Tax Bill
Are you looking for ways to reduce your tax bill this year? It’s no secret that taxes can quickly sneak up on us during...
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 Depreciation
DefinitionAccelerated depreciation refers to any one of several methods by which a company, for 'financial accounting' or tax purposes, depreciates a fixed asset in...
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...
Abusive Tax Shelter
What is 'Abusive Tax Shelter' An investment scheme that claims to reduce income tax without changing the value of the user's income...
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...
Passive Activity Loss Rules
What is 'Passive Activity Loss Rules' A set of rules that prohibits using passive losses to offset earned or ordinary income. Passive...
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 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...
Waiver Of Premium Rider
What is a waiver of premium rider
A waiver of premium rider is an insurance rider that waives the policyholder's obligation to pay premiums if...