A federal income tax rule applied to fringe benefits that employers provide their employees. It states that if a company is engaged in multiple lines of business and an employee receives a fringe benefit from a line of the company's business that she does not work in, she must pay taxes on that benefit. For example, if an individual works for a movie theater and her company also owns an amusement park, if she received free or discounted admission to the amusement park, she would be required to pay taxes on the value of the free ticket or the discount because the IRS would consider this benefit to be income. However, if she saw a movie for free at the theater where she worked, she would generally not have to pay tax on the amount of the free movie ticket because it would not be subject to line of business limitations.
A partner in a partnership whose liability is limited to the extent of the partner's share of ownership. Limited partners generally do not have any kind of management responsibility in the partnership in which they invest and are not responsible for its debt obligations. For this reason, limited partners are not considered to be material participants. Because they are not material participants, the income that limited partners realize from their partnerships is treated as passive income, and can be offset with passive losses. However, there are a handful of exceptions to this rule. For example, limited partners who participate in a partnership for more than 500 hours in a year may be considered general partners.
A person who is involved in a limited liability company but does not actively manage it. One benefit of being a limited entrepreneur is not having to pay self-employment tax. LLC owners must be careful to not allocate more than 35% of the LLC's losses to limited entrepreneurs, otherwise the LLC would be classified as a syndicate and face different tax treatment. Limited partners are similar to limited entrepreneurs in that they also do not play an active role in a company's management and cannot be held responsible for any debts the company incurs. This means that any income or losses they receive from the business are usually considered passive for tax purposes.
Any two assets or properties that are considered to be the same type, making an exchange between them tax free. To qualify as like kind, two assets must be of the same type (e.g. two pieces of residential real estate), but do not have to be of the same quality. For example, you can exchange your car for another car tax free, but if you exchange your car for a piece of land, you could be subject to capital gains tax. Similarly, if you sell your car and then reinvest the proceeds back into another car, you should be able to avoid paying taxes on any gains incurred. In the U.S., this type of like-kind transfer can be accomplished by what is called a Section 1031 exchange.
A technicality that allows a person or business to avoid the scope of a law or restriction without directly violating the law. Used often in discussions of taxes and their avoidance, loopholes provide ways for individuals and companies to remove income or assets from taxable situations into ones with lower taxes or none at all.Loopholes are most prevalent in complex business deals involving tax issues, political issues and legal statutes. They can be found within contract details, building codes, tax codes, among others. A person or company utilizing a loophole isn't considered to be breaking the law, but circumventing it in a way that was not intended by the regulators or legislators that put the law or restriction into place. Most loopholes will close in time, as those who have the power to do so rewrite the rules to cut off the opportunity for loophole advantage. Some tax loopholes exist perennially, especially in nations like the United States where the intricate tax code amounts to tens of thousands of pages - which can lead to many opportunitoes for those seeking to exploit it.
The Longtime Homebuyer Tax Credit was a federal income tax credit available to homebuyers who had owned and lived in the same principal residence for five of the last eight years before the purchase of their next home. In order to qualify for the credit, most homebuyers would have had to sign a binding sales contract for the home before April 30, 2010 and close on the purchase before June 30, 2010. Watch: Tax Deduction Vs. Tax Credit The homebuyer tax credits were designed to bring new buyers to the housing market and increase demand in order to stabilize falling housing prices. By most accounts, the credits were successful in increasing home sales and median prices. Critics of the tax credit believe that this subsidy artificially inflates home prices and that it acts as only a temporary support for falling prices.
Costs for an overnight stay, usually in a hotel, that may be taken as a federal income tax deduction if the Internal Revenue Service's criteria are met. Lodging expenses are usually a business expense that is incurred when someone must travel away from their tax home to do business. The IRS does not set a standard amount that can be deducted for lodging expenses, however several criteria must be met for the expense to be tax deductible. The IRS also allows individuals to deduct lodging expenses from their income when the lodging expenses are incurred as a moving expense. The IRS says the expenses must be reasonable for the circumstances of the move. Any lodging expenses that are not on the shortest route from the taxpayer's old home to his new home, for example, because he decided to take a detour for sightseeing, would not be tax deductible because these are not really moving expenses.
An additional tax on top of federal and state taxes, usually collected in the form of property taxes. Also called "municipal tax". This covers everything from garbage pickup to cutting the grass at your local park.
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