The amount of tax paid per dollar of the assessed property value. This is called the mill rate because the number is expressed in mills - one mill is 1/10th of a cent ($.001).
A deduction of automobile expenses for people using their vehicles for business, charity, moving, medical or any other purpose that qualifies for a deduction. There are different categories of purposes for deductible automobile-expenses, each of which has a specific cent-per-mile deduction. Careful documentation of the mileage and the reason for the trip is essential for audit-proofing your taxes.
A person who is claimed as a dependent when filing year-end tax forms. Such a dependent allows a taxpayer to qualify for the dependency exemption. A member of household can be a relative or a non-relative, but in order for a non-relative to be claimed as a member of household, he or she must meet the relationship requirements outlined by the IRS. To be considered a member of household, a person must be at least one of the following: 1. Lineal descendant (child, grandchild, great-grandchild; step-lineal descendants such as stepchildren are included)2. Brother or sister (includes stepbrothers/stepsisters and half-brothers/half-sisters)3. Lineal ancestor (parent, grandparent, great-grandparent; step-lineal ancestors are included)4. Niece, nephew, aunt or uncle (not including relations by marriage)5. In-law (father-in-law, mother-in-law, son-in-law, daughter-in-law, brother-in-law and sister-in-law)6. Anyone else who is neither related nor married to you, but who lives in your home for the entire year
A test that can be administered to a prospective dependent in lieu of the "relationship test". If a person does not meet the criteria to be considered a close relative by the IRS, he or she may still qualify as a member of household if he or she lived as a member of the taxpayer's household for the entire year. Domestic employees, such as maids and babysitters, are excluded from this treatment. Both the taxpayer and the prospective dependent can be temporarily absent from the home during the year without jeopardizing the dependency status. This type of absence can be for illness, vacation, education, business, military service or other similar reasons. If a person is born or dies during the year but lived as a member of the household the rest of the year, that person still qualifies as a member of the household.
A U.S. federal health program that subsidizes people who meet one of the following criteria: 1. An individual over the age of 65 who has been a U.S. citizen or permanent legal resident for five years. 2. An individual who is disabled and has collected Social Security for a minimum of two years. 3. An individual who is undergoing dialysis for kidney failure or who is in need of a kidney transplant. 4. An individual who has Amyotrophic Lateral Sclerosis (Lou Gehrig's disease). Medicare helps out people at a time in their lives when they may have serious health problems but lack the funding for treatment. Medicare is divided into two parts. The first part of the coverage encompasses in-patient hospital, skilled nursing facility, home health and hospice care. The second part of coverage encompasses almost all the necessary medical services (doctors' services, laboratory and x-ray services, wheelchairs, etc).
A common itemized deduction that allows homeowners to deduct the interest they pay on any loan used to build, purchase or make improvements upon their residence. The mortgage interest deduction can also be taken on loans for second homes and vacation residences with certain limitations. The amount of deductible mortgage interest is reported each year by the mortgage company on Form 1098. This deduction is offered as an incentive for homeowners. Home Mortgage Interest is reported on Schedule A of the 1040. Mortgage interest paid on rental properties is also deductible, but this is reported on Schedule E. Home Mortgage Interest is quite often the single itemized deduction that allows many taxpayers to itemize; without this deduction, the remaining itemized deductions would not exceed the standard deduction. Interest from Home Equity loans also qualifies as Home Mortgages Interest.
The result that occurs when expenses exceed the income produced. A person or company with a net loss has not made a profit. Newer businesses often run at a net loss for the first few years while acquiring one-time expenses (equipment, buildings, technology, rights, etc.). However, every business should have a plan to work towards a breakeven point, and then onwards to profit!
Income received from investment assets (before taxes) such as bonds, stocks, mutual funds, loans and other investments (less related expenses). The individual tax rate on net investment income depends on whether it is interest income, dividend income or capital gains. For investment companies, this is the amount of income left after operating expenses are subtracted from total investment income, and it is typically expressed on a per share basis. To find the net investment income per share of a company, divide the net investment income by the shares outstanding. This amount is the amount available to shareholders in the form of dividends.
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