A taxation system where income subsidies are given to persons or families that are below the poverty line. The government will send financial aid to a person who files an income tax return reporting an income below a certain level.
Borrowing money to buy an investment asset without receiving enough income from the investment to cover the interest expenses and other costs inolved in maintaining it. Depending on the investor's home country, the shortfall between income earned and interest due can be deducted from current income taxes. Countries that allow this tax deduction include Canada, Australia and New Zealand. Negative gearing most often occurs in rental properties, where the rental income received isn't enough to cover the interest costs on borrowings plus expenditures toward property maintenance and upkeep. Negative gearing only becomes a profitable venture when the property is eventually sold, and a prerequisite is that property values are rising, not falling or holding steady. Many investors who speculate this way will purposely seek out negative gearing for the tax deductions in the hope that they will make a profit when the property is sold for a capital gain. Investors considering this type of arrangement need to have the financial stability to fund the shortfall out of pocket until the property is sold and the full profit can be reached. Also of utmost importance is that the interest rate is locked in from the beginning or, if the borrower's interest is calculated on a floating index, that prevailing rates remain low.
A federal tax that must be paid by people who hire household help (a babysitter, maid, gardener, etc.) and pay them a total of more than a specified threshold amount during the tax year. The reason the IRS charges the nanny tax is because it considers an ongoing household helper to be the taxpayer's employee. As such, the taxpayer becomes an employer and must pay Social Security, Medicare and federal unemployment taxes on the wages paid to that employee. There may be state-level nanny taxes as well. The nanny tax does not apply if the babysitter is the taxpayer's parent, spouse, or if the babysitter is under 18 and is not primarily engaged in the household employment profession. Another way for taxpayers to avoid dealing with the nanny tax is by hiring household help through an agency. The agency will then be the employer and be the one who pays the nanny tax. Also, if household helpers are officially self-employed, they will be responsible for paying their own taxes and the taxpayer will not have to worry about the nanny tax.
An agreement signed by two or more taxpayers who provide financial support for the same dependent. A multiple support agreement allows several persons who jointly support a single dependent to take turns claiming this person as a dependent on their tax returns. Multiple support agreements are used in such cases as when several children each contribute to the support of an aged parent. The person who claims the dependent in a given year must submit a Form 2210 signed by all other parties to the agreement. This form gives the taxpayer permission to claim the dependent for that year. Each participant in a multiple support agreement must provide at least 10% of the dependent's support each year, and together the family members must provide more than 50% of the dependent's total support.
A tariff system where the tariff rate or import tax assessed on a particular product depends on its country of origin. This is diametrically opposite to a single tariff system, which levies the same tariff rate on a product regardless of its point of origin. Most nations employ multiple column tariffs, with the lowest tariff rates applied on goods that originate from countries with whom a nation has free trade agreements or if a nation is considered undeveloped, and the highest tariff rates assessed on products from developed countries with which it has no trade agreements and/or diplomatic relations. An oft-cited criticism of a multiple column tariff system is that it is discriminatory in nature and an impediment to free trade. However, advocates of this system maintain that it is necessary in order to improve the competitiveness of exports from lesser developed and developing nations and aid their economic development.
Potentially tax-deductible expenses that are incurred when an individual and his or her family relocates for a new job or due to the location transfer of an existing job. After certain baseline criteria are met for time and distance, individuals can deduct qualifying expenses for roughly one year after beginning the new jobBasic categories of qualifying expenses include costs to pack and ship personal possessions, temporary storage fees and transportation costs. The key phrase to consider (at least in the eyes of the IRS) is "reasonable costs" for moving yourself and your property. These costs include a moving van, storage unit and temporary insurance used in travel. Some expenses that are generally not deductible include house-hunting trips, meals during the move and the costs involved in selling an existing home.People wishing to claim these deductions should keep good documentation of all potentially qualified expenses.
The interest charged on a loan used to purchase a residence. Mortgage interest is charged for both primary and secondary loans, home equity loans, lines of credit, and as long as the residence is used to secure the loan.Mortgage interest is deductible on form 1040. Watch: Mortgage Basics Mortgage interest is one of the major itemized deductions personal taxpayers can have. only the mortgage interest on the first $1 million (aggregated) of a first or second home purchase can be deducted on the Schedule A. Mortgage interest on rental or investment properties can be deducted on Schedule E.
An accounting figure that has been adjusted for the effects of income tax. Net of tax is most commonly calculated by taking gross figures, like the cash collected from the sale of an asset, and subtracting the taxes paid. Net of tax could also be used to show the final amount after accounting for the tax savings, for example on a loss that allows a tax deduction. In most cases, net of tax figures are used for the sake of clarity. If a company sells one of its factories for $1 million, but $400,000 of that is eaten up by taxes, the company may present the net of tax figure of $600,000 because that is the amount being added to the bottom line. The tax figure doesn’t disappear, however, as it will be accounted for in the gross figure given for income tax expense, and may be referred to specifically if it was a significant contributor to an unusually high tax bill.
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