As the name implies, this number is a nine-digit number used as a tracking number by the IRS for tax purposes. Whereas Social Security numbers are in the format of XXX-XX-XXXX, tax ID numbers are read as XX-XXXXXXX. This number is required information on all tax returns filed with the IRS. Tax ID numbers come in three different forms. Individuals are assigned TINs in the form of Social Security numbers (SSNs), whereas businesses such as corporation and partnerships are assigned Employer identification numbers (EINs). Trusts, fiduciaries and other non-business entities are assigned straight tax ID numbers (TINs).
A tax platform based on an ideal that aims to create a system of taxation that is fair, clear and equivalent for all taxpayers. Overall, tax fairness looks to limit the amount of tax legislation and rules that benefit one segment of the tax-paying population over another. Many groups, politicians and individuals that push for tax fairness are looking to remove loopholes, incentives and cheating within the tax system. Tax fairness supporters believe these practices place an undue tax burden on certain segments of the tax-paying population, while making it easy for other segments to significantly lower their tax burdens.
A liability owing to federal, state/provincial and municipal governments. Tax expenses are calculated by multiplying the appropriate tax rate of an individual or business by their income before taxes, after factoring in such variables as non-deductible items, tax assets and tax liabilities. Determining the appropriate tax rate and identifying the correct accounting methods for items affecting one's tax expense are carefully described by tax authorities such as the IRS and GAAP/IFRS.
A type of income, normally tax-free, that may trigger the alternative minimum tax (AMT) for taxpayers. Tax preference items include private-activity municipal-bond interest, the qualifying exclusion for small business stock and excess intangible drilling costs for oil and gas, if this amount exceeds 40% of AMT income. Tax preference items are added to the amount of AMT income in the tax formula. Like the AMT itself, tax preference items are designed to prevent high-income taxpayers from being able to avoid too much income tax via participation in certain activities. For example, investors who own private-activity bonds issued after August or September of 1986 must declare all income received from these bonds, minus investment expenses. This rule thereby prevents taxpayers from shielding all of their investment income in this type of bond issue.
Logical analysis of a financial situation or plan from a tax perspective, to align financial goals with tax efficiency planning. The purpose of tax planning is to discover how to accomplish all of the other elements of a financial plan in the most tax-efficient manner possible. Tax planning thus allows the other elements of a financial plan to interact more effectively by minimizing tax liability. Tax planning encompasses many different aspects, including the timing of both income and purchases and other expenditures, selection of investments and types of retirement plans, as well as filing status and common deductions. However, while tax planning is an important element in any financial plan, it is important to not let the "tax" tail wag the financial "dog." This can ultimately be counterproductive, as virtually all courses of financial action will have some tax consequences, and they should not be avoided solely on this basis.
A record keeping technique that traces the dates of purchase and sale, cost basis, and transaction size for each security in your portfolio, even if you make more than one trade in the same security. The goal is to minimize the net present value of your current taxes by deferring the realization of capital gains and recognizing losses sooner.
A tax loss carryforward takes place where a business or individual reports losses on a tax return up to seven years after the loss occurred. Frequently the logic behind this is to reduce tax liability during a year where the income or profits are high if losses were experienced previously. The tax loss carryforward reduces the overall tax liability during the high-earning year by incorporating the earlier loss as a reduction to taxable income. A tax loss carryforward is a legal means of rearranging earnings to the benefit of the taxpayer. A risk in a tax loss carryforward is that the high-earning year never comes in time to take advantage of the earlier loss.
A claim imposed by the federal government to liquidate a person's property until the tax and debt owed is fully paid. Tax liens can be purchased from the government in the form of an investment.
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