A rate sheet used by individual taxpayers to determine their estimated taxes due. There are four main schedules used, based on the filing status of the individual:Schedule X - singleSchedule Y-1 - married filing jointly, qualifying widow(er)Schedule Y-2 - married filing separatelySchedule Z - head of householdThe term is also used to describe the various addendum sheets to IRS Form 1040, which include schedules A (itemized deductions), B (dividend & interest income), C (business profit or loss) and D (capital gains).Also known as a “rate schedule” or “tax rate schedule”. The main tax schedules have income breakpoints clearly stated, and show which tax rates apply both above and beneath these breakpoints. These schedules will change each tax year, and may have different income ranges than those mentioned on state or municipality tax forms. Investors can find all federal tax schedules on the IRS website, www.irs.gov.
The sale of property that results when a taxpayer reaches a certain point of delinquency in his or her property tax payments. When this happens, the property owner has a right of redemption period. During this period, he or she has the opportunity to pay off the delinquent taxes in full and reclaim the property. There are a number of laws and requirements that must be followed in order for a tax sale to be valid. Adequate notice must be given to the taxpayer and the sale must also usually be open to the public, so that an adequate price is obtained for the property. In many cases, the amount received for the property must be at least equal to the total taxes that are owed.
A breakdown of all property within a given jurisdiction, such as a city or county, that can be taxed. The tax roll will list each property separately in addition to its assessed value. This roll is usually created by the taxing assessor or other authority within the jurisdiction. The tax roll is often used as a basis for calculating actual taxes to be levied upon residents within the jurisdiction of the taxing authority. For example, a city's tax roll shows that there is a total of $250 million of assessed value within the city, and the city needs $2 million to operate its budget this year. Therefore the city uses the figure from the tax roll to calculate a tax of eight mills for each property on the roll.
1. The tax form or forms used to file income taxes with the Internal Revenue Service (IRS). Tax returns often are set up in a worksheet format, where the income figures used to calculate the tax liability are written into the documents themselves. Tax returns must be filed every year for an individual or business that received income during the year, whether through regular income (wages), interest, dividends, capital gains, or other profits.2. A return of excess taxes paid during a given tax year; this is more accurately known as a "tax refund". Individuals use Form 1040, corporations use Form 1120 and partnerships use Form 1065. Investment income is recorded on Form 1099. Most large corporations and sole proprietors file tax returns quarterly, rather than just once per year. This keeps the tax balance running as close to $0 as possible and avoids oversized tax bills at the end of the year.
Any program or incentive that reduces the amount of tax owed by an individual or business entity. Examples of tax relief include the allowable deduction for pension contributions, and temporary incentives such as tax credits for the purchase of new high-efficiency heating and cooling equipment. Tax relief is intended to reduce the tax liability of an individual or business entity. Often, the tax relief is targeted at providing aid for a certain event or cause. For example, hurricane victims may be allotted some form of tax relief when a hard-hit area is declared a disaster area. Tax relief is also available periodically to support environmental causes, as seen with tax credits for the purchase of energy-efficient appliances or the installation of energy-efficient windows.
The return of excess amounts of income tax that a taxpayer has paid to the state or federal government throughout the past year. In certain cases, taxpayers may even receive a refund if they owed no taxes, because certain tax credits are fully refundable. Many taxpayers look on tax refunds as a "bonus" or a stroke of luck at tax time. In reality, a tax refund represents an interest-free loan that a taxpayer makes to the government. Ideally, a taxpayer will have just enough taxes deducted from his or her paycheck to avoid receiving a refund.
Federal legislation that modified many significant aspects of the U.S. tax system. The tax system in the United States is continuously being modified to address the concerns of Congress and the citizens of the United States.
A legal method of minimizing or decreasing an investor's taxable income and, therefore, his or her tax liability. Tax shelters can range from investments or investment accounts that provide favorable tax treatment, to activities or transactions that lower taxable income. The most common type of tax shelter is an employer-sponsored 401(k) plan. Tax authorities watch tax shelters carefully. If an investment is made for the sole purpose of avoiding or evading taxes, you could be forced to pay additional taxes and penalties. Tax minimization (also referred to as tax avoidance) is a perfectly legal way to minimize taxable income and lower taxes payable. Do not confuse this with tax evasion, the illegal avoidance of taxes through misrepresentation or similar means.
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