The amount of income that is used to calculate an individual’s or a company’s income tax due. Taxable income is generally described as gross income or adjusted gross income minus any deductions, exemptions or other adjustments that are allowable in that tax year.Taxable income is also generated from appreciated assets that have been sold or capitalized during the year and from dividends and interest income. Income from these sources is generally taxed at a different rate and calculated separately by the tax entity. Individuals may choose to use a standard deduction amount for a given tax year. This amount is subtracted from gross income to arrive at the final taxable income figure. If individual deductions are claimed, the person or company will hope to have a total amount deducted from gross income lower than what would be achieved using the standard deduction. Some typical deductions that lower many tax bills include IRA contributions and certain business expenses.
Any event or transaction that results in a tax consequence for the party who executes the event. Common examples of taxable events for investors include receiving interest and dividends, selling securities for a gain and exercising options. Investors should focus on limiting their taxable events, or at least minimizing high tax rate events while maximizing low tax rate ones. Holding on to profitable stocks for more than a year (to eliminate short-term capital gains) is one of the easiest ways to minimize the effects of taxable events.
A number that is assigned to a tax paying businesses for identification and record keeping purposes. The TIN number allows the IRS to keep track of all taxpaying entities and manage their accounts. Corporations, estates and trusts must file their taxes under this number each year. For firms, the TIN number is their Social Security number equivalence. For corporations, this number is their EIN (Employer Identification Number). Estates, trusts and partnerships use EINs as well.
The total value of a deceased person's assets that are subject to taxation - minus liabilities and minus the prescribed tax-deductible portion of assets left behind by the deceased. The following items can be deducted to determine the taxable portion of the estate: funeral expenses paid out of the estate, debts owed by the deceased at the time of death and value of the assets passed on to the deceased's spouse. The taxes imposed on the taxable portion of the estate are then paid out of the estate itself.
A measure created by conservative and libertarian groups that seeks to limit the growth of government and to police the actions of the Internal Revenue Service (IRS). The Taxpayer Bill of Rights (TABOR) was born out of years of taxpayer complaints about harassment and abuse of power by the IRS. TABOR also mandates that increases in tax revenue must be reasonably tied to increases in such factors as inflation and population. The Taxpayer Bill of Rights is part of the Internal Revenue Code. TABOR ensures that the IRS does not abuse its power, particularly in the audit process. It places the burden of proof upon the IRS to make a case against a taxpayer when that taxpayer is able to furnish credible evidence, as requested.
An independent organization within the Internal Revenue Service that reports to the National Taxpayer Advocate. The TAS is designed to assist both businesses and individual taxpayers with tax-related issues. It provides free, confidential and personalized service to taxpayers who need help resolving IRS problems that they have not been able to resolve through normal IRS channels. The TAS offers an online tax toolkit designed to educate taxpayers about their rights and responsibilities. It also identifies issues that cause burdens for taxpayers and brings them to the attention of the IRS, along with recommendations for legislative and administrative changes. IRS Publication 1546 provides more information about this service.
Taxation refers to the act of a taxing authority actually levying tax. Taxation as a term applies to all types of taxes, from income to gift to estate taxes. It is usually referred to as an act; any revenue collected is usually called "taxes." Taxation can also refer to taxes as an abstract concept, a actual dollar amount of tax that has been levied or the material funds that have been received as taxes. Although all of these definitions are technically correct, the one listed above is the most common. Taxation is one of the primary powers of government over the people.
A situation in which a government imposes taxes on a particular group of its citizens, despite the citizens not consenting or having an actual representative deliver their views when the taxation decision was made. This situation was one of the triggering events that spurred the original thirteen American colonies to revolt against the British Empire. During the 1760s, American colonists were not satisfied at the fact that all taxation related decisions were made by people living across an ocean, unaware of concerns in their colony. Colonists sought to challenge the status quo, which lead to a full blown revolution where the colonies fought the British empire for its own independence to have a right to govern its own affairs.
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