A term used by the Internal Revenue Service (IRS) to define the home a taxpayer has lived in most of the time during a given taxation year, or the only home a taxpayer owns. The classification of a taxpayer's main home is important when considering gains resulting from the sale of a main home. When you sell your home, you may be able to exclude the gains from your income for tax purposes if you pass the ownership and use tests. If over the previous five years you have owned the home for more than two years, and it was your main home for more than two years, then you can exclude up to $250,000 ($500,000 for joint filers) in a given tax year.Losses resulting from the sale of your main home cannot be deducted.
A publication issued by the Options Clearing Corporation (OCC) that first-time option traders are required to read before being allowed to make any option trades. The document prepares traders for the options market. The document outlines the various types of options and requisite options terminology, provisions for exercising and settling options, tax implications and the unique risks inherent in derivative instruments.
An instrument whose return is determined by the performance of a single equity security, a basket of equity securities, or an equity index. Taobiz explains Equity linked Note - ELN In the case of a note linked to an equity index, the security would typically be called an equity index-linked note.
A tax placed on products or services that are deemed to be unnecessary or non-essential. This type of tax is an indirect tax in that the tax increases the price of the good or service and is only incurred by those who purchase or use the product.The term has remained even though many of the products that are assessed with luxury taxes today are no longer seen as "luxuries" in the literal sense. Today's definition leans more toward "sinful" items, such as tobacco, alcohol, jewelry and high-end automobiles. They are implemented as much in an attempt to change consumption patterns as to collect tax revenues. Luxury taxes can also be called "excise taxes" or "sin taxes". Luxury taxes were often imposed during times of war to increase government revenues, or as a way to get more tax revenue from the ultra-wealthy. Even though some people complain about the preservation of luxury taxes today, the vast majority of people and lawmakers don't mind charging extra fees for the use of these ancillary-type products consumed by a minority of the population. There is much debate over whether levying luxury taxes does more harm than good. For example, who is most harmed by a luxury tax placed on an expensive car - the buyer, who presumably has money to spare, or the middle-class worker who builds the car only to see sales fall when the luxury tax curbs demand? In the late 1980s, Canada attempted a large luxury tax on cigarettes, only to find that a substantial and violent black market soon formed to supply smokers. Legal sales (and tax revenues) fell, while more money had to be re-routed to stop the criminal activity.
A trading band composed of two moving averages, one of which is shifting upwards and the other shifting downwards. Taobiz explains Envelope These trading bands are used by technical analysts to define a stock's upper and lower boundaries. Signals to sell occur when the stock price reaches the upper band, and buy signals are generated when the price reaches the lower band. The reasoning behind the sell and buy signals is that stock prices tend to bounce off the bands. Even though buyers and sellers will temporarily pressure a stock's price to its extremes, it should re-stabilize to more realistic levels found within the envelope.
A pattern of months in which option contracts usually expire (usually a nine month period). There are three common cycles:JAJO - January, April, July, and OctoberMJSD - March, June, September, and DecemberFMAN - February, May, August, and November Option cycles are used for equity, commodities, and currency options.
Any cost incurred in the prevention or treatment of injury or disease. Medical expenses include health and dental insurance premiums, doctor and hospital visits, co-pays, prescription and over-the-counter drugs, glasses and contacts, crutches and wheelchairs, to name a few. Medical expenses that are not reimbursed are deductible within certain limits (see below). Taxpayers with access to group health insurance coverage are seldom able to deduct medical expenses that are not reimbursed on their taxes. only those who itemize their deductions are eligible to claim any medical expenses on the Schedule A. Furthermore, only those expenses that exceed 7.5% of the taxpayer's adjusted gross income can be deducted.
A set of criteria that determines whether a taxpayer is a material participant in a business venture. The material participation test will determine whether business income received by the taxpayer is active or passive. According to the IRS, if the taxpayer participates in a business activity on a regular, continuous and substantial basis, then the taxpayer materially participates in the business. There are seven tests the IRS uses to determine whether participation in a business activity is material or not. Two of the criteria that they use are the amount of time spent participating in the business activity and how much control the taxpayer has over the activity. only one of the tests must be passed in order for the taxpayer to be considered materially involved with the production of income, which would then be deemed active income.
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