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Definitions (153)
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Ability to pay
The concept that taxpayers should have a tax liability consistent with their income level.
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Above-the-line deduction
Also called an adjustment to income. A type of deduction that you may take without having to itemize.
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ADJUSTED BASIS
The original value of a piece of property plus the value of improvements and minus depreciation. The adjusted basis is used to figure your gain or loss on a sale.
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Adjusted Gross Income
Your gross income reduced by adjustments to income, before exemptions and deductions are applied.
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Adjustment To Income
Also called an above-the-line deduction. A type of deduction that you may take without having to itemize.
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alimony
Regular payments made to an ex-spouse or to a legally separated spouse. Alimony is considered income for the payee and is tax deductible for the payer.
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Allowances
A number on your Form W-4 used by your employer to calculate how much income tax to withhold from your pay. The greater the number of allowances, the less income tax will be withheld.
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Alternative minimum tax
A special tax system which was originally intended to prevent wealthy taxpayers from taking advantage of so many tax breaks that they end up paying little or no taxes. The AMT affects more and more mi [..]
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Amount due
Your total tax bill. The amount of money you owe in taxes.
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Annuity
An annual payment, such as from a retirement plan.
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