Terms with Tag Taxes

  • Accelerated Capital Cost Allowance Programme (ACCA)Acronym,
    • Accelerated Cost Recovery System (ACRS)Acronym, United States,
        A depreciation method used in US tax law.
      • Accrual Method Definition,
        • Business accounting in which you report income in the year you earned it and expenses in the year you incur them, rather than reporting income and expenses when you receive payment or when you pay the expenses. Under this method, if you built a deck and billed the client in December 1999, the amount you charged would be reported in 1999 as income even if you didn't get the payment until January 2000. If you own a business that maintains an inventory, you are required to use the accrual method.
      • Active Income Definition,
        • Active income refers to wages, tips, and profits from your business or employment that you partake in. It also includes portfolio income such as interest and dividends, but you cannot usually offset active income with passive losses.
      • Adjusted Cost Base (ACB)Acronym, Canada, Important,
        • Adjusted Gross Income (AGI)Acronym,
          • Advance Corporation Tax (ACT)Acronym,
            • Advance Pricing Agreement = Advance Pricing Arrangement (APA)Acronym,
              • Agence du Revenu du Canada (ARC)Company, Canada,
                  French acronym for Canada Revenue Agency.
                • Alberta Family Employment Tax Credit (AFETC)Acronym, Alberta, Canada,
                  • A program funded by the Government of Alberta to help low to middle income working families provide for their children.
                  Alberta tax credit.
                • Alimony Definition,
                  • Monthly payments received by an ex-spouse. Payments must be received continuously for one year to be counted toward qualifying income for a loan.
                • Alternative Minimum Tax (AMT) Acronym,
                  • This tax primarily affects high-income taxpayers who shelter some of their income from tax through certain tax preference items or deductions. It is often referred to in tax publications as AMT and, if your income meets the limit, you have to recalculate your tax due based on the separate alternative minimum tax rates and tables.
                  Form T691.
                • Annual Mortgage Statement Definition, Important,
                  • A report sent to the borrower every year, detailing how much principal remains on the home loan and how much was paid in taxes and interest during the previous year.
                • Anti Money Laundering and Combating the Financing of Terrorism (AMLCFT)Acronym,
                  • Anti-Money Laundering (AML)Acronym,
                    • Anti-Money Laundering - Combating the Financing of Terrorism (AML-CFT)Acronym,
                      • Anti-Money Laundering Information Database (AMLID) Acronym,
                        • Anti-Money Laundering Program (AMLP)Acronym,
                          • Many insurance and investment firms, with the assistance of regulatory organizations, have programs in place to help prevent money laundering. These programs are designed to recognize techniques and risks as well as to aid in the process of verification of clients and their accounts.
                        • Anti-Money Laundering Regulation (AMLR)Acronym,
                          • Area Median Gross Income (AMGI)Acronym, United States,
                              A US taxation term.
                            • Assessment Rolls Definition,
                              • Lists of taxable property.
                            • Assessments Definition,
                              • Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.
                            • Assessor's Parcel Number (APN)Acronym,
                              • Audit Definition,
                                • An examination of a taxpayer's income tax return or other transactions bearing tax consequences. Audits range from a simple letter from the agency to a detailed review of individual or business tax filings and records.
                              • Average Effective Tax Rate (AETR)Acronym, United States,
                                  A US taxation term.
                                • Average Production Worker (APW)Acronym,
                                  • Average Tax Rate Definition,
                                    • The real rate of taxes you pay after taking into account the various federal tax brackets. There are different tax rates for different levels of income; you pay lower rates on the first part of your income, more on the later earnings. As you pass each income level, the money above that level is taxed at the next higher rate. Therefore, your average tax rate is less than the top rate you pay on a portion of income.
                                  • Bad Debt Definition,
                                    • Money that cannot be collected is considered bad debt. Businesses can deduct bad debts under certain circumstances. If a bad debt is personal, it can also be deducted in some instances as a short-term capital loss.
                                  • Basic Personal Exemption (BPE)Acronym, Canada,
                                    • Basis Definition,
                                      • That on which a thing rests or is founded.
                                      • Relating to cost basis, this is the amount assigned to an asset from which a taxpayer determines capital gain or loss. For assets purchased, the basis is the price paid. Special rules apply to assets acquired through gift or inheritance, as well as to the value of stock funds held for a period during which earnings are reinvested.
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