Taxes Information

Understanding Basic Tax Terms


If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the basics will make tax season less of a hassle for you, and maybe even save you some money. There are hundreds of terms; Below are some of the most important:

Tax Form
A Tax Form is the form that is filled out and submitted to your government to report all of your tax information for the past year.

Audit
An audit refers to an unbiased examination and evaluation of the financial statements of an individual or organization such as a business. Audit's are performed for the purpose of ensuring that accounting records are fair and consistent, and are following the guidelines laid out for the individual or organization.

Capital Gain
Capital Gain refers to the amount of money made on Capital during a given tax period. For example if you own a house, and over the past year the value of your house increased by twenty thousand dollars, you would have to claim this twenty thousand dollars as a capital gain in your income taxes.

Capital Loss
Capital Gain refers to the amount of money Lost on Capital during a given tax period. For example if you own a house, and over the past year the value of your house decreased by twenty thousand dollars, you would have to claim this twenty thousand dollars as a capital loss in your income taxes.

Child Tax Credit
Child tax credits are tax credits that are given to the caregivers for each dependent child, that at the end of the tax year is under 17.

Flat Tax
Flat tax refers to a system where everyone is taxed at the same rate, regardless of how much they earn.

Gross Income
Gross income is an individuals or corporations total income before any taxes or deductions have been applied to the sum.

Net Income
Net Income is the total amount of income after all deductions and expenses.

Property Tax
Property tax is a tax that is assessed on real estate value by a local government.

Feel free to reprint this article as long as you keep the following caption and author biography in tact with all hyperlinks.

Ryan Fyfe is the owner and operator of Taxes Area. Which is a great web directory and information center on Taxes and related issues like Income tax and property tax.


MORE RESOURCES:

For investing, PCs are hands-down winners vs. Macs
USA Today - 12 hours ago
Both will run Web browser software, allowing you to complete 99% of the investing and money management tasks you'd want to do. ...


Investing in the Olympics
U.S. News & World Report, DC - 1 hour ago
The S&P 500 and the Dow have tumbled over the past year, but here's one unlikely index that's posting respectable returns: the Dow Jones 2008 Summer Games ...


Zell Focusing on Debt Investing While Awaiting Housing Rebound
Bloomberg - 4 hours ago
21 (Bloomberg) -- Billionaire Sam Zell said the housing market could start recovering as early as next year and he's focusing on investing in debt rather ...


Mergers and Acquisitions Offer Unique Investment Opportunities ...
MarketWatch - 5 hours ago
That's the conclusion of the latest Taking Stock commentary by members of the Core/Value Investing Team at Turner Investment Partners. ...


Zell Opts for Debt Investing, Awaits Housing Rebound (Update2)
Bloomberg - 6 minutes ago
21 (Bloomberg) -- Billionaire Sam Zell, founder of the largest publicly traded apartment landlord in the US, is investing in distressed debt instead of real ...


GM investing $500 million on Cruze
Detroit Free Press, United States - 10 minutes ago
By KATIE MERX • FREE PRESS BUSINESS WRITER • August 21, 2008 LORDSTOWN, Ohio — General Motors Corp. today gave the first public peek at the design of the ...


Investing in wine Buyers and cellars
Economist, UK - 4 hours ago
Speculators are allowed to buy a portion of the stuff in the hope that the wine proves to be a hit with the retail and investment market two or three years ...


Battle of the sexes in the investment world
Business Daily Africa, Kenya - Aug 20, 2008
Women tend to be less aggressive, but more informed while investing in stocks and options. August 21, 2008: A recent survey by Iowa State University found ...


The Lazy Investor's Guide to Retirement Success
Motley Fool - 6 hours ago
By John Rosevear For many of our Foolish readers, investing is a passion. But I know that for some of you, it's just something that needs to be done, ...


RBC Direct Investing expands offering with Model Portfolios
Canada NewsWire (press release), Canada - 6 hours ago
21 /CNW/ - Do-it-yourself investors at RBC Direct Investing now have access to a new feature that makes it easier for them to create a personal investment ...
Buying mutual funds? Here's some advice Rediff
With funds, buy and hold doesn't always pay off Globe and Mail
all 7 news articles

Investing - Google News

home | site map
© 2006