Tax Terms

6. An expense that may be deducted without itemizing deductions
8. Income that by law is not subject to income tax (2 words)
9. A nonrefundable credit for adoption expenses (2 words)
10. A return combining the income, exemptions, credits and deductions of a married couple (2 words)
11. Requirements that tax professionals must follow when preparing income tax returns (2 words)
12. An individual who owns shares of capital stock
15. The rate at which income at a particular level is taxed (2 words)
16. Credit A refundable credit available to taxpayers with three or more children (4 words)
19. Reduces tax liability, could be non-refundable or refundable
20. An amount($3900 for 2013) allowed by law as a reduction of income that would otherwise be taxed
23. An individual who has not remarried following the death of their spouse
24. The cost or other original basis of property plus or minus certain costs and expenses ( 2 words)
25. An adjustment to income permitted to employees who move for work-related reasons (2 words)
26. Child who meets relationship, residency, age, support and joint return tests. (2 words)
28. Property owned for personal well being and enjoyment (2 words)
29. Assets held more than twelve months (2 words)
30. Income from personal services (2 words)

1. The gain from the sale of a capital asset (2 words)
2. Date on which a capital asset is actually bought or sold (2 words)
3. Official IRS forms used to report various types of income, deductions and credits
4. Total worldwide income subject to tax (2 words)
5. The total amount of money provided on behalf of an individual
7. A base amount of income not subject to tax, based on filing status (2 words)
13. A record of compiled information that is generally not sent to the IRS with a tax return
14. Received on shares of common stock held by the taxpayer for more than 60 days, qualifying for long term capital gain treatment (2 words)
16. Gross income less allowable reductions (3 words)
17. Filing status for an unmarried person who pays over half the cost of maintaining a household for a qualifying dependent child (3 words)
18. Amounts that are subtracted from income that would otherwise be taxable
21. A stockholder's share of the profits of a corporation
22. The parent with whom a child lives for a greater number of nights during a year
27. An individual whose personal exemption may be claimed on another's tax return