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Today's Terms
Federal income tax
Definition:
The federal government levies a tax on personal income. The federal income tax provides for national programs such as defense, foreign affairs, law enforcement, and interest on the national debt.
Earned Income Credit
Definition:
A tax credit for certain people who work, meet certain requirements, and have earned income under a specified limit.
Depreciation and Section 179 Expense
Definition:
50% special depreciation allowance. For qualified property you acquire after May 5, 2003, you can take a special depreciation allowance that is equal to 50% of the property's depreciable basis. However, instead of claiming the 50% special allowance, you can elect to claim the 30% special allowance or elect not to claim any special allowance.
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