Tag: tax terms

Definitions — Curtailing the number


Voluntary truncation hardly sounds like an enjoyable pastime. But cutting off part of taxpayer identification numbers may be a way to reduce identity theft.

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Definitions — Not so strictly confidential


You’ve probably heard the old joke about life’s two rules. The first one is to never give out all the information.

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Definitions — Paying the piper


Whether you believe the expression comes from the Pied Piper of legend or the old proverb, paying the piper does not always mean you get to call the tune.

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Definition — Fun with statistics


Keep calm, it’s only statistics, and according to author Rex Stout, there are only two kinds – the kind you make up and the kind you look up.

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Decisions — On the wild side


Movies, books, the great outdoors — sometimes even the tax code takes a walk on the wild side. Here are two recent decisions to test your knowledge about tax rules less-traveled.

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Definitions — The great depreciation

Section 179 depreciation, a tax provision that currently allows taxpayers to write-off up to $500,000 for 2016 ($510,000 for 2017), has been around long enough that you may think you’re very familiar with the rules. Here’s a quiz to check your knowledge.

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Definition — Backing Up

Image source: openclipart.org by the wizardplusplus

Do you have a backup plan? The IRS does too.

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Definitions — Double Trouble

Image source: Galiaoffri [GFDL (http://www.gnu.org/copyleft/fdl.html), via Wikimedia Commons

Depending on which myth you chose to believe, your double is roaming the world searching for you, either with a desire to complete you or to do you evil.

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Definitions — Here, there, everywhere

Source: By J.-N. L. (own re-drawing) [FAL], via Wikimedia Commons

Like the ubiquitous Kilroy of World War II fame, tax law seems to be everywhere. Here are two examples of tax rules popping up where you might not expect them.

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Definitions — Your tax reading diet

Image source: GAO-16-720

The food pyramid, an old-school nutrition guide issued by the US government, disappeared in 2011. But if your reading diet includes IRS documents, you’re in luck.

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