Accounting and Accountants

Directory of Accounting Resources and Certified Public Accountants (CPA's), Internal Revenue Service Departments Nationwide,
and American Payroll Associations.

Tax Terms Adjusted Basis: The Measure used as a starting point for determining a gain orloss on the sale or exchange of property. Your basis in a property is adjusted by certain increases (improvements, mortgage interest,etc.) or decreases (depreciation) Adjusted Gross Income: Your gross income reduced by certain adjustments allowed by law. Example: you may reduce your gross income by your deductible IRA contribution. Amended ReturnL A return (Form 1040x) filed within a three-year perios to correct a mistake on an original income tax return or to claim a refund. Basis: Generally the cost of an asset such as your home or other property. Child and Development Care Credit: A credit to reduce your taxes dollar for dollar based on expenses incurred in caring for a dependent so that you can be gainfully employed. Dependent: An individual who is supported by ataxpayer in a manner that entitles the taxpayer to claim an exemption allowance on his or her income tax return. Individuals must meet a number of requirements to qualify as dependents. Depreciation: A deductable expense that reflects a reasonable allowance for wear and tear of tangible property. Only property that hasa useful life of more thatn one year and is used for business of income-producing purposes can be depreciated. Domicile: The place thatn an individual intends to behis or her permanent residence. Earned Income Credit: A refundable credit, based on earned income, available to taxpayers with low income and /or dependent children. Exemption: An amount allowed to a taxpayer as a deduction for himself or herself and for each dependent. Filing Status: Your filing status is a category that identifies you based on your marital and family situation. It is important indetermining whether you are required to file, the amount of your standard deduction, your correct amount of tax, and whether or not you can take other deductions and credits. There are five filing statuses: SIngle, Married Filing Joint, Married Filing Separate, Head of Household and Qualifying Widow(er), Gross income: All of the income of a taxpayer before subtracting out any allowable adjustments. Itemized Deductions: Expenses claimed on your individual tax return that are subtracted from your adjusted gross income to arrive at taxable income. Some examples are medical expenses, interest, taxes to charitable contributions. Itemizeddeductions are listed on Schedule A. Taxable Income: Your adjusted gross income minus all allowable deductions and exemptions. This is the amount on which income tax is computed, before tax credits.

Accounting and Accountants Certified Public Accountants CPAs FASB: Financial Accounting Standards Board Payroll - American Payroll Associations Accounting Links Association of Government Accountants Rutgers Accounting Web Introduction IRS and Tax Sites IRS Sites: Internal Revenue Service Departments (Nationwide), Forms, Publications, and Taxpayer Advocacy and Witholding Calculators. Tax Sites Electronic Deposit E-File Employees v/s Independent Contractors Employment Tax Forms Employment Tax Notices Employment Tax publications FAQ IRA's Self Employment Tax Send your tax question to IRS Significant Employment Tax Cases Tax Information for Businesses Tax Information on Retirement Plans What are Employment Taxes Payroll Paychex, Inc. is a recognized leader in the payroll and human resource industry, serving over a half million businesses nationwide. Paychex Payroll Services. Get a free quote. Plus, sign up now and get one month of payroll processing free. See Also Payroll - American Payroll Associations See Also Small Business Resources