An ad valorem tax is a tax based on the assessed value of an item, such as real estate or personal property. The term 'ad valorem' is Latin for 'according to value.'
Alimony refers to financial support provided by one spouse to another following a divorce or separation.
A nonrefundable tax credit allowed for a percentage of the expenses incurred for household services or care of a child or other dependent, where a taxpayer maintains a household that includes one or more dependents who are under 13 years of age or mentally or physically incapacitated. The percentage of credit varies inversely with the taxpayer's adjusted gross income (AGI) between $15,000 and $43,000.
A tax credit available to eligible taxpayers who are elderly, permanently disabled, or both, offering a maximum allowable credit of up to $1,125.
Exemption Phase-Out refers to the gradual reduction in the amount that can be claimed as a deduction for personal exemptions as Adjusted Gross Income (AGI) rises above a specified threshold.
Medical Expense Deduction refers to the allowable itemized deduction by individuals for unreimbursed payments for medical care, prescription drugs, and medical insurance premiums, limited to the amount that exceeds 7.5% of the taxpayer's adjusted gross income (AGI).
Job expenses and other miscellaneous expenses that are deductible by individual taxpayers but do not fall under medical expenses, taxes, interest, charitable contributions, casualty and theft losses, or moving expenses.
A payment made to an employee or another party to cover expenses or losses incurred. Common in corporate settings for expenses like travel and entertainment.
