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Taxation

Standard Deduction

The standard deduction is the federal income tax deduction available to taxpayers who do not itemize their deductions.

Taxpayers who take the standard deduction instead of itemizing their deductions enjoy no income tax benefit from making charitable donations.

Sponge Tax

Sponge tax is the term used to describe a state death tax that maximizes the state's share of an estate's transfer taxes without increasing the estate's total transfer tax burden.

Short Term Capital Gain

Short term capital gain is capital gain realized on the sale of property that the seller has held for 12 months or less. Realized short term capital gain is subject to ordinary income tax.

Section 501(C)(3)

Section 501(C)(3) is a section of the IRS Code that defines the requirements for being a non-profit institution.

Section 170(C)

Section 170(C) is a section of the IRS Code that defines the charitable contribution.

Schedule SE

Schedule SE is the portion of the federal income tax return where the taxpayer computes self-employment tax. The taxpayer attaches Schedule SE to his or her Form 1040 when filing the return.

Schedule R

Schedule R is the portion of the federal income tax return where the taxpayer computes the tax credit for the elderly or disabled. The taxpayer attaches Schedule R to his or her Form 1040 when filing the return.

Schedule E

Schedule E is the portion of the federal income tax return where the taxpayer reports all supplemental income and loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, etc. The taxpayer attaches Schedule E to his or her Form 1040 when filing the return.

Schedule D

Schedule D is the portion of the federal income tax return where the taxpayer itemizes all realized capital gains and losses. The taxpayer attaches Schedule D to his or her Form 1040 when filing the return.

Schedule C

Schedule C is the portion of the federal income tax return where the taxpayer reports all profit or loss from a sole proprietorship. The taxpayer attaches Schedule C to his or her Form 1040 when filing the return.

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