|
|
Houston Mortgage > Glossary >
Credit Repair > T 1-10
|
|
T (tiered)
If the letter T appears after the annual percentage rate (APR) on Bankrate rates tables, the interest rate is based on tiered pricing, with different periodic rates applied to different levels of the outstanding balance. The rate shown applies to the lowest of the balance tiers.
Tax Certificate ID
State sales tax ID number issued when tax certificate issued.
Tax deduction
A tax deduction is an amount that the IRS allows you to subtract from your income before computing your income tax. If you have taxable income of $30,000 and deductions of $3,000, then you would figure how much tax you owe on the difference -- $27,000. People may take a standard deduction on federal income taxes, an amount established each year by the IRS for each filing status. Or, if they have a greater amount of deductions than the standard amount, they can deduct them by itemizing expenses on Schedule A. Typical itemized deductions include mortgage interest, some loan points, property taxes and state income taxes. Some other items -- such as alimony payments, moving expenses, deductible IRA and Keogh contributions -- may be deducted directly on the long Form 1040.
Tax Liability
The total amount of tax you owe.
Tax lien
A claim, or obstacle, to the sale of property because of unpaid taxes. The property's title can't be transferred until liens are paid.
Tax preference items
Items, such as accelerated depreciation, percentage depletion or certain tax-exempt income, that are considered to have favorable tax treatment. Using these items could cause you to face the alternative minimum tax.
Tax sale
A government sale of property to recover unpaid taxes.
Taxpayer Bill of Rights
When Congress passed the IRS Restructuring and Reform Act in 1998, it instructed the IRS to change its mission statement and to tell taxpayers what they can expect when dealing with the agency. Among the orders: shift the burden of proof in tax cases from the taxpayer to the IRS and extend the attorney-client confidentiality privilege to communications between a taxpayer and any individual authorized to practice before the IRS, such as CPAs, enrolled agents and enrolled actuaries. These and othe
Taxpayer Identification Number
Your Social Security number (SSN) for yourself as an individual, or your employer identification number (EIN) for your business. See adoption taxpayer identification number (ATIN) and individual taxpayer identification number (ITIN) for aliens.
Teaser rate
Often called the introductory rate, it is the below-market interest rate offered to entice customers to switch credit cards or lenders.
|
|
|
Houston Home Mortgage