Off to Two Mines
(Page 3 of 5)
NORTH CENTRAL (Illinois, Iowa, Minnesota, Missouri,
Nebraska, North Dakota, South Dakota, and Wisconsin): P.O.
Box 24711, 1500 E. Bannister Rd., Kansas City, MO
64131.
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SOUTH CENTRAL (Arkansas, Colorado, Kansas, Louisiana,
New Mexico, Oklahoma, Texas, and Wyoming): P.O. Box 2924,
Austin, TX 78769.
WEST (Alaska, Arizona, California, Hawaii, Idaho,
Montana, Nevada, Oregon, Utah, and Washington): P.O. Box
12626, Fresno, CA 93778.
A Glossary to Tax Terms
Accelerated cost recovery system (ACRS): A
method of depreciation for 3-, 5-, 10, and 18-year property
wherein the full percentage is allowed in the first year
(no matter when during the year the property was
purchased), varying percentages are allowed (as specified
in the instructions for Form 4562) in subsequent years, and
no percentage is allowed in the last year. Each year's
percentage is set by the IRS.
Accrual accounting: An accounting system
wherein income and expenses are listed at the time of
service, not of payment. Under accrual, you count income
you've earned but not yet received and expenses you've
incurred but not yet paid bills for. You can't switch
methods of accounting without permission from the IRS.
Adjusted gross income: The amount of your
total income that remains after adjustments—such as
moving expenses, employee business expenses, IRA or Keogh
payments, penalties for early savings withdrawals, alimony
paid, deductions for married couples with both working, and
disability income exclusion—are subtracted. This
amount must be reported on line 33 of Form 1040 and
precedes either itemized deductions or the standard
exclusion.
Allocation: A process wherein an expense
is divided between two situations. One part may be
deductible while the other isn't. For example, a portion of
the total cost of driving your personal automobile may be
deductible as a business expense: The total cost of driving
the car is allocated.
Amortization: A process similar to
depreciation wherein income (such as bonds bought at
discount) or expense (such as business startup costs) is
spread over several tax years.
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