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Click the first letter of the term you're searching for to get an easy-to-understand explanation.

Abandonment -

The act of voluntarily and permanently giving up possession and use of property with the intention of ending ownership without transferring ownership to another person.

Abode -

The taxpayer's home, habitation, residence, domicile, or place of dwelling.

Academic Period -

A semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution.

Accelerated Cost Recovery System (ACRS) -

The name given to tax rules relating to recovering, through depreciation deductions, the cost of property used in a trade or business to produce income.ACRS applies to property first used before 1987.

Accelerated Death Benefits -

Any amounts paid under a life insurance contract, prior to death, for an individual who is terminally or chronically ill.

Accountable Plan -

A reimbursement or allowance arrangement that requires an employee to account to their employer for their business expenses within a reasonable time.

Accounting Method -

The way a taxpayer accounts for income and expenses.

Active Conduct of Trade or Business -

Generally, to participate meaningfully in the management or operations of a trade or business.

Advanced Premium Tax Credit (APTC) - 

An equal portion of the estimated Premium Tax Credit for the taxpayer that is paid directly to the health insurance company from the Treasury Department to help reduce the taxpayer's out-of-pocket insurance costs.

Affordable Care Act (ACA) - 

Sometimes referred to as "Obamacare", the Affordable Care Act (ACA) is a federal law that requires all individuals to have health insurance beginning January 1, 2014.  The regulations include a tax credit to help pay the insurance premiums, a penalty for taxpayers who do not have insurance and do not qualify for an exception, and a penalty for large employers who do not offer affordable minimum essential coverage to their employees.

Applicable Taxpayer -

An individual whose household income is between 100% and 400% of the Federal Poverty Level, can claim their own exemption, and will not be filing a tax return using the married filing separately status.