Tax Glossary

A retirement savings plan that is available to self-employed taxpayers. Contributions are deductible within specific limits.

The Katrina Emergency Tax Relief Act of 2005.

The kiddie tax was designed to prevent parents from lowering the family’s tax bill by transferring income-producing assets to children in lower tax brackets. This tax applies to all children age 18 or younger, as well as to full-time students who are between 19 to 23 years old and whose earned income is ≤ 50% of his/her support.

A child who is presumed by law enforcement authorities to have been kidnapped by someone who is not a family member.

All undivulged technical information, whether or not capable of being patented, that is necessary for the industrial reproduction of a product or process.