Glossary of Tax Terms
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
U.S. Savings Bonds Adjustment
Underpayment Penalty
Unearned Income
Unstated Interest
Useful Life
An adjustment to your taxable interest for any interest on U.S. Savings Bonds that you have already reported and paid tax on as the interest was earned.
A penalty for not paying enough total estimated tax and withholding. You can avoid underpayment penalties by paying the either 100 percent of last year's tax or 90 percent of this year's tax in combined estimated and withholding tax payments.
Income such as interest, dividends, capital gains, or rents, as opposed to earned income, such as wages, tips, and salaries.
Interest the IRS assumes has been paid on a loan if the stated interest rate is below a minimum, called the applicable federal rate.
The number of years depreciable business property is expected to be productive and in use. For depreciation purposes, the IRS has predetermined useful lives for most types of business properties.
