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Today's Terms
Dependency exemption
Definition:
Amount that taxpayers can claim for their eligible dependents. Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year.
Employee
Definition:
Works for an employer. Employers can control when, where, and how the employee performs the work.
Meal Expense Deduction
Definition:
Generally, you can deduct only 50% of your business-re-lated meal expenses while traveling away from your tax home for business purposes. Also, you can generally deduct only 50% of certain reimbursements you make to your employees for meal expenses they incur while traveling away from home on business.
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