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Self-control problems, say, among people on a diet, is caused by the cognitive bias known as time inconsistency.
Taxpayer
An individual or entity that is obligated to pay taxes to a federal, state, or local government based on income earned, property owned, or consumption.
Casualty Loss Deduction
A tax deduction that allows taxpayers to deduct losses caused by sudden, unexpected or unusual events such as natural disasters, fires, or thefts.
Fair Market Value
The price at which an asset would sell under normal market conditions between a willing buyer and seller, both having reasonable knowledge of the facts.
Adjusted Gross Income
An individual's total gross income minus specific deductions, used to determine taxable income.
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