Instructions: Identify the Following Terms

question 56

Short Answer

Instructions: Identify the following terms:
Privateer

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Definitions:

Moving Expenses

These are costs associated with relocating for a job or business that, under certain conditions, may be deductible for tax purposes.

Taxpayer

An individual or entity obligated to pay taxes to a federal, state, or local government.

Deductibility

Refers to the extent to which an expense can be subtracted from gross income to reduce taxable income.

Self-Employed Individuals

People who work for themselves, not as employees of another, and are responsible for their own taxes and benefits.