TAXES 101
This is the key difference between a tax credit and a deduction.
What is credit reduce tax dollar-for-dollar?
Oregon can tax a nonresident as a resident if this many days are spent in the state and a permanent home is maintained.
What is 200 days?
What is the max capital loss you can deduct annually?
What is $3,000?
This depreciation method spreads cost evenly over time.
What is straight-line depreciation?
This weird tax was based in how many windows a house had.
What is the window tax?
What is the penalty-free deadline to pay taxes if you file an extension?
What is April 15th?
Military retirees with service before this date may deduct part of their retirement pay
What is October 1, 1991
What holding period is required for dividends to be considered qualified?
What happens to depreciation in the year the property is sold?
What is it is prorated?
Before income taxes, governments relied heavily on these.
What are excise taxes (tariffs)?
What type of expenses are fines and penalties classified as for tax purposes?
Nondeductible expenses
This Oregon program lets one donation produce both a charitable deduction and a state tax credit.
What is the Oregon Cultural Trust?
How much capital loss can be carried forward if it isn't used this year?
What is unlimited?
Early income taxes were aimed mostly at this group.
What are wealthy individuals?
What is the maximum immediate deduction for startup costs?
What is $5,000?
The CAT applies once Oregon commercial activity exceeds this amount.
What is $1 million?
What happens to lost or stolen crypto under law?
What recovery period applies to breeding cattle?
What is 5 years.
The income tax expanded dramatically to fund this war.
What is World War II?
What tax result applies when a taxpayer repays income previously taxed under a claim of right?
What is A deduction or credit under Section 1341
The bicycle excise tax applies only to bicycles costing at least this amount.
What is $200.
Donating appreciated stock avoids paying this tax.
What is capital gains tax?
Under MACRS, grapevines are depreciated over this number of years.
What is 10 years?
This amendment made the federal income tax legal.
What is the 16th Amendment?