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Expensing

In taxation, expensing means deducting the full cost of an asset or expense immediately in the year it occurs, rather than depreciating or deducting it over several years.

Deduction

An amount that can be subtracted from your taxable income, which reduces the total amount of income on which you have to pay taxes.

Taxable year

The annual period used for calculating income tax, typically a calendar year (January 1 to December 31) for individuals, or a fiscal year for businesses.

United States person

As defined in tax law, this generally includes U.S. citizens, resident aliens, domestic partnerships, domestic corporations, and domestic estates or trusts.

Trust fund

A fund established by law in the U.S. Treasury to hold money for a specific purpose, separate from the general operating funds of the government.

Tariffs

Taxes imposed by a government on imported goods and services. They are used to restrict trade, generate revenue, or protect domestic industries.

Appropriated

When Congress or a legislature formally authorizes money to be spent for a specific government program or purpose.