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Worthless Securities

Definition of Worthless Securities: A loss is permitted for a security that becomes worthless during the year. The loss is considered to have occurred on the last day of the year. Special rules apply...

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Worksheet

Definition of Worksheet: Documentation of compiled information that is usually not sent to the IRS with a tax return. Additional Worksheet Information:

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Work Opportunity Credit

Definition of Work Opportunity Credit: A credit available to employers who hire employees from certain destitute groups. The credit is claimed using Form 5884. Additional Work Opportunity Credit...

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Withholding Allowances

Definition of Withholding Allowances: A credit available to employers who hire employees from certain destitute groups. The credit is claimed using Form 5884. Additional Withholding Allowances...

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Widow (Widower)

Definition of Widow (Widower): A woman (man) who hasn’t remarried subsequent to the death of her husband (his wife). Additional Widow (Widower) Information:

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Welfare to Work Credit

Definition of Welfare to Work Credit: A tax credit for employers that have hired workers from welfare rolls. The Welfare to Work Credit is claimed on Form 8861.

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Wash Sale

Definition of Wash Sale: A Wash Sale is when a purchase of substantially similar stock or other form of securities within 30 days before or after the sale of the similar stock or security at a loss. A...

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Vested Benefits

Definition of Vested Benefits: Pension benefits belonging to the taxpayer.

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Vacation Home

Definition of Vacation Home: The Tax Code places limitations on taxpayers who rent their residences or vacation homes to others during part of the tax year. The limitations may result in scaling down...

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Unstated Interest

Definition of Unstated Interest: Interest which must be determined and the sale price lowered by this amount when interest is not stated in an installment agreement or the interest rate applied is less...

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