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MACRS is the abbreviation for Modified Accelerated Cost Recovery System. It is a statutory method of depreciation allowing accelerated rates for most types of property used in a business or income producing activities.

AMT stands for Alternative Minimum Tax. The Alternative Minimum Tax was developed in 1969 to make sure that wealthy taxpayers didn't escape paying income taxes. The tax was meant to target high-income taxpayers who may have many deductions and can sometimes avoid paying any income taxes at all.
To make sure that all taxpayers with substantial income are not able to avoid paying tax, the law limits the benefit a taxpayer can receive from favorable treatment of certain deductions and preferences.
The Alternative Minimum tax is computed on IRS Form 6251.
If the Alternative Minimum tax calculation results in a higher tax then the Regular income tax, then the difference is added to the Regular tax computation.

If the IRS can prove that a false or fraudulent tax return was originally filed with the intent to evade taxes, then there is no limitation on when the return is audited or when the tax may be assessed.

Generally, the IRS has three years after the date your return is filed to assess additional taxes. If you fail to report an item of income which is more than 25% of the gross income you reported on your tax return, then the IRS has six years after the return is filed to assess additional taxes. If the IRS can prove a fraudulent return was filed, then there is no time limit to assess additional taxes.

The jury duty pay you receive is taxable and reportable on IRS Form 1040, line 21 as other income.
Any pay you gave to your employer during your jury duty period is deductible from Adjusted Gross Income on IRS Form 1040, line 21.

The amount you paid for acupuncture can be deducted as a medical itemized deduction on IRS Schedule A, subject to the 7.5% Adjusted Gross Income limitation.

The cost of installing a safe for storing investments in your home is deductible on IRS Schedule A as miscellaneous deduction, subject to the 2% Adjusted Gross Income limitation.

If you intend to participate in Division I or II athletics as a freshman, you should register after your junior year in HS and be certified by the NCAA Initial-Eligibility Clearinghouse. Go to your college office in your HS or write to NCAA Clearinghouse, PO Box 4044, Iowa City, IA 52243-4044, 319-337-1492, Fax 319-337-1556, www.ncaa.org to get the applicable forms.

The National Collegiate Athletic Association (NCAA) was founded in 1906. It is currently (year 2001)made up of 964 schools classified in three divisions. Division I has 310 schools (divided into two subdivisions; 1-A and I-AA). Division II has 267 schools. Division III has 387 schools. The NCAA sponsors 81 championships in 22 sports. Almost 24,500 men and women student-athletes annually compete for NCAA titles.

Colleges prepare a budget, known as their Cost of Attendance, (COA), to help students plan their educational expenses and apply for financial aid. Generally, the budget includes tuition, fees, books and supplies, room and board, travel, personal and miscellaneous expenses.