Hello World
Tax Glossary
What Is “Marital Deduction”?
The marital deduction is a provision in the U.S. tax code that allows married couples to transfer an unlimited amount...
Tax Glossary
What Is “Long-Term Care Insurance”?
Long-term care insurance (LTCI) is a specialized insurance policy designed to cover the costly medical and personal care services required...
Tax Glossary
What Is “Local Income Tax”?
Local income tax is a tax levied by specific municipalities, counties, or school districts on money earned by individuals who...
Tax Glossary
What Is “Lobbying Activity”?
Lobbying activity refers to any deliberate attempt to influence legislation by communicating with lawmakers, government staff, or the general public...
Tax Glossary
What Is a “Livestock Sale”?
A livestock sale is the transaction of transferring ownership of farm animals—such as cattle, horses, sheep, swine, goats, or poultry—to...
Tax Glossary
What Is the Lifetime Gift Tax Exemption?
The lifetime gift tax exemption is a comprehensive federal tax shelter that allows individuals to give away a substantial, multi-million...
Tax Glossary
What Is “Irrevocable trust”?
An irrevocable trust is a legal arrangement that cannot be modified, amended, or terminated by the person who created it...
Tax Glossary
What Is “Intermediate Sanctions”?
Intermediate sanctions are a set of federal excise tax penalties imposed by the IRS directly on non-profit insiders and managers...
Tax Glossary
What Is “Income distribution deduction”?
The income distribution deduction is a tax benefit that allows independent trusts and estates to reduce their taxable income by...
Tax Glossary
What Is “Household Income”?
For U.S. federal tax purposes, household income is the specialized cumulative financial metric used by the Internal Revenue Service (IRS)...