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Tax Glossary
What Is “Tuition and Fees Deduction”?
What Is “Tuition and Fees Deduction”? The tuition and fees deduction was a federal tax benefit that allowed taxpayers to...
Tax Glossary
What Is “Trust Income”?
Trust Income: A Simple Guide for Beneficiaries and Trustees Trust income is the money earned by assets held within a...
Tax Glossary
What Is “ Tips ”?
Tips (or gratuities) are voluntary, optional extra payments given by a customer to a worker for a provided service. For...
Tax Glossary
What Is “ Treasury Offset Program ”?
What Is the Treasury Offset Program? The Treasury Offset Program (TOP) is a centralized debt collection system managed by the...
Tax Glossary
What Is “Theft Loss Deduction”?
What Is “Theft Loss Deduction”? A theft loss deduction is a tax provision that allows taxpayers to deduct the financial...
Tax Glossary
What Is “Tax-exempt interest”?
What Is Tax-Exempt Interest? Tax-exempt interest is income you earn on certain investments that is not subject to federal income...
Tax Glossary
What Is “ Taxable Social Security benefits ”?
Taxable Social Security benefits refer to the specific portion of your monthly Social Security payments that is subject to federal...
Tax Glossary
What Is “ Taxable interest ”?
Taxable interest is the money you earn from bank accounts, loans, or corporate bonds that the IRS requires you to...
Tax Glossary
What Is “ Taxable income ”?
Taxable income is the portion of your total income that is actually subject to IRS taxes. It is the final,...
Tax Glossary
What Is “ Taxable fringe benefit ”?
A taxable fringe benefit is any extra perk or compensation provided by an employer that the IRS requires you to...