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Tax Glossary
What Is the “Medicare Premiums Deduction”?
The Medicare premiums deduction is a federal tax provision that allows eligible taxpayers to deduct the out-of-pocket costs of their...
Tax Glossary
What Is a “Marketplace Facilitator”?
A marketplace facilitator is an online platform that contracts with third-party sellers to promote, process, and execute the sale of...
Tax Glossary
What Is “Marketplace Coverage”?
Marketplace coverage refers to a private health insurance plan purchased through the federal Health Insurance Marketplace (via HealthCare.gov) or a...
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...