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Tax Glossary
What Is a “Parsonage Allowance”?
A parsonage allowance is a specific tax provision that allows ordained, licensed, or commissioned ministers who live in a church-provided...
Tax Glossary
What Is “Nontaxable Combat Pay”?
Nontaxable combat pay is the compensation received by members of the U.S. Armed Forces for active service in a government-designated...
Tax Glossary
What Is the “More Likely Than Not Standard”?
The “more likely than not” standard is a high legal benchmark used by the IRS and tax courts to evaluate...
Tax Glossary
What Is “Ministerial Income”?
Ministerial income refers to the compensation received by a duly ordained, commissioned, or licensed minister for performing religious services and...
Tax Glossary
What Is a “Military Tax Extension”?
A military tax extension is a specialized provision under U.S. tax law that postpones the deadlines for filing tax returns,...
Tax Glossary
What Is “Military Spouse Residency Relief”?
Military spouse residency relief refers to federal tax protections that allow the civilian spouses of active-duty U.S. service members to...
Tax Glossary
What Is the “Low-Income Housing Tax Credit”?
The Low-Income Housing Tax Credit, commonly abbreviated as LIHTC and governed by Section 42 of the Internal Revenue Code, is...
Tax Glossary
What Is the “Investment Credit”?
The investment credit, formally calculated under Section 46 of the Internal Revenue Code, is a federal tax incentive designed to...
Tax Glossary
What Is “Indoor Tanning Services Tax”?
The Indoor Tanning Services Tax, codified under Section 5000B of the Internal Revenue Code, is a federal excise tax levied...
Tax Glossary
What Is “Highway use tax”?
The Highway Use Tax, officially known by the IRS as the Heavy Highway Vehicle Use Tax (HVUT), is a federal...