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Tax Glossary
What Is “Vehicle expense deduction”?
The vehicle expense deduction is a tax write-off that allows self-employed individuals and business owners to deduct the costs of...
Tax Glossary
What Is “ Unearned income ”?
Unearned income is money you receive without actively working for it, such as interest from a bank account, stock dividends,...
Tax Glossary
What Is “ Unemployment compensation ”?
Unemployment compensation is temporary financial assistance paid by state or federal governments to eligible workers who have lost their jobs...
Tax Glossary
What Is “ U.S. source income ”?
U.S. source income refers to money you earn or receive from activities, investments, or properties located within the United States....
Tax Glossary
What Is “Underpayment”?
What Is “Underpayment”? Underpayment occurs when a taxpayer fails to pay enough of their total tax liability through withholding or...
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 “ 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 “ 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 “Theft Loss Deduction”?
What Is “Theft Loss Deduction”? A theft loss deduction is a tax provision that allows taxpayers to deduct the financial...