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Tax Glossary
What Is “Schedule 3”?
What Is “Schedule 3”? Schedule 3 is a supplemental form for Form 1040 used to claim additional tax credits and...
Tax Glossary
What Is “Schedule 2”?
What Is “Schedule 2”? Schedule 2 is a supplemental tax form used by individual taxpayers to report “Additional Taxes” that...
Tax Glossary
What Is “Schedule 1”?
What Is “Schedule 1”? Schedule 1 is a supplemental tax form used to report “Additional Income” and “Adjustments to Income”...
Tax Glossary
What Is “Saver’s Credit”?
What Is “Saver’s Credit”? The Saver’s Credit, formally known as the Retirement Savings Contributions Credit, is a federal tax benefit...
Tax Glossary
What Is “SALT Deduction”?
What Is “SALT Deduction”? The SALT deduction allows taxpayers who itemize their deductions to subtract certain state and local taxes...
Tax Glossary
What Is “ Salary ”?
A salary is a fixed, regular payment that an employer makes to an employee in exchange for their work over...
Tax Glossary
What Is “S Corporation Income”?
S Corporation Income: A Simple Guide for Small Business Owners S corporation income refers to the net profit earned by...
Tax Glossary
What Is “Royalty Income”?
Royalty Income: A Simple Tax Guide for Creators and Investors Royalty income is money you receive in exchange for letting...
Tax Glossary
What Is “ Return transcript ”?
What Is a Return Transcript? A return transcript is a summary of your federal tax return that provides most of...
Tax Glossary
What Is “ Retirement Savings Contributions Credit ”?
What Is the Retirement Savings Contributions Credit? The Retirement Savings Contributions Credit, popularly known as the Saver’s Credit, is a...