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Tax Glossary
What Is “ Prior-year tax safe harbor ”?
What Is Prior-Year Tax Safe Harbor? The prior-year tax safe harbor is a rule that allows taxpayers to avoid underpayment...
Tax Glossary
What Is “Principal place of abode”?
What Is “Principal place of abode”? A “principal place of abode” is the primary physical home where you, or your...
Tax Glossary
What Is “Previously Owned Clean Vehicle Credit”?
The Previously Owned Clean Vehicle Credit is a federal tax incentive for individuals who purchase a qualified used electric vehicle...
Tax Glossary
What Is “Premium Tax Credit”?
What Is “Premium Tax Credit”? The Premium Tax Credit (PTC) is a refundable federal tax credit designed to help eligible...
Tax Glossary
What Is “ Portfolio income ”?
Portfolio income is money you earn from paper investments, such as stocks, bonds, mutual funds, and high-yield savings accounts. It...
Tax Glossary
What Is “Personal exemption”?
What Is “Personal exemption”? A personal exemption was a specific dollar amount that taxpayers could deduct from their income for...
Tax Glossary
What Is “Pension Income”?
Pension Income: A Beginner’s Guide to Retirement Tax Rules Pension income is a series of regular payments made to a...
Tax Glossary
What Is a “ Payment plan ”?
What Is a Payment Plan? A payment plan, also known as an installment agreement, is a formal arrangement made with...
Tax Glossary
What Is “Pay-as-you-go tax system”?
What Is “Pay-as-you-go tax system”? The pay-as-you-go tax system is the method the U.S. government uses to collect income tax...
Tax Glossary
What Is “ Passive income ”?
Passive income is money you earn from a trade, business, or rental activity in which you do not “materially participate”...