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Tax Glossary
What Is “ Paper filing ”?
What Is Paper Filing? Paper filing is the traditional method of submitting a tax return by printing out physical forms,...
Tax Glossary
What Is “ Paid preparer ”?
What Is a Paid Preparer? A paid preparer is any person or business that is paid to prepare, assist in...
Tax Glossary
What Is “Overpayment”?
What Is “Overpayment”? In the world of U.S. taxes, an overpayment occurs when the total amount of tax you paid...
Tax Glossary
What Is “ Ordinary income ”?
Ordinary income is any money you earn that is taxed at the standard federal income tax rates. It is the...
Tax Glossary
What Is “Ordinary dividends”?
What Is “Ordinary dividends”? Ordinary dividends are corporate distributions paid out of a company’s earnings and profits to its shareholders....
Tax Glossary
What Is “ODC”?
What Is “ODC”? ODC stands for the Credit for Other Dependents. It is a non-refundable federal tax credit typically worth...
Tax Glossary
What Is “ Nontaxable income ”?
Nontaxable income is money, property, or value you receive that the IRS legally exempts from federal income tax. Unlike your...
Tax Glossary
What Is “Nonrefundable credit”?
What Is “Nonrefundable Credit”? A nonrefundable credit is a type of tax incentive that allows you to reduce your total...
Tax Glossary
What Is “ Noncash compensation ”?
Noncash compensation is any property, service, or perk an employer gives to a worker as payment instead of traditional money....
Tax Glossary
What Is “NOL Deduction”?
What Is “NOL Deduction”? A Net Operating Loss (NOL) deduction occurs when a taxpayer’s business-related tax deductions exceed their total...