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Tax Glossary
What Is “Married filing separately
What Is “Married filing separately”? Married filing separately is a tax status for legally married couples who choose to report...
Tax Glossary
What Is “Married filing jointly”?
What Is “Married filing jointly”? Married filing jointly is a tax status for couples who are legally married and agree...
Tax Glossary
What Is “Long-Term Capital Gain”?
What Is “Long-Term Capital Gain”? A long-term capital gain is the profit you make from selling an asset—like stocks, bonds,...
Tax Glossary
What Is “LLC Education Credit”?
What Is the LLC Education Credit? The LLC education credit, formally known as the Lifetime Learning Credit, is a federal...
Tax Glossary
What Is “Lifetime Learning Credit”?
What Is “Lifetime Learning Credit”? The Lifetime Learning Credit (LLC) is a federal tax credit designed to help students and...
Tax Glossary
What Is “Joint return test”?
What Is “Joint return test”? The joint return test is a rule used by the IRS to determine if you...
Tax Glossary
What Is an “ IRS transcript ”?
What Is an IRS Transcript? An IRS transcript is a summary of your tax return information or your tax account...
Tax Glossary
What Is “Itemized deduction”?
An itemized deduction is a specific, IRS-approved expense that you can list on your tax return to reduce your taxable...
Tax Glossary
What Is an “IRS Online Account”?
What Is an IRS Online Account? An IRS Online Account is a secure, web-based portal that allows individual taxpayers to...
Tax Glossary
What Is “IRS”?
What Is the IRS? The IRS, or Internal Revenue Service, is the U.S. federal agency responsible for collecting taxes and...