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Tax Glossary
What Is “IRC”?
What Is “IRC”? IRC stands for the Internal Revenue Code. It is the official, comprehensive set of federal tax laws...
Tax Glossary
What Is an “IRA Distribution”?
IRA Distribution: A Beginner’s Guide to Retirement Withdrawals An IRA distribution is any withdrawal of cash or assets from your...
Tax Glossary
What Is “IRA deduction”?
An IRA deduction is an “above-the-line” tax write-off that allows you to reduce your taxable income by the amount you...
Tax Glossary
What Is “Investment Interest Expense Deduction”?
What Is “Investment Interest Expense Deduction”? The Investment Interest Expense Deduction is a tax break that allows you to deduct...
Tax Glossary
What Is “ Investment income ”?
Investment income is money you earn from your financial assets rather than from your physical labor or day job. It...
Tax Glossary
What Is “Internal Revenue Service”?
What Is the Internal Revenue Service? The Internal Revenue Service (IRS) is the U.S. federal agency responsible for collecting taxes...
Tax Glossary
What Is “Internal Revenue Code”?
What Is the Internal Revenue Code (IRC)? The Internal Revenue Code (IRC) is the primary body of federal tax laws...
Tax Glossary
What Is “ Interest income ”?
Interest income is the money you earn from lending your funds to another party, such as a bank, corporation, or...
Tax Glossary
What Is “ Installment agreement ”?
What Is an Installment Agreement? An installment agreement is a formal contract between a taxpayer and the IRS that allows...
Tax Glossary
What Is “ Innocent spouse relief ”?
What Is Innocent Spouse Relief? Innocent spouse relief is a provision that can release a taxpayer from responsibility for paying...