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Tax Glossary
What Is “Deduction for one-half of self-employment tax”?
The deduction for one-half of self-employment tax is an IRS rule that allows self-employed individuals to write off 50% of...
Tax Glossary
What Is “Dental Expense Deduction”?
What Is “Dental Expense Deduction”? The dental expense deduction is a federal tax benefit that allows you to subtract unreimbursed...
Tax Glossary
What Is “Dependent”?
What Is “Dependent”? A dependent is a person—usually a child or a relative—who relies on you for financial support and...
Tax Glossary
What Is “Dependent Care Assistance Exclusion”?
What Is “Dependent Care Assistance Exclusion”? The dependent care assistance exclusion is a tax benefit that allows employees to exclude...
Tax Glossary
What Is “ Cryptocurrency income ”?
Cryptocurrency income refers to digital assets you receive as a form of payment, reward, or compensation, rather than buying them...
Tax Glossary
What Is “CTC”?
What Is “CTC”? CTC stands for the Child Tax Credit, a federal tax benefit designed to help families offset the...
Tax Glossary
What Is “Deduction”?
A tax deduction is an eligible expense that you can subtract from your total income before calculating how much tax...
Tax Glossary
What Is “Credit for the Elderly or Disabled”?
What Is “Credit for the Elderly or Disabled”? The Credit for the Elderly or Disabled is a federal tax benefit...
Tax Glossary
What Is “ Contractor income ”?
Contractor income is the money you earn when you provide services to a business or client as an independent worker,...
Tax Glossary
What Is “ CPA ”?
What Is a CPA? A CPA, or Certified Public Accountant, is a licensed financial professional who has passed a rigorous...