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Tax Glossary
What Is “Child and Dependent Care Credit”?
What Is “Child and Dependent Care Credit”? The Child and Dependent Care Credit is a federal tax benefit designed to...
Tax Glossary
What Is “Charitable contribution deduction”?
The charitable contribution deduction is a tax write-off that allows you to lower your taxable income by the amount you...
Tax Glossary
What Is “Casualty Loss Deduction”?
What Is a Casualty Loss Deduction? A casualty loss deduction is a tax break that allows you to deduct losses...
Tax Glossary
What Is “Capital loss”?
What Is “Capital loss”? A capital loss occurs when you sell a capital asset—such as a stock, bond, or investment...
Tax Glossary
What Is “Capital Loss Deduction”?
What Is “Capital Loss Deduction”? A capital loss deduction occurs when you sell a capital asset—such as stocks, bonds, or...
Tax Glossary
What Is “Capital gains”?
What Are Capital Gains? Capital gains are the profits you realize when you sell a “capital asset”—such as stocks, bonds,...
Tax Glossary
What Is “Capital gain distribution”?
What Is a Capital Gain Distribution? A capital gain distribution is a payment made by a mutual fund or real...
Tax Glossary
What Is “ Cancellation of debt income ”?
Cancellation of debt income occurs when a creditor or lender forgives a financial balance you owe, meaning you no longer...
Tax Glossary
What Is “ Business income ”?
Business income is any money your company earns from its ordinary operations, such as selling products, providing services, or renting...
Tax Glossary
What Is “Business expense deduction”?
A business expense deduction is an ordinary and necessary cost of running a trade or business that you can subtract...