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Tax Glossary
What Is “ Tax deadline ”?
What Is a Tax Deadline? A tax deadline is the official date by which a taxpayer must submit their tax...
Tax Glossary
What Is “Tax Credit”?
What Is “Tax Credit”? A tax credit is a dollar-for-dollar reduction of the actual tax you owe to the IRS....
Tax Glossary
What Is “ Tax account transcript ”?
What Is a Tax Account Transcript? A Tax account transcript is an official document from the IRS that provides a...
Tax Glossary
What Is “Support test”?
What Is “Support test”? The support test is an IRS requirement used to determine if you provide enough financial assistance...
Tax Glossary
What Is “Student loan interest deduction”?
The student loan interest deduction is a tax break that allows eligible borrowers to write off up to $2,500 of...
Tax Glossary
What Is “State and Local Tax Deduction”?
What Is “State and Local Tax Deduction”? The State and Local Tax (SALT) deduction allows taxpayers who itemize their deductions...
Tax Glossary
What Is “Standard mileage rate”?
The standard mileage rate is a flat, per-mile dollar amount set by the IRS that taxpayers can use to calculate...
Tax Glossary
What Is “Standard deduction”?
The standard deduction is a specific, flat-rate dollar amount set by the IRS that automatically reduces your taxable income. It...
Tax Glossary
What Is “ Social Security benefits ”?
Social Security benefits are monthly financial payments made by the U.S. federal government to eligible retirees, disabled individuals, and their...
Tax Glossary
What Is “ Small Business Health Care Tax Credit ”?
Small Business Health Care Tax Credit Glossary The Small Business Health Care Tax Credit is a federal tax benefit designed...