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Tax Glossary
What Is “Schedule 1”?
What Is “Schedule 1”? Schedule 1 is a supplemental tax form used to report “Additional Income” and “Adjustments to Income”...
Tax Glossary
What Is “SALT Deduction”?
What Is “SALT Deduction”? The SALT deduction allows taxpayers who itemize their deductions to subtract certain state and local taxes...
Tax Glossary
What Is “ Salary ”?
A salary is a fixed, regular payment that an employer makes to an employee in exchange for their work over...
Tax Glossary
What Is “S Corporation Income”?
S Corporation Income: A Simple Guide for Small Business Owners S corporation income refers to the net profit earned by...
Tax Glossary
What Is “Royalty Income”?
Royalty Income: A Simple Tax Guide for Creators and Investors Royalty income is money you receive in exchange for letting...
Tax Glossary
What Is “ Return transcript ”?
What Is a Return Transcript? A return transcript is a summary of your federal tax return that provides most of...
Tax Glossary
What Is “Residential Clean Energy Credit”?
What Is the Residential Clean Energy Credit? The Residential Clean Energy Credit is a federal tax incentive that allows homeowners...
Tax Glossary
What Is “ Retirement Savings Contributions Credit ”?
What Is the Retirement Savings Contributions Credit? The Retirement Savings Contributions Credit, popularly known as the Saver’s Credit, is a...
Tax Glossary
What Is “Residency test”?
What Is the “Residency test”? The residency test is an IRS rule used to determine if a person lived with...
Tax Glossary
What Is “ Research Credit ”?
What Is Research Credit? The Research Credit, commonly known as the R&D (Research and Development) Tax Credit, is a federal...