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Tax Glossary
What Is “Long-Term Capital Gain”?
What Is “Long-Term Capital Gain”? A long-term capital gain is the profit you make from selling an asset—like stocks, bonds,...
Tax Glossary
What Is “Lifetime Learning Credit”?
What Is “Lifetime Learning Credit”? The Lifetime Learning Credit (LLC) is a federal tax credit designed to help students and...
Tax Glossary
What Is “Joint return test”?
What Is “Joint return test”? The joint return test is a rule used by the IRS to determine if you...
Tax Glossary
What Is an “ IRS transcript ”?
What Is an IRS Transcript? An IRS transcript is a summary of your tax return information or your tax account...
Tax Glossary
What Is “Itemized deduction”?
An itemized deduction is a specific, IRS-approved expense that you can list on your tax return to reduce your taxable...
Tax Glossary
What Is an “IRS Online Account”?
What Is an IRS Online Account? An IRS Online Account is a secure, web-based portal that allows individual taxpayers to...
Tax Glossary
What Is “IRS”?
What Is the IRS? The IRS, or Internal Revenue Service, is the U.S. federal agency responsible for collecting taxes and...
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...