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Tax Glossary
What Is “Investment Interest Expense Deduction”?
What Is “Investment Interest Expense Deduction”? The Investment Interest Expense Deduction is a tax break that allows you to deduct...
Tax Glossary
What Is “ Investment income ”?
Investment income is money you earn from your financial assets rather than from your physical labor or day job. It...
Tax Glossary
What Is “Internal Revenue Service”?
What Is the Internal Revenue Service? The Internal Revenue Service (IRS) is the U.S. federal agency responsible for collecting taxes...
Tax Glossary
What Is “Internal Revenue Code”?
What Is the Internal Revenue Code (IRC)? The Internal Revenue Code (IRC) is the primary body of federal tax laws...
Tax Glossary
What Is “ Interest income ”?
Interest income is the money you earn from lending your funds to another party, such as a bank, corporation, or...
Tax Glossary
What Is “ Installment agreement ”?
What Is an Installment Agreement? An installment agreement is a formal contract between a taxpayer and the IRS that allows...
Tax Glossary
What Is “ Innocent spouse relief ”?
What Is Innocent Spouse Relief? Innocent spouse relief is a provision that can release a taxpayer from responsibility for paying...
Tax Glossary
What Is “ Injured spouse allocation ”?
What Is Injured Spouse Allocation? Injured spouse allocation is a tax process that allows a person who files a joint...
Tax Glossary
What Is “ Income ”?
Income is any money, property, or services you receive that you can use to support yourself or your business. For...
Tax Glossary
What Is “Imputed income”?
Imputed income is the cash value of non-cash benefits or perks you receive that the IRS considers taxable. Even though...