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Tax Glossary
What Is “ Cryptocurrency income ”?
Cryptocurrency income refers to digital assets you receive as a form of payment, reward, or compensation, rather than buying them...
Tax Glossary
What Is “CTC”?
What Is “CTC”? CTC stands for the Child Tax Credit, a federal tax benefit designed to help families offset the...
Tax Glossary
What Is “Deduction”?
A tax deduction is an eligible expense that you can subtract from your total income before calculating how much tax...
Tax Glossary
What Is “Credit for the Elderly or Disabled”?
What Is “Credit for the Elderly or Disabled”? The Credit for the Elderly or Disabled is a federal tax benefit...
Tax Glossary
What Is “ Contractor income ”?
Contractor income is the money you earn when you provide services to a business or client as an independent worker,...
Tax Glossary
What Is “ CPA ”?
What Is a CPA? A CPA, or Certified Public Accountant, is a licensed financial professional who has passed a rigorous...
Tax Glossary
What Is “Credit for Other Dependents”?
What Is “Credit for Other Dependents”? The Credit for Other Dependents (ODC) is a non-refundable tax credit available to taxpayers...
Tax Glossary
What Is “Credit for Prior Year Minimum Tax”?
Credit for Prior Year Minimum Tax The Credit for Prior Year Minimum Tax is a tax benefit that allows taxpayers...
Tax Glossary
What Is “Constructive receipt”?
Constructive receipt is an IRS tax rule that dictates when cash-basis taxpayers must report their income. According to this rule,...
Tax Glossary
What Is “Community income”?
Community income is any income earned by a married couple while living in a “community property” state. Under the laws...