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Tax Glossary
What Is “Education credits”?
What Are Education Credits? Education credits are federal tax benefits that directly reduce the amount of income tax you owe...
Tax Glossary
What Is “Earned Income Tax Credit”?
What Is “Earned Income Tax Credit”? The Earned Income Tax Credit (EITC) is a refundable federal tax credit specifically designed...
Tax Glossary
What Is “ Earned income ”?
Earned income is money you make from actively working, either as an employee for someone else or by running your...
Tax Glossary
What Is “Early withdrawal penalty deduction”?
The early withdrawal penalty deduction is a tax write-off you can claim if a bank charges you a fee for...
Tax Glossary
What Is “ Due date ”?
What Is a Tax Due Date? A due date is the official deadline set by the IRS or state tax...
Tax Glossary
What Is “Domicile”?
What Is “Domicile”? A domicile is your true, fixed, and permanent legal home. For tax purposes, it is the place...
Tax Glossary
What Is “Dividend income”?
What Is Dividend Income? Dividend income is money paid out to shareholders by a corporation from its profits or earnings....
Tax Glossary
What Is “ Direct Pay ”?
What Is Direct Pay? IRS Direct Pay is a secure, free online service that allows individuals to pay their federal...
Tax Glossary
What Is “ Direct deposit ”?
What Is Direct Deposit? Direct deposit is an electronic method used by the IRS and state tax authorities to send...
Tax Glossary
What Is “ Digital asset income ”?
Digital asset income refers to the value you receive from earning or being paid in digital assets, such as cryptocurrencies,...