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Tax Glossary
What Is “ Commissions ”?
Commissions are a form of financial compensation paid to an employee or independent contractor based on their performance, usually tied...
Tax Glossary
What Is “ COD income ”?
COD income stands for Cancellation of Debt income. It occurs when a lender or creditor legally forgives a financial balance...
Tax Glossary
What Is “Clean Vehicle Credit”?
What Is “Clean Vehicle Credit”? The Clean Vehicle Credit is a federal tax incentive designed to encourage the purchase of...
Tax Glossary
What Is “Citizen or resident test”?
What Is “Citizen or resident test”? The citizen or resident test is an IRS rule used to determine if you...
Tax Glossary
What Is “Child Tax Credit”?
What Is “Child Tax Credit”? The Child Tax Credit (CTC) is a federal tax benefit designed to help families offset...
Tax Glossary
What Is “ Child support ”?
Child support is court-ordered or legally agreed-upon financial support paid by one parent to another for the daily care and...
Tax Glossary
What Is “Child and Dependent Care Credit”?
What Is “Child and Dependent Care Credit”? The Child and Dependent Care Credit is a federal tax benefit designed to...
Tax Glossary
What Is “Charitable contribution deduction”?
The charitable contribution deduction is a tax write-off that allows you to lower your taxable income by the amount you...
Tax Glossary
What Is “Casualty Loss Deduction”?
What Is a Casualty Loss Deduction? A casualty loss deduction is a tax break that allows you to deduct losses...
Tax Glossary
What Is “Capital loss”?
What Is “Capital loss”? A capital loss occurs when you sell a capital asset—such as a stock, bond, or investment...