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Tax Glossary
What Is “Capital Loss Deduction”?
What Is “Capital Loss Deduction”? A capital loss deduction occurs when you sell a capital asset—such as stocks, bonds, or...
Tax Glossary
What Is “Capital gains”?
What Are Capital Gains? Capital gains are the profits you realize when you sell a “capital asset”—such as stocks, bonds,...
Tax Glossary
What Is “Capital gain distribution”?
What Is a Capital Gain Distribution? A capital gain distribution is a payment made by a mutual fund or real...
Tax Glossary
What Is “ Cancellation of debt income ”?
Cancellation of debt income occurs when a creditor or lender forgives a financial balance you owe, meaning you no longer...
Tax Glossary
What Is “ Business income ”?
Business income is any money your company earns from its ordinary operations, such as selling products, providing services, or renting...
Tax Glossary
What Is “Business expense deduction”?
A business expense deduction is an ordinary and necessary cost of running a trade or business that you can subtract...
Tax Glossary
What Is “ Bonuses ”?
A bonus is extra compensation paid to an employee on top of their regular salary or hourly wages. For IRS...
Tax Glossary
What Is “Below-the-line deduction”?
A below-the-line deduction is a tax write-off that is subtracted from your Adjusted Gross Income (AGI) to determine your final...
Tax Glossary
What Is “ Barter income ”?
Barter income is the value you receive when you trade your goods or services for someone else’s goods or services...
Tax Glossary
What Is “ Backup withholding ”?
What Is Backup Withholding? Backup withholding is a specific type of tax that the IRS requires payers to withhold from...