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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...
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...