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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...
Tax Glossary
What Is “ Back pay ”?
Back pay is money an employer owes an employee for work that was performed in the past but was not...
Tax Glossary
What Is “AOTC”?
What Is AOTC? AOTC stands for the American Opportunity Tax Credit. It is a federal tax benefit designed to help...
Tax Glossary
What Is “Annuity Income”?
Annuity Income: A Simple Tax Guide for Retirees and Investors Annuity income is a series of regular payments received from...