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Tax Glossary
What Is “Single filing status”?
What Is Single Filing Status? Single filing status is a tax category used by the IRS for taxpayers who are...
Tax Glossary
What Is a “ Short-term payment plan ”?
What Is a Short-term Payment Plan? A short-term payment plan is an agreement with the IRS that gives you up...
Tax Glossary
What Is “Short-Term Capital Gain”?
What Is “Short-Term Capital Gain”? A short-term capital gain is the profit earned from the sale of an asset, such...
Tax Glossary
What Is “ Severance pay ”?
Severance pay is compensation or benefits offered by an employer to an employee when they are laid off, fired, or...
Tax Glossary
What Is “Self-employed health insurance deduction”?
The self-employed health insurance deduction is an IRS tax break that allows eligible self-employed individuals to deduct up to 100%...
Tax Glossary
What Is “Section 199A Deduction”?
What Is “Section 199A Deduction”? The Section 199A deduction, commonly known as the Qualified Business Income (QBI) deduction, allows eligible...
Tax Glossary
What Is “Section 121 Exclusion”?
What Is “Section 121 Exclusion”? The Section 121 exclusion, often called the “Home Sale Exclusion,” allows U.S. taxpayers to sell...
Tax Glossary
What Is “ Scholarship income ”?
Scholarship income is financial aid awarded to a student to help pay for their education. For federal tax purposes, the...
Tax Glossary
What Is “Schedule SE”?
What Is “Schedule SE”? Schedule SE is the tax form used by self-employed individuals to calculate the Social Security and...
Tax Glossary
What Is “ Schedule K-1 ”?
Schedule K-1 is an IRS tax form used to report your share of the incomes, losses, deductions, and credits from...