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Tax Glossary
What Is “1099 income”?
1099 income refers to money earned from sources other than a traditional employer who pays you a regular salary or...
Tax Glossary
What Is “Additional Medicare Tax”?
The Additional Medicare Tax is a 0.9% surtax that applies to individuals whose earned income exceeds specific legal thresholds. Unlike...
Tax Glossary
What Is a “1099 contractor”?
A 1099 contractor is a self-employed professional or business entity hired to perform specific tasks or projects for a client....
US Taxation
Stuck in the ID.me Selfie Loop for IRS Verification? How to Reach a Video Chat Agent Step by Step
A taxpayer resolves a verification issue by switching from the selfie tool to a live video call during IRS verification....
Tax Glossary
What Is “Wage garnishment”?
What Is Wage Garnishment? Wage garnishment is a legal process where the IRS orders your employer to withhold a specific...
Tax Glossary
What Is “Underpayment penalty”?
What Is “Underpayment penalty”? An underpayment penalty is a fee the IRS charges if you do not pay enough of...
Tax Glossary
What Is “Trust fund recovery penalty”?
What Is the Trust Fund Recovery Penalty? The Trust Fund Recovery Penalty (TFRP) is a penalty assessed by the IRS...
Tax Glossary
What Is “Trade name”?
What Is a Trade name? A trade name is the official name a business uses to present itself to the...
Tax Glossary
What Is “ Taxpayer Bill of Rights ”?
The Taxpayer Bill of Rights (TBOR) is a legal framework consisting of 10 fundamental rights that every U.S. taxpayer has...
Tax Glossary
What Is “ Taxpayer Advocate Service ”?
The Taxpayer Advocate Service (TAS) is an independent organization within the IRS designed to help taxpayers resolve severe or delayed...