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Tax Glossary
What Is “Standard mileage rate”?
The standard mileage rate is a flat, per-mile dollar amount set by the IRS that taxpayers can use to calculate...
Tax Glossary
What Is “Standard deduction”?
The standard deduction is a specific, flat-rate dollar amount set by the IRS that automatically reduces your taxable income. It...
Tax Glossary
What Is “ Social Security benefits ”?
Social Security benefits are monthly financial payments made by the U.S. federal government to eligible retirees, disabled individuals, and their...
Tax Glossary
What Is “ Small Business Health Care Tax Credit ”?
Small Business Health Care Tax Credit Glossary The Small Business Health Care Tax Credit is a federal tax benefit designed...
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...