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Tax Glossary
What Is “ODC”?
What Is “ODC”? ODC stands for the Credit for Other Dependents. It is a non-refundable federal tax credit typically worth...
Tax Glossary
What Is “ Nontaxable income ”?
Nontaxable income is money, property, or value you receive that the IRS legally exempts from federal income tax. Unlike your...
Tax Glossary
What Is “Nonrefundable credit”?
What Is “Nonrefundable Credit”? A nonrefundable credit is a type of tax incentive that allows you to reduce your total...
Tax Glossary
What Is “ Noncash compensation ”?
Noncash compensation is any property, service, or perk an employer gives to a worker as payment instead of traditional money....
Tax Glossary
What Is “NOL Deduction”?
What Is “NOL Deduction”? A Net Operating Loss (NOL) deduction occurs when a taxpayer’s business-related tax deductions exceed their total...
Tax Glossary
What Is “Net Operating Loss Deduction”?
What Is “Net Operating Loss Deduction”? A Net Operating Loss (NOL) deduction occurs when a taxpayer’s business-related tax deductions exceed...
Tax Glossary
What Is “Net Capital Loss”?
Net Capital Loss: A Simple Guide for U.S. Taxpayers A net capital loss occurs when the total losses from selling...
Tax Glossary
What Is “Net capital gain”?
What is Net Capital Gain? A Beginner’s Guide to Taxable Profits Net capital gain is the amount of profit you...
Tax Glossary
What Is “Moving expense deduction”?
The moving expense deduction is an “above-the-line” tax write-off designed to help taxpayers recover the out-of-pocket costs of relocating for...
Tax Glossary
What Is “Mortgage Interest Deduction”?
What Is Mortgage Interest Deduction? The mortgage interest deduction is a common tax benefit that allows homeowners to reduce their...