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Tax Glossary
What Is “ Gig economy income ”?
Gig economy income is money you earn by taking on short-term tasks, freelance projects, or on-demand jobs, typically facilitated through...
Tax Glossary
What Is “Gift Exclusion”?
What Is “Gift Exclusion”? The gift exclusion is the specific dollar amount an individual can give to another person each...
Tax Glossary
What Is “ General business credit ”?
What Is General Business Credit? The General Business Credit (GBC) is not a single tax credit, but rather a “bundle”...
Tax Glossary
What Is “ Gambling winnings ”?
Gambling winnings refer to the cash or fair market value of prizes you receive from betting, lotteries, casinos, or other...
Tax Glossary
What Is “Gambling Loss Deduction”?
What Is “Gambling Loss Deduction”? The gambling loss deduction allows taxpayers to deduct the money they lost on gambling activities,...
Tax Glossary
What Is “ Fuel Tax Credit ”?
What Is the Fuel Tax Credit? The Fuel Tax Credit is a federal tax benefit that allows businesses and certain...
Tax Glossary
What Is “ Fringe benefits ”?
Fringe benefits are extra forms of compensation or perks that an employer provides to employees in addition to their regular...
Tax Glossary
What Is “ Freelancer income ”?
Freelancer income is the money you earn by providing services to clients as an independent contractor rather than working as...
Tax Glossary
What Is “ Free File ”?
What Is Free File? IRS Free File is a public-private partnership between the IRS and several tax preparation software companies...
Tax Glossary
What Is “Form W-4”?
What Is “Form W-4”? Form W-4, officially known as the Employee’s Withholding Certificate, is an IRS document you fill out...