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Tax Glossary
What Is “ Alimony income ”?
Alimony income is financial support paid by one spouse to another under a legal divorce or separation agreement. How the...
Tax Glossary
What Is “Alimony deduction”?
The alimony deduction is an “above-the-line” tax write-off that allows certain divorced or separated individuals to deduct spousal support payments...
Tax Glossary
What Is “Adoption Credit”?
What Is Adoption Credit? The Adoption Credit is a federal tax benefit designed to help families offset the costs of...
Tax Glossary
What Is “Adjustment to income”?
An adjustment to income is a specific type of tax deduction that lowers your total gross income before your Adjusted...
Tax Glossary
What Is “Additional Child Tax Credit”?
What Is “Additional Child Tax Credit”? The Additional Child Tax Credit (ACTC) is the refundable portion of the standard Child...
Tax Glossary
What Is “Actual expense method”?
The actual expense method is a way for business owners and self-employed individuals to calculate their deductible vehicle expenses. Instead...
Tax Glossary
What Is “ACTC”?
What Is “ACTC”? ACTC stands for the Additional Child Tax Credit. It is the refundable portion of the standard Child...
Tax Glossary
What Is “Above-the-line deduction”?
An above-the-line deduction is a tax write-off that you subtract from your total gross income to calculate your Adjusted Gross...
Tax Glossary
What Is a “401(k) Distribution”?
401(k) Distribution: A Simple Guide to Withdrawing Retirement Funds A 401(k) distribution is any withdrawal of money or assets from...
Tax GlossaryIndividual Tax
What Is a “Nonrefundable tax credit”?
A nonrefundable tax credit is a tax incentive that allows you to reduce your federal income tax liability down to...