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Tax Glossary
What Is “Credit for Prior Year Minimum Tax”?
Credit for Prior Year Minimum Tax The Credit for Prior Year Minimum Tax is a tax benefit that allows taxpayers...
Tax Glossary
What Is “Constructive receipt”?
Constructive receipt is an IRS tax rule that dictates when cash-basis taxpayers must report their income. According to this rule,...
Tax Glossary
What Is “Community income”?
Community income is any income earned by a married couple while living in a “community property” state. Under the laws...
Tax Glossary
What Is “ Commissions ”?
Commissions are a form of financial compensation paid to an employee or independent contractor based on their performance, usually tied...
Tax Glossary
What Is “ COD income ”?
COD income stands for Cancellation of Debt income. It occurs when a lender or creditor legally forgives a financial balance...
Tax Glossary
What Is “Clean Vehicle Credit”?
What Is “Clean Vehicle Credit”? The Clean Vehicle Credit is a federal tax incentive designed to encourage the purchase of...
Tax Glossary
What Is “Citizen or resident test”?
What Is “Citizen or resident test”? The citizen or resident test is an IRS rule used to determine if you...
Tax Glossary
What Is “Child Tax Credit”?
What Is “Child Tax Credit”? The Child Tax Credit (CTC) is a federal tax benefit designed to help families offset...
Tax Glossary
What Is “ Child support ”?
Child support is court-ordered or legally agreed-upon financial support paid by one parent to another for the daily care and...
Tax Glossary
What Is “Child and Dependent Care Credit”?
What Is “Child and Dependent Care Credit”? The Child and Dependent Care Credit is a federal tax benefit designed to...