Glossary
Welcome to our Tax Relief Glossary, your go-to resource for understanding key terms and concepts related to tax relief. Whether you’re navigating IRS policies, exploring tax resolution options, or simply looking to expand your knowledge, this page is designed to clarify the most important terms in tax relief.
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- 401k ContributionsContributing in a 401k plan is among the most efficient strategies for ensuring a reliable financial future post-retirement. It aids workers in setting aside funds for their later years and also offers substantial tax advantages. Read More
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- 1040 FormThe 1040 Form is the standard federal income tax form used by U.S. taxpayers to report their income, claim tax deductions and credits, and calculate the amount of tax owed or refund due for the year. Read More
- 1099 FormThe 1099 Form is a series of tax forms used to report various types of income that are not covered under traditional employee wages (i.e., those reported on a W-2 form). Read More
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- Accelerated DepreciationAccelerated depreciation is especially advantageous for companies that purchase equipment or technology, as it enables them to recoup expenses more swiftly while also lowering taxable income in the near term. Read More
- Adjusted Basis
- Adjusted Gross Income (AGI)AGI is crucial for assessing eligibility for various tax credits and deductions, including the Earned Income Tax Credit (EITC), child tax credits, and education-related credits. Read More
- Adoption CreditThe Adoption Credit is a non-refundable tax benefit provided by the U.S. federal government to assist adoptive parents in managing the costs of adopting a child. Read More
- Alternative Minimum Tax (AMT)
- America’s FAST ACT
- Audit
b
- Back Taxes
- Backup Withholding
- Bank Levy
c
- Capital Gains
- Capital Loss
- Carryover
- Child and Dependent Care Credit
- Child Tax Credit (CTC)
- Corporate Tax
- Cost Basis
- Credit
d
- Deduction
- Deferred Compensation
- Dependent
- Depreciation
- Direct Deposit
- Doubt as to collectibility
- Doubt as to Liability
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- Earned Income
- Education Credits
- Electronic Filing
- Employer Identification Number (EIN)
- Estate Tax
- Estimated Tax Payments
- Exemption
- Extension
f
- Fair Market Value (FMV)
- Federal Insurance Contributions Act (FICA)
- Filing Status
- Foreign Earned Income Exclusion (FEIE)
- Foreign Tax Credit (FTC)
g
- Gift Tax
- Gross Income
h
- Head of Household
- Health Savings Account (HSA)
- Home Office Deduction
i
- Income Tax
- Independent Contractor
- Innocent Spouse
- Innocent Spouse Relief
- Installment Agreement
- Interest Income
- Internal Revenue Code (IRC)
- Internal Revenue Service (IRS)
- IRA Contribution
- Itemized Deductions
j
- Joint Returns
k
- Kiddie Tax
l
- Late Filing Penalty
- Liability assessment
- Liens
- Lifetime Learning Credit (LLC)
m
- Marginal Tax Rate
- Medicare Tax
- Mileage Deduction
- Municipal Bond
n
- Net Operating Loss (NOL)
- Non-Refundable Credit
- Notice CP508
o
- Offer In Compromise
p
- Passive Income
- Payroll Taxes
- Penalty-Abatement
- Personal Exemption
- Premium Tax Credit (PTC)
- Property Tax
q
- QBI deduction
- Qualified Dividends
- Quarterly Tax Payments
r
- Real Estate Tax
- Refund
- Refundable Credit
- Right to a Fair and Just Tax System
- Right to Appeal an IRS Decision Independently
- Right to Be Informed
- Right to Challenge the IRS and Be Heard
- Right to Confidentiality
- Right to Finality
- Right to Pay No More than the Correct Amount of Tax
- Right to Privacy
- Right to Quality Service
- Right to Retain Representation
- Roth IRA
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- Sales Tax
- Saver's Credit
- Schedule C
- Seize
- Self-Employment Tax
- Short-Term Capital Gains
- Social Security Tax
- Standard Deduction
- State Income Tax
- Student Loan Interest Deduction
- Substitute for Return
t
- Tax Audit
- Tax Brackets
- Tax Credits
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- What is Tax Relief - Extensive look with Priority Tax