Tag: tax

IRS e-file Refers to the preparation and transmission of tax return information to the IRS using telephone lines or a computer with a modem or Internet access.

Investment Income Includes taxable and tax-exempt interest, dividends, capital gains net income, certain rent and royalty income, and net passive activity income.

Internal Revenue Service (IRS) The federal agency that collects income taxes in the United States.

Intermediate Service Provider Assists in processing tax return information between the ERO (or the taxpayer, in the case of online filing) and the Transmitter.

Interest Income The income a person receives from certain bank accounts or from lending money to someone else.

Interest The charge for the use of borrowed money.

Informal Tax Legislation Process Individuals and interest groups expressing and promoting their opinions about tax legislation.

Inflation The simultaneous increase of consumer prices and decrease in the value of money and credit.

Infant Industry A new or developing domestic industry whose costs of production are higher than those of established firms in the same industry in other countries.

Independent Contractor Performs services for others. The recipients of the services do not control the means or methods the independent contractor uses to accomplish the work. The recipients do control the results of the work; they decide whether the work is acceptable. Independent contractors are self-employed.