Tag: tax

Business A continuous and regular activity that has income or profit as its primary purpose.

Bonus Compensation received by an employee for services performed. A bonus is given in addition to an employee’s usual compensation.

Benefits Received A concept of tax fairness that states that people should pay taxes in proportion to the benefits they receive from government goods and services.

Authorized IRS e-file Provider A business authorized by the IRS to participate in the IRS e-file Program. The business may be a sole proprietorship, a partnership, a corporation, or an organization. Authorized IRS e-file Providers include Electronic Return Originators (EROs), Transmitters, Intermediate Service Providers, and Software Developers. These categories are not mutually exclusive. For example,… Continue reading Authorized IRS e-file Provider

Appeal To call for a review of an irs decision or proposed adjustment.

Amount due Money that taxpayers must pay to the government when the total tax is greater than their total tax payments

Adjusted gross income Gross income reduced by certain amounts, such as a deductible ira contribution or student loan interest

Ability to pay A concept of tax fairness that states that people with different amounts of wealth or different amounts of income should pay tax at different rates. Wealth includes assets such as houses, cars, stocks, bonds, and savings accounts. Income includes wages, interest and dividends, and other payments