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Home Dictionary I IRS Publication 972 Publication 972 was used to calculate one of America’s most popular tax credits, the Child Tax Credit. The form is no longer used from tax year 2021 onwards. There is an upper income limit on eligibility for a loan. 1040 U.S. Individual Tax Return Form
September 25, 2022 Form 1040 is what individual taxpayers use to file tax returns with the IRS. 1040EZ Form
September 25, 2022 Form 1040EZ was an abridged version of Form 1040 for taxpayers with basic tax situations. 501(c)(3) Organizations
September 25, 2022 Section 501(c)(3) is part of the Internal Revenue Code (IRC) and is a special tax category for non-profit organizations. Additional Child Tax Credit
September 25, 2022 The Supplemental Child Tax Credit was the refundable portion of the Child Tax Credit. American Opportunity Tax Credit (AOTC)
September 25, 2022 The American Opportunity Tax Credit (AOTC) helps offset the cost of post-secondary education for students or their parents (if the student is a dependent). Capital Gains Tax
September 25, 2022 Capital gains tax is payable only after the sale of the investment. Capital Loss Carryover
September 25, 2022 Capital losses that exceed capital gains for the year may be used to offset normal taxable income of up to $3,000 in any tax year. Child Tax Credit
September 25, 2022 A child tax credit is a refundable tax credit claimed by completing Form 1040 and attaching Form 8812 to the return. Corporation
September 25, 2022 A corporation is a legal entity separate and distinct from its owners. Corporations have many of the same legal rights and obligations as individuals. Custodian
September 25, 2022 A custodian is a bank that holds financial assets in safe custody to minimize the risk of theft or loss. Deductible
September 25, 2022 Deductible taxes are expenses that a taxpayer or business can deduct from their adjusted gross income, which reduces their income, thereby reducing the total tax they must pay. Deduction
September 25, 2022 A deduction is an expense that can be deducted from taxable income to reduce the amount owed. Deferred Tax Asset
September 25, 2022 A deferred tax asset is a balance sheet item that results from an overpayment or advance in taxes. Deferred Tax Liability
September 25, 2022 A deferred tax liability is an obligation to pay taxes in the future. Earned Income Credit (EITC)
September 25, 2022 The Earned Income Tax Credit (EITC) is a refundable tax credit used to supplement the wages of low-income workers and help offset the impact of Social Security taxes. Exemption
September 25, 2022 The exemption reduces the amount of income that would otherwise be taxed. Foreign Tax Credit
September 25, 2022 A foreign tax credit is a US tax credit that offsets income tax paid in other countries. Form 1045
September 25, 2022 As a result of the Tax Cuts and Jobs Act (TCJA), most taxpayers can now only carry forward net operating losses (NOLs) that occur in tax years after 2017 to a later year. Form 1065
September 25, 2022 IRS Form 1065 is used to report profits, losses, deductions, and business partnership credits for tax purposes. Form 1095-A
September 25, 2022 If you purchase health insurance through the Marketplace, you must obtain a Form 1095-A. Form 1095-C
September 25, 2022 Form 1095-C: Employer Health Insurance Offer and Coverage is a tax form with information about employee health insurance offered by the eligible Large Employer (ALE). Form 1099-B
September 25, 2022 Form 1099-B is sent by brokers to their clients for tax filing purposes. Form 1099-INT
September 25, 2022 Form 1099-INT is the IRS income tax form used by taxpayers to report interest income received. Form 1120S
September 25, 2022 Form 1120-S reports the income, loss, and dividends of each shareholder of an S corporation. Form 2106-EZ Unreimbursed Employee Business Expenses
September 25, 2022 Form 2106-EZ has been used by employees to deduct work-related expenses, including food, hotel, airfare, and vehicles.