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As a taxpayer, you should be familiar with different tax terms. It will allow you to deal with any tax related issues efficiently. Here are some of the relevant tax terms– Tax Debt Related Terms and Definitions A Adjusted Gross Income – It is an income by above the line deductions. It does not include

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Q: What is an Offer in Compromise? A: It is a tax relief is a program wherein the IRS will settle a tax debt, whether personal or business for less than the amount owed if a Taxpayer qualifies. Q: Why would the IRS want to settle a tax debt? A: The IRS understands there are

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Generally, standard deductions are applied to your income tax return based on your income and filing status. You may however elect to take itemized deductions, if it is greater than the standard and amount and you can verify these expenses. The Schedule A Form is an IRS income tax form that is used by taxpayers

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Use Schedule C (Form 1040) to report income or (loss) from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if your primary purpose for engaging in the activity is for income or profit and you are involved in the activity with continuity and regularity.

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Schedule E (Form 1040) to report income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in REMICs. You can attach your own schedule(s) to report income or loss from any of these sources. Use the same format as on Schedule E

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