Author Archives: Aigi Resetnikova

Cost-of-Living Allowance

Cost-of-Living Allowance

Description and Definition of Cost-of-Living Allowance (COLA)

A raise paid by your employer for increased living expenses. Hardship pay for employees sent to live and work in expensive places.

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Form 1040EZ

Form 1040EZ

Description and Definition of Form 1040EZ

The U.S. Individual Income Tax Return Form 1040EZ is the “shortest” “short” form version of Form 1040. It's used by taxpayers with no deductions, no adjustments to income, income of only wages, interest, or unemployment compensation, and no dependents. Form 1040EZ is great if you're single or married, don't have any dependents and aren't rolling in dough.

Description and Definition of Form 1040EZ, U.S. Individual Income Tax Return

The simplest version of Form 1040, used by taxpayers with no deductions, no adjustments, income only from wages, interest, or unemployment compensation, and no dependents.

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FMS

FMS

Description and Definition of FMS

The Department of Treasury's Financial Management Service (FMS), which issues IRS tax refunds, has been authorized by Congress to conduct the Treasury Offset Program. Through this program, your Federal tax refund or overpayment you asked the IRS to apply to next year's estimated tax, may be reduced by FMS and offset to pay any past-due child support or Federal agency non-tax debts you may owe.

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Foreign Child

Foreign Child

Description and Definition of Foreign Child

A foreign child is a child who is not a U.S. citizen or resident. Adoption of a foreign child may qualify certain expenses for the adoption credit. You cannot deduct adoption expenses until the year the adoption is finalized.

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