An individual who operates a trade, business, or profession as a proprietor or independent contractor. Self employment income is reported on Schedule C.
An IRS phone number that you can call to hear recorded tax information or to check on your refund if you have not received it within three weeks.
Interest incurred on personal debt and consumer credit. Nondeductible interest from personal loans such as credit cards and car loans.
You may find information about Health Coverage, I.R.S. Form 1095-B in this Tax Platform of the American Encyclopedia of Law.
An amount of income, indexed for inflation, on which you don't have to pay income tax. Every taxpayer receives at least one personal exemption.
Groups of individuals that have been designated as having a high unemployment rate. Employers receive tax incentives to hire these workers under the Workforce Program. These groups include certain economically disadvantaged people, convicts, and government assistance recipients.
A method of accounting used by farmers. It allows them to deduct the entire cost of producing the crop, including the expense of seed and young plants, in the year they realize income from the crop.
A voluntary compliance tax system requires citizens to report their income, calculate their tax liability, and file their tax returns on time. The U.S. federal income tax system is based on voluntary compliance.
You may find information about Consolidated Appropriation Act, 2014 in this Tax Platform of the American Encyclopedia of Law.
You may find information about Handicapped Individuals in this Tax Platform of the American Encyclopedia of Law.