Gross Income means:
the total of a taxpayer's income from any source, except items specifically excluded by the Internal Revenue Code and other items not subject to tax. Former IRC (check if this IRC provision is current here) §61. See Gross Income and Gross Income. Money, goods, […]
About Internal Revenue Service: The Internal Revenue Service (IRS) is the federal agency that collects income taxes in the U.S. The agency of the United States federal government that is responsible for the administration and collection of federal taxes. The IRS, which is part of the […]
About Adjusted Gross Income: Adjusted Gross Income (AGI) is the Gross income (including all taxable sources) reduced by a percentage of income (because of certain adjustments), for example charitable contributions, deductible IRA contribution, student loan interest and miscellaneous itemized […]
About Power of Attorney: Power Of Attorney (POA) is an instrument by which one person, as principal, appoints another as his or her agent and confers upon this individual the authority to perform certain specified acts or kinds of acts on behalf of the principal. Instrument in writing by which […]
About Offer In Compromise: An Offer In Compromise (OIC) is a settlement offer made by a taxpayer (on Former Federal Tax Form (check here if the Form is current) 656) to the U.S. Internal Revenue Service regarding a tax dispute when it is unlikely …
Casualty Loss means:
a loss of property, due to fire, storm, shipwreck, theft, or other casualty, that is allowable, net of insurance reimbursement, as a deduction in computing taxable income. To qualify as a casualty loss, a loss must be due to a sudden, unexpected, or unusual event. A personal …
Separate Property means, in community property states, property acquired by either spouse before marriage or by gift or devise after marriage, as distinct from community property. Income from separate property is taxed to its owner.
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Annual Report of Earnings means:
the form mailed out each January by the Social Security Administration to persons who receive Social Security benefits. Recipients must specify on the form the amount of their outside earnings and file the form by April 15.
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Installment means:
anything given or received as part of a series of steps.
For more information about taxes in California, click here. If the taxpayer cannot pay his or her taxes in full, the taxpayer ma…
About Domestic: Domestic Corporation or Partnership created or organized (or has its place of effective management) in the United States or under the law of the United States or of any U.S. state. Former IRC (check if this IRC provision is c…