Glossary

529 Plan

What is a 529 Plan and How Does It Work?

A 529 plan is a tax-advantaged savings plan specifically for future education costs. It offers federal tax benefits and often state tax benefits, allowing your savings to grow faster for qualified education expenses. These plans can be used for college, vocational schools, or even K-12 tuition in some cases.

  1. Glossary Article

Recommended for You

Federal Income Tax Brackets

Federal income tax brackets are the ranges of income that are taxed at different rates. Understanding them is key to knowing how much you owe in federal income taxes.

In Rem Tax Foreclosure

In Rem Tax Foreclosure is a legal process targeting properties with overdue taxes, aiming to recover unpaid property taxes through a foreclosure sale.

Mobile App Data Security Tools Deduction

Mobile app data security tools tax deduction refers to the eligibility of deducting expenses incurred for cybersecurity measures from taxable income. This not only ensures digital protection but also offers financial relief for businesses.

Taxpayer Waiver

A Taxpayer Waiver allows taxpayers to request relief from penalties or interest, provided they meet specific eligibility criteria set by the tax authority.

Unfiled Tax Returns Consequences

Failing to file your tax returns can lead to a range of serious issues with the IRS, including penalties, interest, and even legal action. Understanding these potential consequences is crucial for every taxpayer.

Tax Refund Offset

A tax refund offset occurs when the government takes part or all of your tax refund to cover certain outstanding debts. It's important to understand this process to anticipate any potential impact on your tax refund.

Rural Business Tax Credit

The Rural Business Tax Credit is a government incentive designed to support businesses in rural areas. It offers tax reductions based on specified criteria to enhance regional economic development.

Sustainable Housing Tax Credit

The Sustainable Housing Tax Credit encourages investment in eco-friendly housing by providing tax incentives. It supports sustainable development through financial benefits.

Taxpayer Support Line

The Taxpayer Support Line is a dedicated service offering assistance to individuals and businesses needing help with tax inquiries, filing issues, or compliance concerns.

Backup Withholding

Backup withholding is a type of tax withholding that the IRS requires in specific situations, mainly when taxpayers haven't provided correct taxpayer identification information. It ensures the IRS receives taxes on certain payments.