Glossary

Taxpayer Bill of Rights

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Tax Settlement Services

Tax Settlement Services help taxpayers negotiate and resolve tax debts with the IRS, mitigating penalties and arranging manageable repayment options.

Tools and Equipment Deduction

Tools and Equipment Deduction allows businesses to claim tax deductions on the purchase of tools and equipment used for business purposes, reducing taxable income and overall tax liability.

Charitable Contribution Deduction

The charitable contribution deduction allows you to reduce your taxable income by deducting donations you make to qualifying charities. This encourages charitable giving and can lower your tax burden.

Revenue Officer Payment Adjustment

The Revenue Officer Payment Adjustment is a process overseen by IRS revenue officers to rectify and adjust taxpayer accounts. It's critical for maintaining accurate tax records and compliance.

Elderly or Disabled Credit

The Elderly or Disabled Credit is a tax credit aimed at reducing the tax burden for eligible elderly or disabled taxpayers, providing financial relief to those meeting specific criteria.

CP523D Notice

The CP523D Notice is sent by the IRS when a taxpayer defaults on their installment agreement. It is crucial to address the notice promptly to avoid further collection actions.

Redemption Fund Allocation

Redemption Fund Allocation refers to the specific tax-related strategy where funds are set aside for reacquiring bonds or paying off debt, ensuring the stability of public finances.