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Today's Terms
Dependent
Definition:
A person, other than the taxpayer or spouse, who entitles the taxpayer to claim a dependency exemption.
Installment Agreements
Definition:
To be eligible for an installment agreement, all returns that are due must first be filed. Installment agreements generally require equal monthly payments. The amount of an installment payment will be based on the amount owed and on the taxpayer’s ability to pay that amount within the time legally available for the IRS to collect.
Earned Income Credit
Definition:
A tax credit for certain people who work, meet certain requirements, and have earned income under a specified limit.
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