Legal Definitions

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What does Ab Initio Mean?

ab initio definition – latin word meaning from the beginning.Read More

What is an Offer in Compromise?

Home » Tax Law » What is an Offer in Compromise?

An offer in compromise is an agreement between a taxpayer and the IRS that resolves the taxpayer’s tax debt.

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What Filing Status Should You Use?

Home » Tax Law » What Filing Status Should You Use?

As a general rule of thumb, married people should file jointly, because it is generally advantageous, as married filing

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What is Tax Law? An Overview

Home » Tax Law » Tax Law Overview

Tax law involves the taxation of income and property acquired through personal and professional efforts. In addition to income tax, there is

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What is the Work Opportunity Tax Credit?

Home » Tax Law » Tax Deductions & Credits » Work Opportunity Tax Credit

The Work Opportunity Tax Credit (WOTC) is a federal tax credit that encourages employers to hire

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What is the Welfare-to-Work Tax Credit?

Home » Tax Law » Tax Deductions & Credits » Welfare-to-Work Tax Credit

The Welfare-to-Work Tax Credit is a federal income tax credit that encourages employers to hire long-term family

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What are Tuition and Fees Tax Deductions?

Home » Tax Law » Tax Deductions & Credits » Tuition and Fees Tax Deduction

You may deduct up to $3,000 of qualifying higher education tuition and fees as long

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What are Taxes on Scholarships or Grants?

Home » Tax Law » Tax Deductions & Credits » Taxes on Scholarships or Grants

As long as scholarships and grants are applied to tuition and course-related fees, books, and

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What is the Student Loan Interest Deduction?

Home » Tax Law » Tax Deductions & Credits » Student Loan Interest Deduction

If you paid student interest on a student loan in 2003, you can make a deduction

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What is the Lifetime Learning Credit?

Home » Tax Law » Tax Deductions & Credits » Lifetime Learning Credit

For academic expenses paid, you can claim a lifetime learning credit of up to $2,000 for the

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