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Today's Terms
Employee
Definition:
Works for an employer. Employers can control when, where, and how the employee performs the work.
Earned Income Credit
Definition:
A tax credit for certain people who work, meet certain requirements, and have earned income under a specified limit.
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.
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