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Tax Terms and Glossary: E

Earned Income Tax Credit – A tax credit for certain low income taxpayers.
Earned Income - Income earned by working for it. Interest, dividends and other kinds of profits are examples of unearned income.
Employee stock ownership plan (ESOP) - A type of profit-sharing plan in which benefits are in the form of stock in the employer.
Employee - A person who is hired for a salary, wage, or payment to perform work in a specific manner at a specific time and place.
Employer Identification Number - A nine digit tax identification number give to entities which are not individuals such as a corporation, trust, partnerships, corporations etc.
Enrolled Agent (EA) – A licensed tax professional whose focus is representing taxpayers before the IRS for audits, collections, and appeals.
Equitable Relief – If a taxpayer does not qualify under innocent spouse relief, relief by separation of liability, or relief from liability arising from community property laws, they still may qualify for equitable relief. To prove equitable relief you must show that it is not fair to be held liable for the understatement of tax (along with penalties and interest) liability by a spouse or ex-spouse.
Equity - The current market value of an asset, minus the debt held against it, such as a mortgage.
Estimated Tax Payments - Payments to the IRS over the year, commonly every quarter which are an estimated sum of the taxes owed. The amount is calculated usually off of last year’s taxes due.
Examination - Also known as an Audit, an examination is when the IRS reviews an individual or corporations tax returns for discrepancies on their income, expenses, credits or other items.
Expenses Not Generally Allowed - Expenses which the IRS most often will not allow you to claim as deductable expenses on your tax returns.
Extension to File - A category of tax forms which allow a business, individual or other entity to extend the time which they have to file, usually a 6 month extension which ends in October of the same calendar year.
Extreme Financial Hardship - For income tax purposes, an employee is an individual who is subject to the will and control of the employer not only as to what shall be done, but also as to how it shall be done. An employee is to be distinguished from an independent contractor because an employee’s wages are subject to income tax withholding, and in most cases, social security and Medicare tax withholding. Employee status also affects how the taxpayer claims allowable deductions.
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