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Tax Terms and Glossary: LM

Lender – An entity or individual who lends money to a borrower for a specific period of time, and a fixed or adjustable interest rate. A lender can lend money secured by the borrower collateral, or just by the security of the borrower’s signature such as a credit card.
Levy – The seizure of an asset or financial resource by the IRS, commonly taken from a bank account, or bank levy.
Levy on Income – A levy which seizes a portion or all of a person’s wages including, social security, pensions and other income to help satisfy a delinquent tax debt.
Lien – A claim by the IRS that you owe them back taxes. The lien is commonly secured against your social security number, credit report, assets and real property to ensure an sale or transfer will first satisfy your tax debt.
Lien Release – The IRS will send this out once a taxpayer has satisfied their tax debt in full, or if sufficient financial hardship is proven with jeopardizes your family’s health, wellness, or basic income.
Lien Subordination – Subordination allows a lien to be placed aside to let a lien in the following positions be transferred, refinanced, or sold.
Limited Liability Company (LLC) – A business entity which is has elements of a partnership and a corporation. The owners of a Limited Liability Company have limited personal liability, but can still partake in the tax benefits it provides.
Liquidation Value – The value your assets will sell for at a public auction under distress. The typical calculation is around 65% of the assets fair market value.
Local IRS Expense Standards – Housing and Utilities fall under the local standards
Local Standards – The local standard varies by the county in which you live, and is the maximum allowance for housing and utilities that you can keep from the IRS collections. The IRS can only collect on funds which are above your local spending allowance.
Lump Sum Payment (LSP) Offer in Compromise – A payment towards satisfying an Offer in Compromise accepted by the IRS. The payments must satisfy the settlement in 5 payments or less, in a time period of 5 months for the notice of the accepted offer.
Married Filing Jointly – Tax filing status for spouses who file their taxes on one return. The return can only be filed if the two taxpayers are married and not legally separated, or divorced. The income, expenses, and credits of both spouses are filed jointly, and the taxes along with penalties and interest are the responsibility of both spouses.
Married Filing Separate – Tax filing status for a married couple who chooses to file their taxes separate. This means their income, expenses, and credits are filed on separate individual tax return.
Means Test – A financial calculation of you and your family’s ability to file for a Chapter 7 Bankruptcy. Eligibility is based off of your income, and other determining factors.
Money Market Account – A bank deposit account which invest in corporate or government securities, and pays the account holder interest based on the current money market rates.
Monthly Disposable Income – The income that remains after your allowable expense, according to the IRS standard of living have been deducted from your monthly income. Your monthly disposable income is used to calculate your reasonable collection potential for an Offer in Compromise.
Mutual Fund – A collection of stocks or bonds in a fund. The fund is typically professionally managed and pools many investors’ funds in to securities to create a well diversified investment opportunity.
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