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Tax Terms and Glossary: T

Tax Attorney (Tax Lawyer) – An attorney who specializes in tax law ; a tax attorney works with taxpayers and businesses to resolve tax problems with the IRS or state.
Tax Avoidance – A legal method for modifying a taxpayer’s financial situation in order to lower their income tax liability. Tax avoidance is usually done by applying additional tax credits, or using a corporation to legally reduce the taxpayer’s income tax liability.
Tax Debt Relief/ Tax Relief – A tax program which reduces, or assists an individual or business entity with a tax liability. Tax relief programs include, Offer in Compromise settlements, tax credits, penalty abatement, Innocent or Injured Spouse Relief, release of liens or levies, installment agreements, and other tax resolution methods.
Tax Evasion – An Illegal practice where an individual, organization, or business entity purposely and knowingly avoids paying their true and full tax liability. Tax evasion is punishable by criminal charges, along with severe fines and penalties.
Tax Exempt – When a business or individual entity is tax exempt, they are not subject to being taxes. Tax exemption is mostly reserved for charitable pr religious originations, or specific individuals with very low income levels.
Tax Help – Taxpayers as an individual or business entity can represent themselves before the IRS or state taxation agencies, or they can choose to have a professional represent them. Having a professional tax attorney, CPA, Enrolled Agent, or former IRS agent can help reduce the stress, time, money, and obtain a qualified resolution on a taxpayer’s behalf.
Tax Protestor – A person who is responsible for paying taxes, but refuses based on their interpretation of the constitution, tax codes, or moral grounds. Avoiding paying and filing taxes is illegal and can result in jail time, and criminal as well as civil fines.
Tax Refund - If you overpay, or the IRS withholds more taxes than you have to pay, the IRS will issue a refund. A taxpayer will only receive a refund if he files his taxes, and does not owe back taxes, otherwise the refund amount will be applied towards his tax liability.
Tax Resolution Assistant – A person with special training responsible for assisting a tax attorney, CPA, or enrolled agent with preparing tax files, and speaking with clients.
Tax Return – A legal form which must be filed by law for the State or IRS reporting an individual, or business entity’s income, expenses, and credits to calculate what their tax liability is.
Taxpayer Advocate Service – An IRS office which is independent from any other offices, and headed by the National Taxpayer Advocate (NTA). The Taxpayer Advocate Service assists taxpayers in resolving their tax liability, and resolving conflicts between the IRS collections department and taxpayers in a timely and fair manner. The Taxpayer Advocate Service has limited resources and manpower to handle all taxpayers and the process of working to resolve a matter with them can be a sluggish bureaucratic route in actuality.
Taxpayer Identification Number – A nine-digit number assigned by the IRS to taxpayers and business entities to identify them for tax purposes. An individual taxpayer gets a social security number, and for a business the IRS assigns an employee identification number.
Term Life Insurance - A life insurance policy that provides a set coverage for a set period of time. When the policy expires, the policy owner can renew or let the policy expire. The policy only covers and pays out to the beneficiary if the insured person dies within term of the policy.The amount of tax you expect to owe for a given calendar year after subtracting expected withholdings and the amount of any expected credits. There are three types of bankruptcy: This surprisingly is the official term used by the IRS for any tax audit.
Tip Income – Income received by a taxpayer from gratuities for a service rendered. Employees are required to report tips of over $20 in a calendar month to their employers.
Transportation Expenses – An expense incurred by an employee or self-employed taxpayer while traveling for business or for employment purposes. Some of the deductible expenses are taxi cab fares, car rental fees and operating costs of a vehicle.
Trust - A relationship where one person (trustee) holds the title to a property or asset, and is constrained to use the property for benefit of another (beneficiary). The trust can be created for any purposes as long as it is not illegal or against public policy.
Trust Fund Recovery Penalty – The penalty the IRS will asses a business which fails to file or pay their Federal payroll withholding (941) taxes in time. The penalty can stiff and up to 25% of the delinquent liability.
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