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Today's Terms
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.
Excise tax
Definition:
A tax on the sale or use of specific products or transactions.
Dependent
Definition:
A person, other than the taxpayer or spouse, who entitles the taxpayer to claim a dependency exemption.
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