Glossary

Letter 2030: Notice of Proposed Changes to Your Return

What is IRS Letter 2030: Notice of Proposed Changes to Your Return?

IRS Letter 2030, “Notice of Proposed Changes to Your Return,” means the IRS believes there is an error on your tax return. They are proposing adjustments to your income, deductions, credits, or tax liability. This letter explains these changes and provides you the opportunity to agree or disagree with them.

Glossary Article

Recommended for You

Public Utility Connection Fees for Business Deduction

The Public Utility Connection Fees for Business Deduction allows companies to deduct costs associated with connecting essential utilities, like electricity and water, for business purposes.

Tax Lien Authority

Tax lien authority refers to the legal power of a government body to place a claim on property when taxes aren't paid. It's a significant aspect of tax law that affects many people.

Water Resources Conservation Tax Credit

The Water Resources Conservation Tax Credit incentivizes taxpayers to conserve water through eligible projects. Understand components, filing requirements, and penalties.

Renewable Energy Investment Equity Credit

The Renewable Energy Investment Equity Credit is a tax incentive designed to promote investments in renewable energy by providing equity credits. It encourages sustainable practices and financial compliance.

Taxpayer Lien Notice

A Taxpayer Lien Notice is an alert issued by taxing authorities indicating an intention to claim a lien on a taxpayer's property due to unpaid taxes.

Custom Software Licensing Deduction

The Custom Software Licensing Deduction is a tax-related allowance for businesses investing in proprietary software for enhanced operations. Understanding its application can lead to significant tax savings.

Rent for Business-Specific Vehicles Deduction

The Rent for Business-Specific Vehicles Deduction is a tax provision allowing businesses to deduct expenses related to renting vehicles exclusively used for business purposes, helping them reduce taxable income.

Renewable Energy Education Credit

The Renewable Energy Education Credit incentivizes educational institutions to incorporate renewable energy courses and sustainable practices in their curricula.

Quarterly Payment

Quarterly Payments are crucial for taxpayers with non-withholding income, ensuring timely tax contributions and avoiding penalties through estimated tax installments.

Form 1041-A – U.S. Information Return – Trust Accumulation of Charitable Amounts

Form 1041-A is an information return that certain trusts use to report how much of their income has been set aside for charitable purposes but not yet actually given to a charity. It's like a detailed tracking slip for charitable funds within a trust.

Rural Workforce Renewable Job Retention Credit

The Rural Workforce Renewable Job Retention Credit is a tax incentive designed to support job retention in rural areas, particularly within the renewable energy sector, fostering community growth and sustainability.

Expenses for Event Promotion on Social Media Deduction

Event promotion expenses on social media can be tax-deductible if they directly relate to generating income. Understand the key rules and compliance for claiming such deductions.

CP504O Notice

The CP504O Notice is an important IRS document notifying taxpayers of imminent levy actions due to unpaid taxes. It emphasizes immediate attention to avoid penalties.

Installment Agreement

An Installment Agreement is a plan for paying tax liabilities over time. It helps taxpayers manage debt while maintaining compliance with IRS regulations.

Membership Dues Deduction

Understand Membership Dues Deduction for tax purposes, including eligibility, compliance, potential benefits, and penalties for non-compliance.

Renewable Job Accessibility Incentive Credit

The Renewable Job Accessibility Incentive Credit is a tax credit aimed at encouraging the development and accessibility of renewable energy jobs, promoting environmental sustainability and economic growth.

Professional Cleaning Services for Events Deduction

The guide explores how employing professional cleaning services for events can potentially lead to tax deductions, aiding business financial compliance.

Subscription Fees for Industry Reports Deduction

Subscription Fees for Industry Reports Deduction allows businesses to deduct costs related to purchasing industry-specific reports essential for their operations.

Freelancer Hiring Costs Deduction

Freelancer Hiring Costs Deduction allows businesses to lower taxable income by claiming expenses incurred when outsourcing work to freelancers.

Tax Credit for Green Business Startups

Tax Credit for Green Business Startups provides incentives for eco-friendly enterprises by offering tax reductions for promoting sustainable practices.