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Tax Terms and Glossary: D

Debt-To-Income Ratio – The percentage of a taxpayer’s monthly gross income which is reserved to pay debts, bills, and other basic expenses.
Deductions - An item or expense which is subtracted from the gross income to reduce a tax liability.
Default – The failure to repay a debt, or financial obligation.
Deferred Compensation – Income that is paid at a future date from when it is earned. This allows you to also defer the tax liability to a later year.
Dependent – A person who is supported financially by a tax payer, and can be claimed as a tax exemption.
Depletion – An accounting rule which allows an owner of depleting resources such as a gold mine to deduct a certain amount to offset the extracting of the asset.
Depreciation – An accounting system in which an individual or business deducts from the cost of an asset during each tax year for their predetermined useful life, or recovery period. Depreciation is a non cash expense, and will help lower an entities’ earnings, while increasing the cash flow.
Discharge of Federal Lien – The process of applying to have a federal tax lien removed from a specific asset or property. The IRS will grant he discharge of they have no interest in the property, the IRS will receive the net profits from the sale of the asset, or if you have other assets with at least 3 times the amount of the tax liability.
Dissipated Assets – Assets that are no longer available to reduce a tax liability due to being sold, gifted, transferred, or spent on non-priority items or debts. The IRS will include the value of these assets when it comes to calculating the minimum amount for an Offer in Compromise.
Doubt as to Collectability – A type of Offer in Compromised based on the doubt that the taxpayer can satisfy the debt in full.
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