Tax terms and acronyms can sometimes be confusing. Here is a simplified list of many terms you may have heard and wondered about
ACTC- Additional Child Tax Credit
AGI- Adjusted Gross Income
ATIN - Adoption Taxpayer Identification Number
CTC- Child Tax Credit
DCN - Declaration Control Number – a number assigned to an electronic filing of a return (replaced by the Submission ID number for most returns as of Tax Year 2011).
EFIN - Electronic Filing Identification Number
ETIN - Electronic Transmitter Identification Number
EIC - Earned Income Credit
EIN - Employer’s Identification Number
EIP - Economic Impact Payment (Stimulus)
EITC- Earned Income Tax Credit
ERO - Electronic Return Originator
FICA - Federal Insurance Contributions Act
FIT - Federal Income Tax Withholding
ITIN - Individual Taxpayer Identification Number (used for alien status)
IRA - Individual Retirement Account
IRS - Internal Revenue Service
LES - Leave and Earning Statement (Military Pay Stub)
MACRS - Modified Accelerated Cost Recovery System (for depreciating items)
MAGI - Modified Adjusted Gross Income
MEF - Modernized e-Filing
MFJ - Married Filing Joint
MSA - Medical Savings Account
PDF - Portable Document File
PIN - Personal Identification Number
QBID - Qualified Business Income Dedcution
SEP - Simplified Employee Pension
SIMPLE - Savings Incentive Match Plans for Employees
SSN - Social Security Number
VITA - Volunteer Income Tax Assistance