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This system taxes higher incomes at higher rates.

A type of tax where the tax rate decreases as the taxable amount increases.

This document is filed with the IRS and details an individual's or entity's income and taxes owed.

A direct tax on the ownership of real property based on the property's value.

Money given back to a taxpayer when they have overpaid their taxes.

Deductions that taxpayers can claim for various expenses that reduce their taxable income.

This federal agency is responsible for collecting taxes and enforcing tax laws.

A simplified dollar amount subtracted from AGI, used in lieu of itemizing deductions.

This type of tax applies to the transfer of property at death.

Tax that applies to profit from the sale of an asset held for more than a year.

A required estimated tax payment made to the IRS on income that does not have taxes withheld.

A credit that directly reduces the amount of tax owed, dollar for dollar.

The measure used to determine the amount of tax applicable to an individual or corporation.

This tax is assessed on the income or profits of corporations.

A system used to tax an individual or married couple as a single tax entity.

The system allowing married couples to file their taxes together.

This term describes the transfer of after-tax contributions from one retirement plan to another.

The amount of income that is not subject to tax, which can include personal exemptions and deductions.

Tax on goods and services purchased, usually at the point of sale.

A tax that is charged by some states on goods produced within their borders and then exported.

The requirement for payers of some forms of income to withhold tax payments on the amounts payable to others.

Taxes paid on the wages and salary of employees.

A system where both state and federal tax systems are in place within the same jurisdiction.

Money spent on business operations that can be subtracted from gross income.

The scenario where an individual's deductions exceed their income for the year, resulting in negative taxable income.

Contributions to some retirement accounts may lower your taxable income in the contribution year.

Tax policies that define how foreign income and expatriates are taxed by their country of citizenship.

A doctrine stating that transactions, which do not vary in substance from a typical transaction but yield tax savings, can be disregarded for taxation purposes.

Transactions between two associated enterprises that should be priced as if the parties were not related to avoid unfair profit allocation.

A set of methods used by a government to collect lawful debts and taxes from individuals or businesses.

A record of the amount of tax an individual or corporation owes to the government.

An arrangement where two or more countries agree to treat certain taxpayers favorably, often to avoid dual taxation on the same income.

A type of tax advantage that lets taxpayers exclude a certain amount of foreign income earned from their U.S. taxable income.

A specific percentage of an individual's or business's income that must be paid in taxes.

Laws that allow for the legal structuring of financial affairs to reduce tax liability without deviating from the intent of the law.

The illegal act or system of not paying or underpaying taxes.

The cost basis of an inherited asset is updated to its value at the time of the decedent's death, potentially reducing the capital gains tax if sold.

The process of reviewing and potentially disputing the amount of tax levied by the government.

A detailed report that entities must file, typically every year, to report income and determine the taxes owed to the government.