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

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

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

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

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

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

The system allowing married couples to file their taxes together.

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

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

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

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.

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.

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

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

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.

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

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

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

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

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

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

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

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.

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

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

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

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

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

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

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

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

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

This credit supports working individuals and families with low to moderate income, it reduces the amount of tax owed and may provide a refund.

This system taxes higher incomes at higher rates.

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