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A reduction of the income that is subject to taxes which can lower the amount of tax owed.

An amount of money that taxpayers can subtract directly from taxes owed to the government.

Gross income minus adjustments to income. This figure is used to determine taxable income.

The amount of income that is used to determine how much tax an individual or a company owes to the government in a given tax year.

A range of incomes subject to a certain income tax rate.

A category that defines the type of tax return form an individual will use. Categories include: single, married filing jointly, married filing separately, head of household, and qualifying widow(er).

A fixed dollar amount that reduces the income you're taxed on. The amount depends on the filing status.

Eligible expenses that individual taxpayers can claim on federal income tax returns and which decrease their taxable income.

The Internal Revenue Service; a bureau of the Department of Treasury that is tasked with the enforcement of income tax laws and oversight of the collection of federal income taxes.

A form used by employers to report an employee's annual earnings and taxes withheld from their paycheck.

A form used by employees to tell employers how much tax to withhold from each paycheck.

The U.S. individual income tax return form that is used to calculate and file an individual’s federal tax return with the IRS.

A review/examination of an individual's or organization's accounts and financial information by the IRS to ensure information is reported correctly according to tax laws.

Profit from the sale of property or of an investment.

The illegal evasion of taxes by individuals, corporations, or trusts.

Income tax withheld from employees' wages and paid directly to the government by the employer.

A tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves.

A country or independent area where taxes are levied at a low rate.

A tax that takes a larger percentage from the income of high-income earners than it does from low-income individuals.

A tax that takes a larger percentage from low-income earners than from high-income earners.

Taxes paid when purchases are made on a specific good, such as gasoline or cigarette. They are often included in the price of the product.

A tax on the net value of the estate of a deceased person before distribution to the heirs.

A tax on the transfer of money or property from one living person to another, without receiving something of at least an equal value in return.

All income from all sources that is subject to tax, before any deductions or exemptions are applied.

A supplemental income tax required in addition to baseline income tax for certain individuals, corporations, estates, and trusts that have exemptions or special circumstances allowing for lower standard income tax.

Any method that recovers one or more tax benefits designed to reduce taxable income resulting in the reduction or elimination of a tax liability.

The 12-month period covered by a tax return. For most individual taxpayers, this aligns with the calendar year.

Any 12-month period that a company uses for accounting purposes and preparing financial statements. Not necessarily aligned with the calendar year.