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A tax on products imported from foreign countries.
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An action taken to lessen tax liability and maximize after-tax income.
- Browse Related Terms: direct tax, indirect tax, informal tax legislation process, Internal Revenue Service (IRS), mass tax, nullification, Revenue, sin tax, tax avoidance, voluntary compliance
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The official body of tax laws and regulations.
- Browse Related Terms: federal income tax, infant industry, protective tariff, public goods and services, revenue tariff, tariff, tax code, Tax credit, tax cut, tax evasion
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A dollar-for-dollar reduction in the tax. Can be deducted directly from taxes owed.
- Browse Related Terms: federal income tax, infant industry, protective tariff, public goods and services, revenue tariff, tariff, tax code, Tax credit, tax cut, tax evasion
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A reduction in the amount of taxes taken by the government.
- Browse Related Terms: federal income tax, infant industry, protective tariff, public goods and services, revenue tariff, tariff, tax code, Tax credit, tax cut, tax evasion
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An amount (often a personal or business expense) that reduces income subject to tax.
- Browse Related Terms: adjusted gross income (AGI), Citizen or Resident Test, dependency exemption, dependent, exemptions, filing status, foster child, Head of Household filing status, Married Filing Joint filing status, Married Filing Separate filing status, personal exemption, qualifying child, qualifying relative, Qualifying Widow(er) filing status, single filing status, standard deduction, tax deduction, tax-exempt interest income
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A failure to pay or a deliberate underpayment of taxes.
- Browse Related Terms: federal income tax, infant industry, protective tariff, public goods and services, revenue tariff, tariff, tax code, Tax credit, tax cut, tax evasion
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A part of a person's income on which no tax is imposed.
- Browse Related Terms: business, exempt (from withholding), Federal Insurance Contributions Act (FICA) Tax, Investment Income, lobbyist, Medicare tax, payroll taxes, self-employment tax, Social Security Tax, support, tax exemption, taxable interest income
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The amount of tax that must be paid. Taxpayers meet (or pay) their federal income tax liability through withholding, estimated tax payments, and payments made with the tax forms they file with the government.
- Browse Related Terms: amount due, deficit, Direct Deposit, inflation, interest, interest income, nonrefundable credit, Refund, refundable credit, tax liability (or total tax bill), taxes, withholding ("pay-as-you-earn" taxation)
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Computer software designed to complete tax returns. The tax preparation software works with the IRS electronic filing system.
- Browse Related Terms: Appeal, Authorized IRS e-file Provider, electronic filing (e-file), electronic preparation, Electronic Return Originator (ERO), Federal/State e-file, file a return, Intermediate Service Provider (ISP), IRS e-file, Personal Identification Number (PIN), Software Developer, tax preparation software, transmit, transmitter, Volunteer Income Tax Assistance (VITA)
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The process that occurs when a tax that has been levied on one person or group is in fact paid by others.
- Browse Related Terms: gasoline excise tax, long-distance telephone tax refund, luxury tax, market economy, property taxes, resources, tax shift, telephone tax refund, user fees, user tax
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Interest income that is not subject to income tax. Tax-exempt interest income is earned from bonds issued by states, cities, or counties and the District of Columbia.
- Browse Related Terms: adjusted gross income (AGI), Citizen or Resident Test, dependency exemption, dependent, exemptions, filing status, foster child, Head of Household filing status, Married Filing Joint filing status, Married Filing Separate filing status, personal exemption, qualifying child, qualifying relative, Qualifying Widow(er) filing status, single filing status, standard deduction, tax deduction, tax-exempt interest income
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Interest income that is subject to income tax. All interest income is taxable unless specifically excluded.
- Browse Related Terms: business, exempt (from withholding), Federal Insurance Contributions Act (FICA) Tax, Investment Income, lobbyist, Medicare tax, payroll taxes, self-employment tax, Social Security Tax, support, tax exemption, taxable interest income
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Required payments of money to governments that are used to provide public goods and services for the benefit of the community as a whole.
- Browse Related Terms: amount due, deficit, Direct Deposit, inflation, interest, interest income, nonrefundable credit, Refund, refundable credit, tax liability (or total tax bill), taxes, withholding ("pay-as-you-earn" taxation)
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Taxpayers are eligible to file for refunds of all excise tax they have paid on long-distance service billed to them after Feb. 28, 2003.
- Browse Related Terms: gasoline excise tax, long-distance telephone tax refund, luxury tax, market economy, property taxes, resources, tax shift, telephone tax refund, user fees, user tax
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Money and goods received for services performed by food servers, baggage handlers, hairdressers, and others. Tips go beyond the stated amount of the bill and are given voluntarily.
- Browse Related Terms: bonus, compulsory payroll tax, earned income, employee, flat tax, Form W-4, Employee's Withholding Allowance Certificate, formal tax legislation process, income taxes, independent contractor, salary, self-employment loss, self-employment profit, tip income, wages
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Taxes on economic transactions, such as the sale of goods and services. These can be based on a set of percentages of the sales value (ad valorem-sales taxes), or they can be a set amount on physical quantities ("per unit"-gasoline taxes).
- Browse Related Terms: Commission, excise tax, Progressive tax, proportional tax, Regressive tax, sales tax, transaction taxes
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To send a tax return to the IRS electronically. Tax returns prepared on paper can be sent through the mail.
- Browse Related Terms: Appeal, Authorized IRS e-file Provider, electronic filing (e-file), electronic preparation, Electronic Return Originator (ERO), Federal/State e-file, file a return, Intermediate Service Provider (ISP), IRS e-file, Personal Identification Number (PIN), Software Developer, tax preparation software, transmit, transmitter, Volunteer Income Tax Assistance (VITA)
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Sends the electronic return data directly to the IRS.
- Browse Related Terms: Appeal, Authorized IRS e-file Provider, electronic filing (e-file), electronic preparation, Electronic Return Originator (ERO), Federal/State e-file, file a return, Intermediate Service Provider (ISP), IRS e-file, Personal Identification Number (PIN), Software Developer, tax preparation software, transmit, transmitter, Volunteer Income Tax Assistance (VITA)
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