- Tariff
- A tax on imports.
- Tax Avoidance
- Using legal tax planning strategies to reduce your tax bill.
- Tax Base
- All resources available to the government for taxation. All of the nation's taxable income added together.
- Tax Bracket
- A range of incomes that is taxed at a specified tax rate. Also, the bracket into which the last dollar of one's income falls.
- Tax Break
- A general term for exemptions, credits, deductions, or any legal way to reduce your taxes.
- Tax Burden
- The total amount of taxes owed by the American people, or by a particular segment of the population.
- Tax Code
- The entire body of tax laws, regulations, and procedures.
- Tax Cut
- A reduction of tax rates.
- Tax-Deferred
- When taxes levied now are owed at a later time, such as interest on IRA contributions.
- Tax Evasion
- Illegally hiding income from the IRS. Deliberately underpaying taxes or using an abusive tax scheme.
- Tax Liability
- The total amount of taxes you owe.
- Tax Rate
- The percentage of income that is owed as tax.
- Tax Shelter
- An investment, business, or other activity designed primarily to avoid or evade taxes.
- Tax Shift
- When a tax is levied on one group of people but is in practice paid
by another group. Tax shift can also refer to the process of lowering
some taxes and making up the revenue by raising or implementing other
taxes.
- Tax Year
- The 12-month period covered by a tax return. Returns for a specific
Tax Year are usually filed in the subsequent year. For example, Tax
Year 2010 Tax Returns are due to the IRS in 2011.
- Taxable Income
- Your Adjusted Gross Income reduced by all applicable exemptions, credits, and deductions. The amount of income that is taxed.
- Taxpayer Advocate
- The Taxpayer Advocate Service is an independent organization within
the IRS in charge of resolving problems that may arise between a
taxpayer and the IRS. Taxpayer advocates provide free and confidential
advice, guidance, and representation. The IRS calls the Advocate Service
"your voice inside the IRS". There is at least one taxpayer advocate
stationed in every state, as well as in Washington, D.C. and Puerto
Rico.
- Trust
- A type of tax entity
that manages a person's assets during their life or after their death. A
trust is a separate entity from an individual and is managed by an
appointed trustee.
|
|