Money or other compensation given to you for working, whether you receive a paycheck or you are self-employed and pay yourself.
Earned Income Credit (EIC)
A refundable tax credit targeted at workers who make low to moderate incomes. Refer to the earned income credit.
To electronically file a tax return. To file your taxes online.
Employer Identification Number, used by employees to identify their employers to the IRS.
For tax purposes, a person is considered elderly if they are age 65 or older on the last day of the tax year.
Filing your tax return online, also known as efiling or e-filing. This is generally more secure, more accurate, and faster than filing your taxes by paper through the mail.
Also called a payroll tax. A tax paid by employers for FICA and FUTA.
A person or group of people that pays taxes. Types of tax entities include individuals, businesses, estates, trusts, and charitable organizations.
A tax entity that receives and reports a person's income and pays taxes after that person's death.
A tax, targeted at the wealthy, on the total value of an estate if it exceeds a certain amount.
Quarterly down-payments toward your annual tax bill, required if you expect to make more than a certain amount of income for the year ($1,000 in 2010) and if your income taxes are not covered by withholding.
Another term for audit.
A special tax on using or selling certain products or services. One example of excise taxes is luxury taxes .
A type of deduction claimed for yourself, your spouse (if filing jointly), and each your dependents. Personal and dependency exemptions are worth $3,650 each in 2010.
A tax extension, obtained by filing or efiling Form 4868, will delay your filing deadline by 3 months. Note that this extends your time to file, but not your time to pay, and interest and penalties may apply to any late tax payments.