Tax Credit

Tax Credit A dollar-for-dollar reduction in the tax. Can be deducted directly from taxes owed

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Tax Code

Tax Code The official body of tax laws and regulations.

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Tax Avoidance

Tax Avoidance An action taken to lessen tax liability and maximize after-tax income.

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Taxable interest income

Taxable interest income Interest income that is subject to income tax. All interest income is taxable unless specifically excluded.

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Tariff

Tariff A tax on products imported from foreign countries.

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Support

Support For dependency test purposes, support includes food, clothing, shelter, education, medical and dental care, recreation, and transportation. It also…

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Standard Deduction

Standard Deduction Reduces the income subject to tax and varies depending on filing status, age, blindness, and dependency.

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Software Developer

Software Developer Develops software for the purposes of (1) formatting electronic tax return information according to IRS specifications, and/or (2)…

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Social Security Tax

Social Security Tax Provides benefits for retired workers and their dependents as well as for the disabled and their dependents.…

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Sin Tax

Sin Tax A tax on goods such as tobacco and alcohol.

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