Qualifying Relative There are tests that must be met to be a qualifying relative, they are: (1) not a qualifying…
Qualifying Child To be a qualifying child, the dependent must meet eight tests: (1) relationship, (2) age, (3) residence, (4)…
Public Goods and Services Benefits that cannot be withheld from those who don't pay for them, and benefits that may…
Protective Tariff A tax levied on imported goods with the purpose of reducing domestic consumption of foreign-produced goods.
Proportional Tax A tax that takes the same percentage of income from all income groups.
Property Taxes Taxes on property, especially real estate, but also can be on boats, automobiles (often paid along with license…
Personal Identification Number (PIN) Allow taxpayers to "sign" their tax returns electronically. The PIN, a five-digit self-selected number, ensures that…
Personal Exemption Can be claimed for the taxpayer and spouse. Each personal exemption reduces the income subject to tax by…