Tag: tax

User Tax A tax that is paid directly by the consumer of a good, product, or service.

User Fees An excise tax, often in the form of a license or supplemental charge, levied to fund a public servic

Underground Economy Money-making activities that people don’t report to the government, including both illegal and legal activities.

Transmitter Sends the electronic return data directly to the IRS.

Transmit To send a tax return to the IRS electronically. Tax returns prepared on paper can be sent through the mail.

Transaction Taxes 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).

Tip Income 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.

Telephone Tax Refund 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.

Tax Shift The process that occurs when a tax that has been levied on one person or group is in fact paid by others.

Tax Preparation Software Computer software designed to complete tax returns. The tax preparation software works with the IRS electronic filing system.