Resources

Newsletter here…

Calendar here…

Financial calculators are specialized tools designed to perform various financial calculations quickly and accurately. Access reliable financial calculators here.

Taxable Income: The portion of an individual’s or company’s income subject to taxation after allowable deductions and exemptions

Tax Deduction: An expense or cost that can be subtracted from taxable income to reduce the amount of income subject to taxation

Tax Credit: An amount subtracted directly from the taxes owed, providing a dollar-for-dollar reduction in the tax liability

Filing Status: A taxpayer’s classification, such as single, married, head of household, or widowed, which affects their tax rates and deductions

W-2 Form: A tax form provided by employers to employees, detailing their annual earnings and taxes withheld

Form 1099: A series of tax forms used to report various types of income, such as self-employment income, dividends, and interest

Tax Bracket: The range of income levels subject to a specific tax rate, often expressed as a percentage

Standard Deduction: A fixed dollar amount that reduces taxable income, available to taxpayers who don’t itemize deductions

Itemized Deductions: Individual deductions for specific expenses, such as mortgage interest, medical expenses, and charitable contributions, which are reported on Schedule A of the tax return

Tax Withholding: The process of deducting taxes from income throughout the year, typically done by employers or financial institutions

Tax Return: A document filed with the government, such as the IRS in the United States, that reports income and expenses for a specific tax year

Capital Gains Tax: A tax on the profit realized from the sale of assets like stocks, real estate, or investments

Tax Evasion: The illegal act of not paying taxes owed by underreporting income or claiming false deductions

Dependent: An individual, such as a child or relative, who can be claimed as a deduction on a taxpayer’s return, potentially reducing the tax liability

Audit: A thorough examination of a taxpayer’s financial records and tax returns by tax authorities to ensure compliance with tax laws

The IRS allows taxpayers to monitor the status of their tax refunds. Track your refund here.

Cartoon here…