Stay informed and empowered to make sound financial decisions with our carefully curated tax resources.
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Tax Calendar
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Financial Calculators
Tax Links
- AARP Tax-Aide
www.aarp.org - Internal Revenue Service (IRS)
www.irs.gov - SmartAsset Tax Tools
www.smartasset.com - TaxAct Blogwww.blog.taxact.com
- Tax Foundation www.taxfoundation.org
- Tax Policy Center
www.taxpolicycenter.org
Financial Terms Glossary
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
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Cartoon of the Month
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Useful Links
- American Institute of CPAswww.aicpa.org
- Internal Revenue Service (IRS)www.irs.gov
- Information and Details on Filing Your Taxes – About.com
www.thebalancemoney.com - The American Accounting Association
www.aaahq.org