Tax Glossary

Common tax terms and their definitions to help you understand tax concepts.

Common Tax Terms

Browse through common tax terminology and their definitions.

Adjusted Gross Income (AGI): Total gross income minus specific deductions. Used to determine taxable income.
Capital Gains: Profit from the sale of an asset, such as stocks or real estate.
Deduction: An expense that can be subtracted from gross income to reduce taxable income.
Exemption: An amount that can be subtracted from income for self, spouse, and dependents.
FICA: Federal Insurance Contributions Act tax for Social Security and Medicare.
Itemized Deductions: Specific expenses that can be deducted from AGI instead of taking the standard deduction.
Standard Deduction: A fixed amount that reduces taxable income, available to all taxpayers.
Tax Credit: An amount that directly reduces tax liability, dollar for dollar.
Tax Liability: The total amount of tax owed to the government.
Withholding: Amount of income tax withheld from wages by an employer.

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Tax Calculators: Use our calculators to estimate your tax liability and plan accordingly.
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Tax FAQ: Find answers to frequently asked questions about taxes.
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Tax Blog: Read our latest articles on tax planning and strategies.
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