1098 Mortgage Interest Statement1098 Mortgage Interest Statement
Alternative Minimum Tax (AMT)Alternative Minimum Tax (AMT)
Capital Gains TaxCapital Gains Tax
Capital LossCapital Loss
Child Tax CreditChild Tax Credit
Child and Dependent Care CreditChild and Dependent Care Credit
DependentDependent
Earned Income Tax Credit (EITC)Earned Income Tax Credit (EITC)
Estate TaxEstate Tax
Form 1040Form 1040
Income TaxIncome Tax
Itemized DeductionItemized Deduction
Standard DeductionStandard Deduction
Tax BracketTax Bracket
Tax CreditTax Credit
Tax DeductionTax Deduction
Tax FilingTax Filing
Tax Filing DeadlineTax Filing Deadline
Tax Filing ExtensionTax Filing Extension
Tax LiabilityTax Liability
Tax Loss HarvestingTax Loss Harvesting
Tax RefundTax Refund
Tax Refund Anticipation LoanTax Refund Anticipation Loan
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Tax ShelterTax Shelter
Tax StatusTax Status
Tax WithholdingTax Withholding
W 9 FormW 9 Form
W-2W-2
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Income Tax

Definition

A tax you pay on the money you earn. The amount depends on your income level and tax laws, and it funds government services.

What to consider

  • Understand how your payments change based on your income.
  • Keep your income documents up to date for accurate calculations.
  • Review your plan annually to see if adjustments are needed.

Real world scenarios

  • Kai adjusts his W-4 so taxes more closely match his actual liability, reducing the likelihood of a large refund or big bill.
  • Dani sets aside a portion of each freelance payment for estimated quarterly taxes, preventing a big debt at year-end.
  • Toney’s careful record of deductions—like home office expenses—helps lower his taxable income significantly.

Related terms

Tax Filing
Capital Loss
Estate Tax
Tax Withholding
Tax Filing Extension

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