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
Tax ReturnTax Return
Tax ShelterTax Shelter
Tax StatusTax Status
Tax WithholdingTax Withholding
W 9 FormW 9 Form
W-2W-2
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Tax Liability

Definition

The total amount of tax you owe based on your income and applicable deductions and credits.

What to consider

  • Use losses strategically to offset gains on your taxes.
  • Plan the timing of sales to maximize tax benefits.
  • Review your portfolio to identify the best opportunities.

Real world scenarios

  • Mia calculates her estimated tax liability quarterly, adjusting withholdings if freelance income changes to avoid a large sum in April.
  • When Damon sells a rental property, he anticipates higher capital gains taxes, planning in advance to meet his increased liability.
  • A professional evaluation helps Lucy minimize her liability by identifying overlooked deductions, saving her hundreds in taxes.

Related terms

Standard Deduction
1098 Mortgage Interest Statement
Alternative Minimum Tax (AMT)
Income Tax
Tax Refund Anticipation Loan

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Taxes
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