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Alternative Minimum Tax (AMT)Alternative Minimum Tax (AMT)
Capital Gains TaxCapital Gains Tax
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Tax CreditTax Credit
Tax DeductionTax Deduction
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Tax WithholdingTax Withholding
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W-2W-2
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Tax Shelter

Definition

An investment or strategy designed to reduce your taxable income and lower the amount of tax you owe.

What to consider

  • Make sure you’re filing under the correct status for your situation.
  • Review your status if there are any major life changes.
  • Consult a tax professional if you’re unsure about the best option.

Real world scenarios

  • To reduce his taxable income, Sam invested in a tax shelter that provided deductions for certain business expenses and environmentally friendly projects.

Related terms

Tax Withholding
Capital Loss
Tax Status
Tax Filing Extension
W 9 Form

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Taxes
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