basic tax terms

Adjusted Gross Income (AGI) - The amount of income which is taxable, consisting of gross income from all taxable sources minus all allowable adjustments. The Chime Visa® Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. 1. No, this isn’t about your significant other’s emotions. For this reason, taxable income is lower than your gross income and is the sum on which you are subject to taxation. The biggest differentiator in tax deductions is whether a taxpayer decides to take the standard deduction or to itemize their deductions.to keep track of each possible tax-reducing expense throughout the year and is usually limited to a certain percentage of one’s adjusted gross income.If you’re someone who frequently spends significant amounts expenses you may be better off itemizing.

Gross income taxes into account all your income sources ranging from your salary, dividends, capital gains, self-employed income, etc. When you know the terms and the rules, you’ll be able to avoid overpaying on your taxes while maximizing your refund. Be sure to choose direct deposit when you e-file for one ofBanking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. If your employer is not withholding taxes, it is in your best interest to conduct income tax contributions in installments during the year to avoid large unpaid sums at the end of the year and potential penalties.Your gross income is the amount of money you’re fooled into thinking you’ll be making at your job, before life hits you. The withholding amount is determined by the number of allowances you claim on your W-4.If you claim too many allowances, you may owe money at tax time, and if you significantly underpay your taxes during the year, you may get hit with a penalty when you file your tax return.Whether you’re single and ready to mingle or joined in matrimony, your relationship status determines how you file and what, if any, tax breaks you’re entitled to such as the amount of your standard deduction.The most common filing status options are “Single,” “Married Filing Jointly” and “Head of Household,” and the IRS offers a handyto help you determine the appropriate filing status for you. Withholding is the portion of your paycheck that your employer sends directly to the government each pay period as partial payment of your income tax. This brings me to my next point, tax deductions.Looking to file your tax return this year? If you run a small business, there are several tax deductions that you can take advantage of to lower your tax bill. In today's article, we'll be covering a variety of Tax[...] Withholding is the portion of your paycheck that your employer sends directly to the government each pay period as partial payment of your income tax. Please see back of your Card for its issuing bank.Please note: By clicking on some of the links above, you will leave the Chime website and be directed to an external website.

TAX BASIS -- Term used in the US to refer to an amount that represents the taxpayer's investment in an asset. Read my review of Simple Tax You’ve probably heard the term tax deduction thrown around quite a bit in your lifetime, but what exactly does it mean?

All those tax forms can be harder to translate than DJ Khaled’s wildThat’s why we’ve put together this list of ten key tax terms you should know. A tax credit is sort of like a deduction, but instead of offsetting your taxable income, and thus reducing your total taxes due, a tax credit is a dollar-for-dollar reduction in the taxes that you owe. However, there are a variety of tax deductions for individuals that you can utilize. Withheld funds are funds your employer deducts on your behalf to pay the CRA (Canada Revenue Agency). is one type of earning that counts toward your gross income. It’s important that you understand each term we’re about to cover, as they can help you save more money and keep every penny owed to you in your pocket. Generally speaking, in Canada you are only taxed on 50% of a capital gain, at your marginal tax rate. Consult a tax preparation professional for tax advice.One of the most difficult things about doing your taxes is learning the lingo. That’s why we’ve put together this list of ten key tax terms you should know. Prepare and e-File Your Tax Returns Now at eFile.com. But you can send us an email and we'll get back to you, asap.This article includes links which we may receive compensation for if you click, at no cost to you. The same principle applies if you buy stock for $5,000 and sell it for $6,000.Deductions are items or expenses subtracted from your income to reduce the amount of income that is subject to being taxed.

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