A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related Brickyard terms
- Tax ReturnThe annual form you file to report income, claim deductions and credits, and settle up what you owe or are owed.
- Tax LiabilityThe total amount of tax you owe to the government for a given year before subtracting payments already made.
- Itemized DeductionListing out specific eligible expenses to subtract from income when they add up to more than the standard deduction.
- Taxable IncomeThe portion of your income left after deductions that the government actually applies tax rates to.
- Tax DeductionAn expense you can subtract from your income to lower the amount that gets taxed.
Turn this into a brick
Knowing what Tax Audit means is knowledge — the first half. A brick gets placed when you act on it.
More in Taxes
1099Adjusted Gross Income (AGI)Alternative Minimum Tax (AMT)Capital Gains TaxChild Tax CreditDependent
Plain-English education — not personalized legal, tax, or investment advice.