A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- Itemized DeductionListing out specific eligible expenses to subtract from income when they add up to more than the standard deduction.
- Property TaxA tax local governments charge on the value of real estate you own, funding schools and community services.
- Tax DeductionAn expense you can subtract from your income to lower the amount that gets taxed.
- SALT DeductionA deduction for state and local taxes paid, including income and property taxes, subject to a yearly cap.
- Taxable IncomeThe portion of your income left after deductions that the government actually applies tax rates to.
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.