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
- SALT DeductionA deduction for state and local taxes paid, including income and property taxes, subject to a yearly cap.
- Mortgage Interest DeductionA tax break that lets homeowners subtract the interest paid on their home loan from taxable income.
- Itemized DeductionListing out specific eligible expenses to subtract from income when they add up to more than the standard deduction.
- Sales TaxA tax added to the price of goods and services at checkout, collected by the seller for the government.
- State Income TaxA tax some states charge on your earnings, separate from federal income tax, with rates that vary by state.
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.