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.
- State Income TaxA tax some states charge on your earnings, separate from federal income tax, with rates that vary by state.
- Tax DeductionAn expense you can subtract from your income to lower the amount that gets taxed.
- Mortgage Interest DeductionA tax break that lets homeowners subtract the interest paid on their home loan from taxable income.
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.