Home
>
Tax
>
Understanding Basic Tax Terms

Understanding Basic Tax Terms

If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the basics will make tax season less of a hassle for you, and maybe even save you some money. There are hundreds of terms; Below are some of the most important:

Tax Form
A Tax Form is the form that is filled out and submitted to your government to report all of your tax information for the past year.

Audit
An audit refers to an unbiased examination and evaluation of the financial statements of an individual or organization such as a business. Audit's are performed for the purpose of ensuring that accounting records are fair and consistent, and are following the guidelines laid out for the individual or organization.

Capital Gain
Capital Gain refers to the amount of money made on Capital during a given tax period. For example if you own a house, and over the past year the value of your house increased by twenty thousand dollars, you would have to claim this twenty thousand dollars as a capital gain in your income taxes.

Capital Loss
Capital Gain refers to the amount of money Lost on Capital during a given tax period. For example if you own a house, and over the past year the value of your house decreased by twenty thousand dollars, you would have to claim this twenty thousand dollars as a capital loss in your income taxes.

Child Tax Credit
Child tax credits are tax credits that are given to the caregivers for each dependent child, that at the end of the tax year is under 17.

Flat Tax
Flat tax refers to a system where everyone is taxed at the same rate, regardless of how much they earn.

Gross Income
Gross income is an individuals or corporations total income before any taxes or deductions have been applied to the sum.

Net Income
Net Income is the total amount of income after all deductions and expenses.

Property Tax
Property tax is a tax that is assessed on real estate value by a local government.

Feel free to reprint this article as long as you keep the following caption and author biography in tact with all hyperlinks.

Ryan Fyfe is the owner and operator of taxes area. Which is a great web directory and information center on Taxes and related issues like Income tax and property tax.

quick home cleaning Arlington Heights ..

In The News:

In response to infostealer activity increasing 500% in a year and harvesting 1.7 billion user credentials, the CyberGuy offers four ways to stay safe from infostealer malware.

Looking Glass has developed a 27-inch light-field display that allows you to see digital objects in three dimensions without headsets or glasses.

A CCTV video purportedly originating from a Chinese factory shows a robot appearing to lash out at two men in an unexplained incident.

After years of delays, travelers must now show a REAL ID, a valid passport or another federally approved ID to travel. May 7, 2025, is the deadline.

Driverless tractor-trailers are already traveling on Texas roads, raising questions about safety, reliability and the future of trucking.

Tech expert Kurt “CyberGuy" Knutsson reveals that a new AirPlay bug lets hackers take over Apple devices via Wi-Fi with no clicks needed.

This Mother's Day, gift Mom tech gadgets that simplify life, connect and show love. Tech expert Kurt “CyberGuy" Knutsson offers some ideas.

Tech expert Kurt “CyberGuy" Knutsson reports that Tesla owners are facing threats as hackers weaponize leaked data. Are you next?

Kurt “CyberGuy" Knutsson discusses how a paper pill bottle could revolutionize pharmacy packaging and cut plastic waste drastically.

The private information of about 4 million people was exposed after a major data breach involving VeriSource Services, a Texas-based HR firm.

Archer Aviation and United Airlines have teamed up to offer a more environmentally friendly way to skip New York City's traffic jams and reach your destination more quickly.

Healthcare company data breaches have leaked personal data of millions of people in recent years, and the CyberGuy offers ways to keep your information safe.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents

Police around the world are adding robots powered by artificial intelligence to their departments, and Thailand has emerged as one of the key players.

Kurt "CyberGuy" Knutsson explains five cleanup hacks — a few smart automations and tools — to declutter your technology and keep things running smoothly.

Kurt the CyberGuy breaks down whether it’s better to remove your personal information from the web yourself or use a data removal service.

Google’s scam detection features, powered by artificial intelligence, are a significant step forward in safeguarding Android users from fraud.

The FBI has issued a warning that scammers are impersonating doctors, police and banks using spoofed numbers as "smishing" texts surge nationwide.

Communities with unreliable internet service stand to gain after Amazon's Project Kuiper launched its first full batch of satellites into orbit April 28.

Tech expert Kurt “CyberGuy" Knutsson says unsubscribing from spam might actually backfire. Learn when to avoid it and stop junk effectively.

Tech expert Kurt “CyberGuy" Knutsson talks about how the first nonstop beating heart transplant, called zero ischemic time, at Taiwan hospital changes surgery.

Kurt “CyberGuy" Knutsson: FBI warns of "time-traveling" hackers.

Kurt “CyberGuy" Knutsson talks about a soft, vine-like robot called SPROUT that aids safe survivor rescues in collapsed buildings.

Health insurance giant Blue Shield of California confirmed it had been sharing private health data of 4.7 million users with Google for three years without even realizing it.

Delta and JetZero’s blended wing body aircraft marks a meaningful step toward a cleaner, quieter and more efficient future for air travel.