Reference

Your total gross income minus specific subtractions like student loan interest or retirement contributions. It is used as the starting point for calculating your final tax liability.

A refundable tax credit aimed at low- to moderate-income working individuals and couples, particularly those with qualifying children. It reduces the amount of tax owed and can result in a direct refund if the credit exceeds the tax liability.

A non-refundable tax credit used to reduce the tax liability of individuals who have paid taxes to a foreign country. It is designed to help prevent the double taxation of income earned abroad.

A tax benefit that allows taxpayers to reduce their U.S. tax liability by the amount of taxes paid to a foreign government.

A tax benefit that can reduce your tax liability to zero but will not result in a payment if it exceeds what you owe.

An agreement between a taxpayer and the government that settles a tax liability for less than the full amount owed.

A tax benefit that can reduce your tax liability below zero, resulting in the government paying the difference back to you.

A country or jurisdiction that offers foreign individuals and businesses little or no tax liability in a politically and economically stable environment.

The total amount of tax debt that an individual or business owes to a government authority for a specific period.

The practice of selling securities at a loss to offset a capital gains tax liability.