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Tax Terms

Taxes can be very confusing. Following are a list of tax terms and definitions to bring a little clarity to the situation. Terms are listed in alphabetical order.

Ability to Pay

A concept of tax fairness that states that people with different amounts of wealth or different amounts of income should pay tax at different rates. Wealth includes assets such as houses, cars, stocks, bonds, and savings accounts. Income includes wages, interest and dividends, and other payments.

 


 
 

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Accountant

An accountant can tell you there are over seven million words in the tax code and you are expected to know every one when preparing your taxes. You don’t, but an accountant does.

Accountant

Taxes are a nightmare because the tax code is so thick and contradictory. The key to getting through the process for many is a good accountant. Following you will find a few articles on accountants as well as a state directory where you can find them to handle your tax issues. Please note that we do not endorse any accountant on our site. Please just use this list as a starting point to find one in your area.

 
 

 

Back Taxes - Tax Debt Relief - IRS Tax Debt Settlement Help

Nothing is more worrisome than dealing with back taxes. In such a situation, you need tax debt relief through IRS tax debt settlement help.
 

 
 
 
 

Benefits Received

A concept of tax fairness that states that people should pay taxes in proportion to the benefits they receive from government goods and services.

Bonus

Compensation received by an employee for services performed. A bonus is given in addition to an employee's usual compensation.
 
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