Deductions, Exemptions, Credits March 11, 2009 Joseph Bishop-Henchman Joseph Bishop-Henchman With the federal tax filing deadline a little more than a month away, www.ifileonline.com has a great blog post explaining ten common tax terms that cause a lot of confusion. Using simple language, they define AGI, credits, deductions, standard deduction, itemized deduction, exemption, progressive taxation, taxable income, voluntary compliance, and withholding. Check it out here. One slighly less important one they missed is “exclusion”: income that is not included in AGI. Stay informed on the tax policies impacting you. Subscribe to get insights from our trusted experts delivered straight to your inbox. Subscribe Share Tweet Share Email Topics Center for Federal Tax Policy Individual Income and Payroll Taxes Tags Compliance Costs and Tax Complexity