Deductions, Exemptions, Credits
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.
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