- Form 1040 is what individual taxpayers use to file tax returns with the IRS.
- Form 1040-A was a simplified version of Form 1040 used to file personal income taxes.
- Form 1040EZ was an abridged version of Form 1040 for taxpayers with basic tax situations.
- Accelerated depreciation is any depreciation method that allows you to recognize higher depreciation costs in previous years.
- The IRS uses your adjusted gross income (AGI) to determine how much income tax you owe in a year.
- After-tax income is gross income less federal, state and withholding taxes.
- An amended return is a form filed to correct a previous year’s tax return.
- Self-employed taxpayers must make quarterly estimated tax payments.
- Reserve withholdings are funds set aside for tax purposes on withdrawn investment income.
- Taxation deadweight loss measures the total economic loss caused by a new tax on a product or service.