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The tax rate is the percentage at which an individual or entity is taxed. The United States has a progressive income tax rate, meaning the higher the income, the higher the tax rate. Because the US tax rate is applied in small increments, taxpayers end up being charged an effective tax rate that is lower than the bracketed rate. Some other countries charge a flat tax rate or a regressive tax rate. 1040 U.S. Individual Tax Return Form
September 25, 2022 Form 1040 is what individual taxpayers use to file tax returns with the IRS. 1040A Form
September 25, 2022 Form 1040-A was a simplified version of Form 1040 used to file personal income taxes. 1040EZ Form
September 25, 2022 Form 1040EZ was an abridged version of Form 1040 for taxpayers with basic tax situations. Adjusted Gross Income (AGI)
September 25, 2022 The IRS uses your adjusted gross income (AGI) to determine how much income tax you owe in a year. After-Tax Income
September 25, 2022 After-tax income is gross income less federal, state and withholding taxes. Amended Return
September 25, 2022 An amended return is a form filed to correct a previous year’s tax return. Annualized Income Installment Method
September 25, 2022 Self-employed taxpayers must make quarterly estimated tax payments. Backup Withholding
September 25, 2022 Reserve withholdings are funds set aside for tax purposes on withdrawn investment income. Deadweight Loss Of Taxation
September 25, 2022 Taxation deadweight loss measures the total economic loss caused by a new tax on a product or service. Dependent
September 25, 2022 A dependent is a person who is dependent on someone for financial support and may include children or other relatives. Domicile
September 25, 2022 Residence refers to the place you call home permanently. Earned Income
September 25, 2022 Earned income is any income received from work or self-employment. Electronic Federal Tax Payment System (EFTPS)
September 25, 2022 The Electronic Federal Tax Payment System (EFTPS) is a 24/7 service provided by the US Department of the Treasury that allows taxpayers to make tax payments over the phone or the Internet. Employer Identification Number (EIN)
September 25, 2022 Employer identification number is a unique nine-digit number assigned to a business entity. Enrolled Agent (EA)
September 25, 2022 Registered agents are federally authorized to represent taxpayers before the IRS. Flow-Through Entity
September 25, 2022 A flowing (through) organization is a legal business entity that transfers all of its income to business owners or investors. Foreign Earned Income Exclusion
September 25, 2022 The Foreign Earned Income Exclusion was created to avoid double taxation for Americans living abroad. Form 1040X
September 25, 2022 IRS Form 1040-X is filed by taxpayers to amend an annual tax return that was previously filed. Form 1095-B
September 25, 2022 Form 1095-B: Health insurance contains health insurance information for taxpayers, their spouses, and dependents if they are enrolled through an insurance company. Form 1099-B
September 25, 2022 Form 1099-B is sent by brokers to their clients for tax filing purposes. Form 1099-INT
September 25, 2022 Form 1099-INT is the IRS income tax form used by taxpayers to report interest income received. Form 1099-Q
September 25, 2022 Individuals receiving payments from a Coverdell Education Savings Account or 529 Plan receive a Form 1099-Q. Form 1099-R
September 25, 2022 Form 1099-R is used to report distributions of annuities, income distribution plans, retirement plans, retirement accounts, insurance contracts, or pensions. Form 1310
September 25, 2022 IRS Form 1310 is used to file a federal tax refund claim for a surviving spouse or other beneficiary of a recently deceased taxpayer. Form 2439
September 25, 2022 Form 2439 is an IRS form that regulated investment companies (RICs)—mutual funds and exchange-traded funds—and real estate investment trusts (REITs) are required to circulate to shareholders to report unallocated long-term capital gains.