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Sole Proprietor Means Sole proprietor is an individual who owns and operates a business as a single-person business entity. In a sole proprietorship,…

What Nontaxable income means? Nontaxable income refers to money or benefits received by an individual that are not subject to income tax. This means …

Itemized deductions Meaning Itemized deductions are specific expenses that eligible taxpayers can report on their federal income tax returns to reduc…

Tax Credit Meaning Tax credit is a direct reduction in the amount of income tax that an individual or business owes to the government. Unlike deducti…

Standard deduction Meaning Standard deduction is a fixed amount that the Internal Revenue Service (IRS) allows taxpayers to subtract from their adjus…

Tax Liability Meaning Tax liability refers to the total amount of tax that an individual or entity is obligated to pay to the government. It represen…

What is Tax Bracket? A tax bracket refers to a range of income to which a specific income tax rate applies. The tax system, particularly in the conte…

What EITC meaning EITC stands for  Earned Income Tax Credit . Earned Income Tax Credit (EITC) is a financial assistance program implemented through t…

What is  Child and Dependent Care Credit The Child and Dependent Care Credit is a tax credit designed to provide financial assistance to families wh…

What is Capital Losses? Capital losses refer to the financial losses incurred when selling a capital asset for an amount that is less than the origin…

What is Capital Gains Capital Gains refer to the profits realized from the sale of a capital asset, such as real estate, stocks, or bonds, when the s…

What AGI Means? AGI stands for Adjusted Gross Income, a significant financial metric used in taxation. In essence, Adjusted Gross Income represents a…