Taxes

The 1040 IRS Form is the standard federal income tax form used by U.S. residents to file their annual income tax returns.

The 1040A Form, also known as the 'short form', was a simplified version of the federal income tax form used by U.S. taxpayers to file their annual income tax returns.

The 1040EZ Form was a simplified version of the U.S. individual income tax return form designed for taxpayers with straightforward financial situations.

The 183-Day Rule is a tax principle used to determine a taxpayer's residency status based on their physical presence in a country for 183 days or more in a given tax year.

501(c)(3) organizations are nonprofit entities that are exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code. These organizations are typically charitable, religious, educational, or scientific in nature.

The 83(b) Election is a tax election made by employees or founders receiving restricted stock, allowing them to pay taxes on the total fair market value of the stock at the time of granting rather than as it vests.

The Applicable Federal Rate (AFR) is the minimum interest rate set by the IRS for private loans to avoid tax implications.

A budget deficit occurs when a government spends more money than it receives in revenue over a specific period, typically a fiscal year.

Delivered Duty Paid (DDP) is an international shipping agreement where the seller assumes all responsibilities, risks, and costs associated with transporting goods until they are received by the buyer.

Delivered Duty Unpaid (DDU) is an international shipping agreement where the seller is responsible for delivering goods to a specified destination, but the buyer must pay the import duties and taxes.

The Federal Insurance Contributions Act (FICA) is a U.S. law that mandates a payroll tax on both employees and employers to fund Social Security and Medicare programs.

Fiscal policy refers to the government's use of spending and taxation to influence the economy.

Fringe benefits are additional compensations provided to employees beyond their standard wages or salaries, often including perks or benefits that have a monetary value.

Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption.

A government shutdown occurs when non-essential federal offices close due to a lack of funding approval from Congress.

Gross income is the total earnings or revenue generated by an individual or business before any deductions or taxes are applied.

Income refers to the money or other forms of payment that an individual or business receives, typically in exchange for providing a product, service, or labor.

The Internal Revenue Service (IRS) is the U.S. federal agency responsible for the administration of tax laws and the collection of federal taxes.

An irrevocable trust is a type of trust where its terms cannot be modified, amended, or terminated without the permission of the grantor's named beneficiary or beneficiaries.

Kiddie Tax refers to a special tax rule imposed on the unearned income of children under certain age thresholds to prevent parents from avoiding taxes by shifting income to their children.

A Limited Liability Company (LLC) is a business structure in the United States that offers personal liability protection to its owners, known as members, while allowing profits and losses to be passed through to their personal income without facing corporate taxes.

A partnership is a legal arrangement where two or more parties, known as partners, agree to cooperate to advance their mutual interests.

A QTIP Trust is a type of irrevocable trust that allows the grantor to provide for a surviving spouse and maintain control over how the trust's assets are distributed once the surviving spouse dies.

A tariff is a tax imposed by a government on goods and services imported from other countries, used to restrict trade, raise government revenue, or protect domestic industries.

The Kyoto Protocol is an international treaty that commits state parties to reduce greenhouse gas emissions, based on the premise that global warming exists and human-made CO2 emissions have caused it.

A government shutdown occurs when non-essential federal offices cease operations due to a lack of approved funding by Congress.

Limited government is a political system where legal limits are placed on the power of the government, typically through a constitution, to protect individual and property rights.