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nounsomeone who pays taxestype of:
Definition that contains taxpayer
- return document giving the tax collector information about the taxpayer's tax liability
- deduction a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket
- exemption a deduction allowed to a taxpayer because of his status (having certain dependents or being blind or being over 65 etc.)
- income tax bracket a category of taxpayers based on the amount of their income
- tax write-off a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket
- estimated tax return return required of a taxpayer whose tax withheld from income does not meet the tax liability for the year
- income tax return document giving the tax collector information about the taxpayer's tax liability
- tax credit a direct reduction in tax liability (not dependent on the taxpayer's tax bracket)
- business expense ordinary and necessary expenses incurred in a taxpayer's business or trade
- trade expense ordinary and necessary expenses incurred in a taxpayer's business or trade