Tax Definitions
Browse Investopedia's expert-written library to learn more about the language of taxes and the Internal Revenue Service.
![Tax Return: Documentation that reports income, expenses, and the amount of tax an individual or entity is liable to pay.](https://www.investopedia.com/thmb/W3Xq17g_O9FvVh0QR-k3h3I2LWM=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/taxreturn.asp-FINAL-6421636a087d471d8c9b2e1a9788c577.png)
What Is a Tax Return, and How Long Must You Keep Them?
![Person reviewing paperwork.](https://www.investopedia.com/thmb/JtnsZal6YZV9sfzxEAu1Ctho4q8=/2120x1414/filters:no_upscale():max_bytes(150000):strip_icc()/paperwork-4596472be17e44b691fc63ab4caa74a4.jpg)
Taxable Income vs. Gross Income: What's the Difference?
![Taxable Income](https://www.investopedia.com/thmb/FoXgHSUO5vjhi2KIGQyvz_VUfHM=/1500x1000/filters:no_upscale():max_bytes(150000):strip_icc()/TaxableIncome_Final_4188122-0fb0b743d67242d4a20931ef525b1bb1.jpg)
Taxable Income: What It Is, What Counts, and How to Calculate
![Tax Liability: Money owed to tax authorities.](https://www.investopedia.com/thmb/wSPrQbJvdFqsvS6xiliXkyZNXoU=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/taxliability.asp-final-a8ea9ba48a1f40149767a30961b171e6.png)
Tax Liability: Definition, Calculation, and Example
![Tax Refund: A reimbursement for overpaying on taxes.](https://www.investopedia.com/thmb/l1-j4sJ07WHRTOYBCFwDaUUu9X4=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/tax-refund.asp-FINAL-1-a62b8951c8dd46a09dbb3f2b35ba75ab.png)
What Is a Tax Refund? Definition and When to Expect It
![Tax Bracket](https://www.investopedia.com/thmb/GkmPi2brfgHey3dvawAX9m3zQ-w=/1500x1000/filters:no_upscale():max_bytes(150000):strip_icc()/Tax_Bracket-Final-1824baf32c144f4db2f9ca7c7e8a5faa.jpg)
2024 Tax Brackets and Federal Income Tax Rates
![Older couple with laptop discussing tax shelters](https://www.investopedia.com/thmb/_zNVtEz6Sa5bqZJsoELz_URx4x0=/6000x4000/filters:no_upscale():max_bytes(150000):strip_icc()/Taxshelter-b7e72dc3b2a0446d868894884dc6ce3b.jpg)
Tax Shelter: Definition, Examples, and Legal Issues
![two accountants at desk looking at finances](https://www.investopedia.com/thmb/wXICbd_SlVP0JGuXl3EA6PXt6xU=/2119x1415/filters:no_upscale():max_bytes(150000):strip_icc()/two-business-people-calculate-their-business-in-the-office--918789230-5dfe7ee1921b4b74a28798a8f5c2e762.jpg)
Tax Accounting: Definition, Types, vs. Financial Accounting
![senior couple looking at finances](https://www.investopedia.com/thmb/vAlxsC65r0FFPR8Ha9ekdXefTL4=/2119x1414/filters:no_upscale():max_bytes(150000):strip_icc()/their-finances-are-in-the-green-884678024-00f8e761e1ed48d380c71cad5da0f2da.jpg)
Tax Deferred: Earnings With Taxes Delayed Until Liquidation
![Two women going over their finances](https://www.investopedia.com/thmb/4uBukD8wBOm2pZGxWp41aNdOcog=/2119x1414/filters:no_upscale():max_bytes(150000):strip_icc()/TaxBenefit-45ba63a4dbdc40f791f03795102d611f.jpg)
Tax Benefit: Definition, Types, and IRS Rules
![Person at a desk using a calculator and laptop to calculate their taxes](https://www.investopedia.com/thmb/Zk16vdXDfOMFvwvUluTIl1Uv6jg=/6016x4016/filters:no_upscale():max_bytes(150000):strip_icc()/WhenisTaxSeason-ca77df6805054dd1a72980f53ea6853f.jpg)
When Is Tax Season? Definition, Dates, and Deadlines
![](https://www.investopedia.com/thmb/urBQuEnIfqkSIUDNUy9ggD9QHF0=/380x254/filters:no_upscale():max_bytes(150000):strip_icc()/200393273-001-5bfc2b8bc9e77c0026b4f8ce.jpg)
Tax Refund Anticipation Loan (RAL): What it Means, How it Works
![](https://www.investopedia.com/thmb/AQrzHUMsEptTo8W6e2k2hGh2Hv4=/680x440/filters:no_upscale():max_bytes(150000):strip_icc()/AP675784005308-6243d2b356254eeea81e3b8c30c78c7a.jpg)
Tax Rate Definition, Effective Tax Rates, and Tax Brackets
![Woman taking subway train in New York City.](https://www.investopedia.com/thmb/Dq0WrEHharjPqYPbwwHi7J3iCKo=/2119x1415/filters:no_upscale():max_bytes(150000):strip_icc()/TaxHome-3b9f1ac36f6c4e28889c34943d991fc9.jpg)
Tax Home: What it is, How it Works, Examples and FAQ
![](https://www.investopedia.com/thmb/Pa04VKy0HXWehjWDHRXFrCysdp0=/380x254/filters:no_upscale():max_bytes(150000):strip_icc()/dv740090-5bfc2b8b46e0fb00265bea71.jpg)
Taxable Event: What it is and How it Works
![A stressed taxpayer hold their head as they work on a desktop computer showing a IRS 1040 return with a nearby calculator, checkbook, and a stack of receipts](https://www.investopedia.com/thmb/Jag6Pieaak1mNSEDsJ3dpl724D8=/3888x2592/filters:no_upscale():max_bytes(150000):strip_icc()/TaxpayerGettyImages-172791674-967166a8e51449ebb575e1785aac35bb.jpg)
Taxpayer: Definition, Overview and Types
![Financial advisor consulting with young couple in living room](https://www.investopedia.com/thmb/cQWHW-evhIgjncI0epYmRx5BpT4=/2121x1414/filters:no_upscale():max_bytes(150000):strip_icc()/financial-advisor-consulting-with-young-couple-in-living-room-1014364972-9e5537c46ef44d52acad352ef852d1ec.jpg)
Taxable Wage Base: Overview and Example
![](https://www.investopedia.com/thmb/ULquNPRbyFZ1_M2y-xbV8eJMhWI=/380x254/filters:no_upscale():max_bytes(150000):strip_icc()/78036503-5bfc2b8b4cedfd0026c118ed.jpg)
Tax Attribute: What it is, How it Works, Example
![Tax time](https://www.investopedia.com/thmb/YIP1S6G9PhPO-OVSK-T9X-Esgok=/1920x1280/filters:no_upscale():max_bytes(150000):strip_icc()/income-tax-4097292_1920-bef7c6ff9f2d4b0ab45f354ad31f1ee6.jpg)
Tax Table Definition
![Tax Year](https://www.investopedia.com/thmb/31lOcccoQRzxiKrXgjm2ZaXCSSQ=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/taxyear-c3f5618cd504499583b0543cb4d6b31e.jpg)
What Is the Tax Year? Definition, When It Ends, and Types
![awefaw](https://www.investopedia.com/thmb/DB0JBvXeeaTm_3EdEaLV2lf4rDg=/2400x1005/filters:no_upscale():max_bytes(150000):strip_icc()/Incometaxes-9dacb2fc1d314896821b07f3933f0c4e.png)
Taxes Definition: Types, Who Pays, and Why
![](https://www.investopedia.com/thmb/AIsvAlNV5yjf-P8iVBRHEN1Ib_Y=/680x440/filters:no_upscale():max_bytes(150000):strip_icc()/101405194-5bfc2b8c46e0fb0051bddfc9.jpg)
Tax Schedule
![](https://www.investopedia.com/thmb/ptKsh0XVQvyOTqizIfRgwR0tEsk=/680x440/filters:no_upscale():max_bytes(150000):strip_icc()/125183558-5bfc2b8c46e0fb00517be02c.jpg)
Tax Indexing: What It is, How It Works, Example
![Taxpayer doing their taxes and examining documents for a taxable gain.](https://www.investopedia.com/thmb/PoQC5V87opzUnR7mPhPK4mcttIw=/8256x5504/filters:no_upscale():max_bytes(150000):strip_icc()/Taxablegain-f060c4ab1c0041b8a62d3a7e046c20d4.jpg)
Taxable Gain: What It is and how It Works
![Financial advisor with clients discussing tax-sheltered investment vehicles that minimize tax drag.](https://www.investopedia.com/thmb/nrAkaPIx6Ubf9F5PBMnEs0I0EpQ=/7952x5304/filters:no_upscale():max_bytes(150000):strip_icc()/TaxDrag-c74376974ce948fd94a14ccdb4298516.jpg)
Tax Drag: What It Means, How It Works, Example
![A taxpayer calculates their total tax using the IRS Tax Bracket and a calculator.](https://www.investopedia.com/thmb/hXnYmaDCdZqd2e4d0o3lvC8MlXA=/6048x4024/filters:no_upscale():max_bytes(150000):strip_icc()/TotalTax-4597edd261ad4f38a0ab659029670e24.jpg)
Total Tax: What it Means, Rates, Brackets
![Tax Court](https://www.investopedia.com/thmb/5K3cnXBn2zGG-7DvqINPxB6SRDQ=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/taxcourt.asp-final-3461fc38e9cd4b64949a87524ade55bf.png)
Tax Court: What It is, How it Works, Trial Procedures
![Taxpayer Advocate Service (TAS)](https://www.investopedia.com/thmb/imJQTsg0o6bZuK4gX4LDQ_wE0NE=/8000x5400/filters:no_upscale():max_bytes(150000):strip_icc()/taxpayer-advocate-service.asp-FINAL-07a951573382434e9828911a29fdd89d.png)
Taxpayer Advocate Service (TAS)
![Tax Clawback Agreement](https://www.investopedia.com/thmb/Y4a6vPcfBaMi2mC-BphR9zjBNXM=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/tax-clawback-agreement.asp-final-8e4fc453e6d24c9c8c44a55340213a8e.png)
Tax Clawback Agreement: What It is, How it Works, Example
![](https://www.investopedia.com/thmb/0_Sud1D07_LYP8_6aZ16LzvPiMY=/680x440/filters:no_upscale():max_bytes(150000):strip_icc()/shutterstock_112522391-5bfc2b9846e0fb0051bde2d3.jpg)
What's the Difference Between a Tax Rate and a Tax Bracket?
![Person at desk doing their taxes](https://www.investopedia.com/thmb/Zk16vdXDfOMFvwvUluTIl1Uv6jg=/6016x4016/filters:no_upscale():max_bytes(150000):strip_icc()/WhenisTaxSeason-ca77df6805054dd1a72980f53ea6853f.jpg)
How the U.S. Tax Code Works and Its Sections