20 Tax Terms You Need To Know

Contributing sentiments towards policy:

58% : Some examples of above-the-line deductions are educator expenses, student loan interest deduction, contributions to a health savings account, and amounts paid for tuition and fees.
55% : The amount of taxes you pay depends on how long you hold your capital asset.
52% : You must pay federal income taxes when you receive income throughout the year.
50% : Typically, if you're an employee, your employer will withhold federal income taxes and pay taxes on your behalf.
50% : Examples of tax deductions are standard deductions, itemized deductions or above-the-line deductions.
45% : The EITC is a refundable tax credit, which means it can reduce the amount of taxes you owe and generate a refund.
44% : Nontaxable income is any income you receive on which you don't have to pay taxes.
43% : Therefore, how much you'll pay in taxes on your crypto depends on how long you hold the cryptocurrency before you sell or use it.
38% : The credit lowers the amount you owe in taxes, and up to $1,500 of it is refundable -- meaning you can expect a tax refund even if you do not owe taxes.

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