Tax Forms and Definitions

The official deadline for individuals and businesses to file their federal tax returns for the previous year.

• April 15th

• March 15th

• May 15th

• June 15th

A form or set of forms filed with the government to report (personal or business) income, the taxes already paid during the prior year, and the taxes still owed.

• Tax Return

• Invoice

• Balance Sheet

• Receipt

A tax form an employer prepares to report an employee’s annual compensation and tax-related withholding amounts, also called a Wage and Tax Statement.

• Form W-2

• Form 1040

• Form 1099

• Form W-4

A tax form used to report payments made to non-employees for services performed for a business.

• Form 1099-NEC

• Form W-2

• Form 1040

• Form 1098

A tax form used to report dividends and other distributions from investments.

• Form 1099-DIV

• Form W-2

• Form 1040

• Form 1098

A tax form used to report interest income received from various sources, such as banks.

• Form 1099-INT

• Form W-2

• Form 1040

• Form 1098

Any money an individual or business earns or receives as the result of economic activity.

• Income

• Expense

• Debt

• Investment

An expense that a taxpayer is allowed to subtract from their total income to reduce the amount of income that is subject to taxation.

• Tax Deduction

• Tax Credit

• Tax Refund

• Tax Liability

A fixed dollar amount that reduces a taxpayer’s taxable income.

• Standard Deduction

• Itemized Deduction

• Tax Credit

• Exemption

Specific expenses that taxpayers can claim to reduce their taxable income.

• Itemized Deductions

• Standard Deduction

• Tax Credits

• Personal Exemptions