Paying taxes and a government imposed due date can feel overwhelming enough. Add complex terms and jargon, and it's no surprise tax season has a bad rap. But fear not! Our goal is to make tax season easier, less intimidating, and ultimately empowering for everyone. In this post, we've put together an introductory glossary of common terms used in individual income tax preparation. Consider this your first go-to guide for navigating the world of taxes with confidence and clarity. In future posts, we'll dissect specific terms a bit more, but we would rather you have more than less to get started!
Glossary
Adjusted Gross Income (AGI)
Contracting Income
Cryptocurrency
Deductions
Filing Status
Income from Employment (W2)
Multi-State Income
Investment Income (1099s)
Schedule C Income
Schedule K1
Social Security Income (SSA-1099)
Stock Options
Tax Bracket
Tax Credits
Withholding
Familiarity with some of the common jargon is the first step to confidently maneuvering the tax world. And remember, if you ever need personalized guidance or have any questions, our team of trusted tax professionals is just a call away. Embrace tax season with confidence and enjoy the journey!
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