Tax Function Definition

Tax Function Definition

What Is a Tax Attribute? Tax attribute refers to certain losses, tax credits, and the adjusted basis of property that must be reduced because of the exclusion of debt cancellation from a taxpayer’s gross income. Tax attributes are adjusted when a taxpayer is insolvent or declares bankruptcy. Key Takeaways Tax attributes are specific economic benefits

Tax Cheat Definition

Tax Cheat Definition

What Is a Tax Cheat? The term “tax cheat” refers to an individual or group who fails to pay the tax required of them by law. Depending on the usage, the term may also refer to individuals who use aggressive tax avoidance strategies despite technically following the letter of the law. Key Takeaways “Tax cheat”

Tax Deduction Definition: Standard or Itemized?

Tax Deduction Definition: Standard or Itemized?

Standard Deduction for the 2022 and 2023 Tax Years  Filing Status 2022 Standard Deduction 2023 Standard Deduction Single $12,950 $13,850 Married Filing Separately $12,950 $13,850 Heads of Household $19,400 $20,800 Married Filing Jointly $25,900 $27,700 Surviving Spouses $25,900 $27,700 Taxpayers at least 65 years old or blind can claim an additional standard deduction. For 2022