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Tax credit
A dollar-for-dollar reduction in the tax. Can be deducted directly from taxes owed.
Source: Understanding Taxes - Glossary - irs.gov
Tax deduction
An amount (often a personal or business expense) that reduces income subject to tax.
Source: Understanding Taxes - Glossary - irs.gov
Tax evasion
A failure to pay or a deliberate underpayment of taxes.
Source: Understanding Taxes - Glossary - irs.gov
Tax-exempt interest income
Interest income that is not subject to income tax. Tax-exempt interest income is earned from bonds issued by states, cities, or counties and the District of Columbia.
Source: Understanding Taxes - Glossary - irs.gov
Tax exemption
A part of a person's income on which no tax is imposed.
Source: Understanding Taxes - Glossary - irs.gov
Tax liability (or total tax bill)
The amount of tax that must be paid.
Source: Understanding Taxes - Glossary - irs.gov
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