Take Charge of Your Income Taxes

Be prepared for your taxes with our guide to understanding tax forms, the lingo, tax credits and our tips for finding deductions that can save you money.

Learn the Important Tax Terms

Confused by the tax lingo? Get easy-to-understand definitions for commonly used tax terms and phrases right here!

Know the tax lingo

Adjusted gross income (AGI): Your income after subtracting adjustments. Check last year’s 1040 to estimate this year’s amount.

Adjustment (above-the-line deduction): Anyone who qualifies can claim one, without itemizing.

Itemized deductions: Expense amounts that you subtract from your income.

Standard deduction: A fixed amount that you’re allowed to deduct in lieu of itemized deductions.

Tax credit: A direct reduction in the amount of tax you owe.