Income Tax Preparation

CEL Financial Services - Income Tax Preparation - Mobile Tax Preparer - Serving Fillmore, CA

tax return glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

T

Tax code

The official body of tax laws and regulations.

Source: Understanding Taxes - Glossary - irs.gov

Tax credit

A dollar-for-dollar reduction in the tax. Can be deducted directly from taxes owed.

Source: Understanding Taxes - Glossary - irs.gov

Tax cut

A reduction in the amount of taxes taken by the government.

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

Taxes

Required payments of money to governments that are used to provide public goods and services for the benefit of the community as a whole.

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

Affordable Income Tax Preparation in Fillmore, CA

Christopher Lee, MPA · Registered CTEC Tax Preparer

Have your tax return done:

  • Professionally
  • Promptly
  • And in strict confidence
  • Individual & Small Business returns — Basic or involved
  • Back income tax returns that need filing or amending
  • IRS NOTICES — I can help with the proper response

A fast return brings:

  • Good news to a bad economy!

Tax Term of The Week

Electronic filing (e-file) - The transmission of tax information directly to the IRS using telephones or computers. Electronic filing options include (1) Online self-prepared using a personal computer and tax... More...