An assumption or principle that taxpayers will comply with tax laws and, more importantly, accurately report their income and deductions honestly.This…

An IRS program that utilizes volunteers to help provide free tax preparation services to low-income taxpayers. These services are provided at a variety…

The form that an employer must send to an employee and the IRS at the end of the year. The W-2 form reports an employee's annual wages and the amount…

A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct…

An IRS form that grants a foreigner an exemption from certain U.S. information return reporting and backup withholding regulations.There are many variations…

An IRS form, also known as "Request for Taxpayer Identification Number and Certification", which is used by an individual defined as a "U.S. person" or…

An illegal transaction an investor makes by simultaneously buying and selling a security through two different brokers, thereby creating the illusion…

An Internal Revenue Service (IRS) rule prohibiting a taxpayer from claiming a loss on the sale of an investment when the same investment was purchased…

A tax levied by governments against certain industries when economic conditions allow those industries to experience above-average profits. Windfall taxes…

Any tax that is taken directly out of an individual's wages or other income before he or she receives the funds. In other words, these funds are "withheld" from your wages.

An allowance an individual claims on a W-4 Form. A withholding allowance is mainly used to assist an employer in calculating the amount of income tax…

1.  Income tax withheld from employees' wages and paid directly to the government by the employer.2. A tax levied on income (interest and dividends) from…

Securities that have a market value of zero. Worthless securities can include stocks or bonds that are either publicly traded or privately held. These…

A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required…

A type of mutual fund that allocates capital as a standard index, by replicating the holdings of a specified stock index, such as the Standard & Poor…