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Write the word or phrase that best completes each statement or answers the question.
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Personal Property
Tangible items and assets (excluding real estate) owned by an individual or business, such as vehicles, jewelry, and equipment.
Standard Deduction
A set amount deducted from taxable income that reduces the amount of income subject to tax, available to all taxpayers who do not itemize deductions.
AMT Purposes
Relates to calculations and exceptions specific to the Alternative Minimum Tax, aiming to prevent high-income taxpayers from avoiding substantial tax payments.
Personal Exemptions
A tax deduction allowed by the IRS for oneself and dependents, though it was eliminated for tax years 2018 through 2025 by the Tax Cuts and Jobs Act.
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