Examlex
All groups are teams, but not all teams are groups.
Itemized Deductions
Specific expenses allowed by the IRS that taxpayers can subtract from their adjusted gross income to reduce taxable income.
Escrow Account
A financial account held by a third party on behalf of the two main parties in a transaction, often used to safely hold funds until the completion of contractual obligations.
Charitable Contribution
Financial or material donations made to qualified organizations, which may be deductible from taxable income if itemizing deductions.
Adjusted Gross Income
An individual's total gross income minus specific deductions, used as the basis for calculating taxable income on federal tax returns.
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