Examlex
Discuss two tax-planning techniques that can be used by a 100% owner-employee to reduce his/her tax liability.
Head of Household
A filing status for tax purposes that provides higher standard deductions and lower tax rates for individuals who are unmarried and support dependents.
Taxable Income
The amount of income that is used to calculate an individual's or a company's income tax due. It is the gross income minus deductions and exemptions allowed by the tax code.
Adjusted Gross Income (AGI)
The total gross income minus specific deductions defined by the IRS, used to determine taxable income.
Qualifying Relative
A term used in tax law to describe someone who doesn’t have to live with the taxpayer all year but must meet certain financial support and income criteria to be claimed as a dependent.
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