Legal glossary category
Tax Law
Browse 6 glossary entries in the Tax Law category, with short plain-English descriptions and direct links to the full term pages.
depreciation
Depreciation is like letting your favorite drawing lose color over time; it shrinks its value until it's just a faint sketch.
Open term →excise tax
It acts like a special sticker fee slapped onto something, such as soda or gasoline.
Open term →income tax
Income tax is like a library fine you owe for using books; it's money the government claims based on what you earn.
Open term →internal revenue code
The IRC is like the rulebook for your allowance; it tells you exactly how much money you owe your parents (the IRS) based on what you earned and wh...
Open term →internal revenue service
The IRS is like the teacher checking your homework; if you don't file your taxes correctly, they dock points (fines) and demand a redo.
Open term →irs
The IRS is like the teacher checking your homework; if you don't turn it in correctly, you get a big fine slip.
Open term →