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Internal Revenue Code of 1986

The main body of federal tax law in the United States, which outlines how taxes are to be collected and administered.

Charitable Contributions

Money or property voluntarily given to a qualified non-profit or tax-exempt organization, often for public benefit.

Itemizing Deductions

The process of listing out specific eligible expenses (like mortgage interest, state taxes, or medical costs) to reduce taxable income, rather than taking a fixed standard amount.

Standard Deduction

A fixed dollar amount that taxpayers can subtract from their income before calculating their tax, used as an alternative to itemizing individual deductions.

Taxable Year

The accounting period, usually a calendar year for individuals, for which taxes are calculated and reported.

Deduction

An amount subtracted from a person's gross income, which reduces the total income subject to tax.