A trust that invests primarily in real estate and mortgages and passes income, losses and other tax items to its investors.

The amount of gain or loss you report for income tax purposes. You may be able to defer recognizing gain or loss on certain property exchanges, such as like-kind exchanges.

Money owed to taxpayers when their total tax payments are greater than the total tax. Refunds are received from the government.

This type of credit acts like a payment or a withholding. You can still qualify for this credit even if you have no tax liability to apply the credit to and it can be refunded if your total payments (to include this credit) is more than the tax owed. (see also credits and non-refundable credits)

A tax that takes a larger percentage of income from low-income groups than from high-income groups.

A person who is a permanent resident, but not a citizen, of the United States.

Factors needed to produce goods and services (natural, human, and capital goods).

The income the nation collects from taxes.

A tax on imported goods levied primarily to generate revenue for the federal government.

For individual retirement accounts, the tax-free reinvestment of a distribution from one qualified retirement plan into another within 60 days.

Payment for the use and exploitation of certain kinds of property, such as artistic or literary works, patents and mineral rights.

Compensation received by an employee for services performed. A salary is a fixed sum paid for a specific period of time worked, such as weekly or monthly.

A tax on retail products based on a set percentage of retail cost.

Itemized Deductions. Includes medical and dental expenses, taxes you paid, mortgage interest and expenses, gifts to charities, unreimbursed employee business expenses, job related expenses, miscellaneous deductions and less common expenses (like Casualty and Losses, Business use of Your Home, and Investment Interest).

Interest and Dividends: Used to report your information from forms 1099-INT (interest paid to you during the year) or 1099-DIV (ex . ordinary dividends from investments).

Business Income: Used if you own your own business or have 1099-Miscellaneous for earned income.

Capital Gains/Losses: Used if you have gains/losses from the sale of property (ex. stocks, etc.) Reported on 1099-B

Rent and Royalty Income: Used to report income from rental property or royalties (from sound recordings, etc).

Farm Income: Used to report income if you are a sole-proprietorship to report your farming income and expenses from your business.

Self-employment income minus self-employment expenses when self-employment income is greater than self-employment expenses.

Self-employment income minus self-employment expenses when self-employment income is greater than self-employment expenses.

Social Security and Medicare tax paid by self-employed taxpayers on the net income from their trade or business.

Your profit or loss from the sale of a capital asset that you held for one year or less.

A retirement plan similar to an individual retirement arrangement for self-employed individuals and their employees. But where an individual establishes the IRA account, a SEP is set up by the employer.

A tax on goods such as tobacco and alcohol.