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Capital Loss Capital Gain refers to amount of money Lost on Capital during a given tax period. For example if you own a house, and over past year value of your house decreased by twenty thousand dollars, you would have to claim this twenty thousand dollars as a capital loss in your income taxes.
Child Tax Credit Child tax credits are tax credits that are given to caregivers for each dependent child, that at end of tax year is under 17.
Flat Tax Flat tax refers to a system where everyone is taxed at same rate, regardless of how much they earn.
Gross Income Gross income is an individuals or corporations total income before any taxes or deductions have been applied to sum.
Net Income Net Income is total amount of income after all deductions and expenses.
Property Tax Property tax is a tax that is assessed on real estate value by a local government.
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Feel free to reprint this article as long as you keep following caption and author biography in tact with all hyperlinks.
Ryan Fyfe is the owner and operator of Taxes Area. Which is a great web directory and information center on Taxes and related issues like Income tax and property tax.