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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Debt Consolidation Debt Consolidation is replacing multiple loans with a single loan that is normally secured on property. This can often reduce your (the borrowers) monthly outgoing interest payments by paying only one loan which is secured on property sometimes over a longer term. Because loan is secured, interest rate will generally be considerably lower.

Equity Equity is difference between value of a product (for example a house) and amount that is owed on it.

Liabilities Liabilities refers to sum of all outstanding debts in which a company or individual owes to it’s debtors.

Principal Principal is used to describe amount of money that is borrowed without including any interest or additional fee’s.

Term Term refers to length of a debt agreement. For example if you were to take out a loan for a house over 10 years. 10 years would be term.

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