List Of Tax Returns 2016 References

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Top-Performing Keywords for Tax Returns 2016

Introduction

Tax returns are a crucial part of every taxpayer's life. It's the process of filing your income tax returns with the government every year. The tax returns for the year 2016 were due in April 2017. In this article, we'll discuss the top-performing keywords for tax returns 2016 and what they mean.

1. Tax Refund

One of the most searched keywords for tax returns 2016 is tax refund. It refers to the amount of money that the government owes you for overpaying your taxes throughout the year. The amount of tax refund you receive depends on various factors, including your income, deductions, and credits.

2. Tax Deductions

Tax deductions refer to the expenses that you can subtract from your taxable income to reduce the amount of tax you owe. Some common tax deductions include mortgage interest, charitable donations, and medical expenses.

3. Tax Credits

Tax credits are another essential part of tax returns. They are dollar-for-dollar reductions in the amount of tax you owe. Some popular tax credits include the child tax credit, earned income tax credit, and education tax credit.

4. Taxable Income

Taxable income refers to the amount of income that is subject to taxation. It includes your wages, salaries, tips, and other income sources. Your taxable income is calculated after deducting your tax deductions and exemptions.

5. Taxable Refund

A taxable refund is the amount of tax refund that is subject to taxation. If you received a tax refund in 2016, you may need to report it as taxable income on your tax return for the following year.

6. Tax Extension

A tax extension is a request to extend the deadline for filing your tax return. If you're unable to file your tax return by the original deadline, you can request an extension to avoid penalties and interest charges.

7. Tax Penalty

If you fail to file your tax return or pay your taxes on time, you may be subject to a tax penalty. The penalty amount varies depending on the amount of tax owed and the length of the delay.

8. Tax Audit

A tax audit is an examination of your tax return by the government to ensure that you have reported your income and deductions accurately. If you're selected for a tax audit, you'll need to provide documentation to support your tax return.

9. Tax Bracket

Tax brackets refer to the range of income levels that are subject to different tax rates. The higher your income, the higher your tax rate will be. Knowing your tax bracket can help you plan your finances and reduce your tax liability.

10. Tax Withholding

Tax withholding refers to the amount of money that your employer deducts from your paycheck for federal and state taxes. The amount of tax withholding depends on your income and tax bracket.

Conclusion

In conclusion, tax returns can be a confusing and overwhelming process, but understanding the top-performing keywords can help you navigate it more efficiently. Whether you're looking for tax deductions, tax credits, or tax refunds, it's essential to stay informed and up-to-date with the latest tax laws and regulations.

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