Legal glossary category
Tax Law
Browse 5 glossary entries in the Tax Law category, with short plain-English descriptions and direct links to the full term pages.
excise tax
An excise tax works like a library fine that the kid who checks out a popular book must pay each time the book is borrowed, not just when it’s retu...
Open term →income tax
It’s like a school hall pass that you must show each day; if you forget, the teacher marks you absent and may give detention.
Open term →internal revenue code
Think of the tax code like a school cafeteria menu that tells you exactly what you must pay for each meal, and if you skip paying, the principal wi...
Open term →internal revenue service
Think of the IRS like the school principal who checks if every kid turned in their permission slip; if you forget, you get sent to detention and lo...
Open term →irs
Think of the IRS like a school hall monitor who checks that every student hands in their permission slip on time, or faces a detention.
Open term →