Legal glossary category
Tax Law
Browse 4 glossary entries in the Tax Law category, with short plain-English descriptions and direct links to the full term pages.
depreciation
Imagine your bike gets rusty every year; the amount of rust that shows up each season is depreciation.
Open term →historical
Like a note your teacher saved from last year about your behavior: it shows what already happened, and the principal deciding today may look at it...
Open term →income
Think of the money you earn at a lemonade stand: every quarter customers hand over counts, even tips, and the grown-up in charge — the government —...
Open term →income tax
Imagine you get $10 a week for doing chores, and your parents keep $1 to help pay for family groceries.
Open term →