Tax Glossary

Gifts in excess of an $12,000-per-donee annual exclusion are subject to gift tax, but the tax may be offset by a gift tax credit.

Tax rules that tax the grantor of a trust on the trust income.

The total amount of income received from all sources before exclusions and deductions.

Total business receipts reported on Schedule C or Schedule C-EZ before deducting adjustments for returns and allowances and cost of goods sold.

Employees are not taxed on up to $50,000 of group-term coverage.