Tax Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Gift tax

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.

Grantor trust rules

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

Gross income

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

Gross receipts

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

Group-term life insurance

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

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