Key tax terms | Taxes and tax forms | Financial Literacy | Khan Academy

Key tax terms include 'deductions' (expenses that decrease taxable income), 'taxable income' (income subject to tax), 'above the line' (deductions from gross income), 'itemized deductions' (individual expense deductions), and 'standard deduction' (a set deduction amount). Understanding these aids in effective tax planning and financial management. Learn more at https://www.khanacademy.org/college-c...

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