New to Income Taxes? Make Sure You're Familiar with These 7 Words Before You File

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New to Income Taxes? Make Sure You're Familiar with These 7 Words Before You File

Apr, 1st 2017

How much you pay in taxes — and you much you get back in a refund — is determined by many factors, including your tax bracket, the way you filled out paperwork when you started your job, how much you paid out of pocket for costs like medical expenses in 2016 and whether you're married.

It all comes together on your tax return. But to really understand why your tax bill might go up — and what to do to push it down — you need to know a few key words and phrases. Sure, people talk about "tax write-offs," but that can actually mean a lot of things: Do you know the difference between credits, exemptions and deductions?

Here are seven factors and terms you should...

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