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Mortgage Insurance Premium

A regular payment a homeowner makes to an insurance company to protect the lender if the homeowner stops making mortgage payments. It's often required if you make a down payment of less than 20% of the home's price.

Tax Deduction

An amount that can be subtracted from your gross income to reduce the amount of income on which you pay taxes. This can lower your overall tax bill.

Income Cap

A maximum income level or threshold; if your income is above this amount, you may not qualify for a certain benefit or the benefit may be reduced.

Internal Revenue Code

The body of law in the United States that governs federal taxation, outlining how taxes are assessed, collected, and enforced.

Taxable Year

The accounting period used for calculating income tax liability, typically a calendar year (January 1 to December 31) for individuals.