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Standard deduction

A specific dollar amount that taxpayers can subtract from their income before federal taxes are calculated, reducing the total income subject to tax. It's an alternative to itemizing individual deductions.

Tariff rebate amount

The specific dollar amount by which the standard deduction would be increased under this bill, varying based on a taxpayer's filing status.

Taxable year

The accounting period for which taxes are computed. For most individual taxpayers, this is the calendar year (January 1 to December 31).

Joint return

A single tax return filed by a married couple, combining their incomes and deductions.

Head of household

A filing status for unmarried individuals who pay more than half the cost of keeping up a home for themselves and a qualifying person.

Internal Revenue Code of 1986

The primary body of statutory tax law in the United States, which outlines all federal tax rules and regulations.