The Income Tax Act combines all your income into five separate categories—known as the “5 heads of income tax”—to provide simplicity of operation and clarity in filling in income taxes.

There are two types of income tax rates: marginal and effective (also known as “average”). Marginal tax rates are the percentage paid on the last dollar of taxable income earned. In other ...

Taxpayers who qualify for exemptions can save money by reducing their taxable income. Here’s how tax exemptions work, the ...

Learn how ETFs vs. mutual funds compare in tax efficiency, costs and performance to help you make smarter investment choices.

The federal income tax is the primary source of revenue for the United States government. It is assessed on most types of income as a percentage. The federal income tax system in the United States ...

While taxes might seem unavoidable, strategic retirement planning can help you reduce or even eliminate some of them. Find ...