What Is a W-2? Boxes, Codes & How to Read It
Form W-2 reports your wages and taxes withheld. Learn what each box means, key Box 12 codes, and new OBBBA changes on the 2026 form.
Tax Basics
Tax Basics
Simple explanations of core tax concepts like taxable income, AGI, and deductions. Designed for beginners who want to understand how U.S. taxes work.
Tax Basics
What Are Tax Brackets? Rates, Thresholds & How They Work
Tax brackets divide your income into layers taxed at different rates. Learn the seven federal rates, current thresholds, and how marginal taxation works.
Tax Basics
What Is the Standard Deduction? Amounts, Rules & How to Decide
What Is the Standard Deduction? The standard deduction is a flat dollar amount the IRS lets you subtract from your adjusted gross income — no receipts, no itemizing required. It reduces your taxable income, which lowers your federal tax bill. Key Takeaways The standard deduction is a fixed amount subtracted from your AGI — no
Tax Basics
What Is Filing Status? 5 Types Explained (+ How to Choose)
Filing status affects your standard deduction, tax brackets, and credit eligibility. Learn the 5 IRS filing statuses and how to choose the right one for your return.
Tax Basics
What Is MAGI? Modified Adjusted Gross Income Explained
MAGI is the income figure the IRS uses to determine Roth IRA eligibility and ACA subsidy qualification. Learn how it’s calculated and why it matters in 2026.
Tax Basics
What Is Adjusted Gross Income (AGI) and Why It Matters for Your Taxes
Learn what Adjusted Gross Income (AGI) is, how it is calculated, and why it matters for the 2026 tax year.
Tax Basics
What Is Taxable Income and How Does It Affect Your Taxes?
What is taxable income and how does it work? Learn how deductions reduce your income and how it affects your final tax bill.