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Individual TaxTax Glossary
What Is “Fiscal year”?
A fiscal year is a consecutive 12-month period used by a business or organization for financial reporting and tax purposes...
Individual TaxTax Glossary
What Is “Calendar year”?
A calendar year is a 12-month period that begins on January 1 and ends on December 31. In the tax...
Individual TaxTax Glossary
What Is “Tax year”?
A tax year is the specific 12-month period used by individuals and businesses to calculate their income, expenses, and tax...
Individual TaxTax Glossary
What Is “Taxpayer”?
A taxpayer is any individual, business, or legal entity that is required by law to pay taxes to a federal,...
Individual TaxTax Glossary
What Is “Income tax”?
Income tax is a type of tax levied by governments on the financial income generated by individuals and businesses. It...
Individual TaxTax Glossary
What Is “Federal income tax”?
What Is Federal Income Tax? A Beginner’s Guide Federal income tax is a mandatory tax levied by the U.S. government...
Individual TaxTax Glossary
What Is “Tax”?
What Is Tax? A Beginner’s Guide to Understanding Taxes A tax is a mandatory financial charge or levy imposed by...
IllinoisUS Taxation
Illinois Sales and Use Taxes Explained: A Practical Guide to the State’s Most Common Sales Tax Rules
Quick Takeaways Sales tax in Illinois is not just one flat rule. The state explains that “sales tax” actually refers...
IllinoisUncategorizedUS Taxation
Illinois Cigarette and Cigarette Use Taxes in 2026: What You Need to Know to Stay Compliant
Quick Takeaways Why This Topic Matters Tax rules for tobacco products can feel overwhelming, especially when the requirements depend on...
IllinoisUS Taxation
Illinois Pull Tab & Jar Games Rules Made Simple: Taxes, Fees, and Compliance Tips for Your Organization
Quick Takeaways Why This Topic Matters Tax rules around charitable gaming can feel overwhelming, especially when you are trying to...