Tax Day Words

Tax Day, which falls on or just after April 15th, is the second most dreaded day of the year—next to Doomsday. The language of taxation runs all over the financial map, describing the wealthy, the disadvantaged, and the ungodly process of paying taxes. Here are some words you're likely to hear in relation to this stressful day, which can be—pardon the expression—quite taxing. Read the full article: Money, Money, Money: The Rich and Poor Words of Tax Day

Activities for this list:

definitions & notes only words
  1. filthy
    characterized by obscenity
    Partly, it seems, the Chinese corporate tourists are beguiled by the Valley’s dreamlike promises of changing the world and growing filthy rich almost overnight.New York Times (Dec 5, 2016)
    Words for repellent things and words for enormous things have a tendency to overlap, and that’s how filthy came to describe the rich: specifically, people who have so much money it’s outrageous and obscene.
  2. deduction
    a decrease in the gross amount on which a tax is calculated
    Eliminating tax deductions and credits to pay for lower tax rates is a strategy that sends economists’ hearts aflutter.New York Times (Apr 11, 2017)
    This word is sweet music to the ears of taxpayers: when you have a deduction, you can trim your taxable income, which means fewer dollars owed and ulcers grown.
  3. exemption
    deduction allowed to a taxpayer because of his or her status
    Other cases deal with a variety of issues including alleged breach of contract and tax exemptions.Washington Times (Apr 6, 2017)
    An exemption is an exception: official permission to not do something you would normally have to do. People can get exemptions from jury duty, military service, and who knows what else; I’m a columnist, not a lawyer. In tax terms, an exemption creates a tax-free bubble around income or purchases.
  4. wealth
    the state of being rich and affluent
    Many people would rather pull stakes and move to an entirely different place than share their wealth with "others."New York Times (Apr 8, 2017)
    You’ve probably heard rich folks described as wealthy: that means they have wealth. At minimum, this suggests what is technically referred to as “loads of dough.”
  5. destitute
    poor enough to need help from others
    Destitute and desperate, she started stealing diapers, food and toys.Washington Times (Nov 5, 2016)
    Lots of people have money problems: but only the truly poor are destitute. To be destitute is to have no money for food, shelter, or anything else. This has also been a word for people lacking more than money: you can destitute of friends, companionship, hope, and/or freedom. Many people are. Now I’m depressed. Let’s just move on.
  6. estimate
    judge to be probable
    Even so, Tesla now trades at some 28 times estimated earnings in 2020.New York Times (Apr 11, 2017)
    If you’re a freelancer like myself, most of your jobs don’t take out any taxes. That gives you two choices: every April, pay the federal government a zillion dollars, including several pounds of flesh. The better option is to make estimated payments four times a year. To do that, you need to estimate how much you should pay. Estimating isn’t like guessing: it’s more like measuring, though not quite that exact.
  7. accountant
    someone who maintains and audits financial records
    “Farmers wear a lot of hats,” Hearst said, explaining many farmers are their own managers, accountants and marketing team, along with the duties of farming.Washington Times (Apr 10, 2017)
    Accountants keep financial records for businesses, individuals, and the secret worldwide Illuminati, probably. Many accountants also do people’s taxes. Accountants, as the name implies, keep track of accounts. You might have a checking account and savings account, but businesses have all sorts of accounts related to equipment, training, food, advertising, etc. They might even have a Swiss bank account—a term often used in jokes to indicate someone is hiding money from the feds.
  8. refund
    money returned to a payer
    Use portions of bonuses or tax refunds to pay off your high-interest credit cards or student loan debt.Seattle Times (Apr 11, 2017)
    Tax time isn’t always a nightmare. Some lucky folks pay too much tax during the year, so they get a refund. Since funds refers to money, this is a perfect word for money you get back. Refund is one of the happiest words in the language. It’s related to funding, which is the money that makes something happen.
  9. dough
    informal term for money
    If she could scale and control prices, she come make some real dough.Washington Post (Oct 22, 2016)
    Dough is an old word for the pasty stuff, made of flour or meal that gets molded and baked into bread. But since the mid-1800s, dough has also meant moolah.
  10. cash
    money in the form of bills or coins
    The administration says it’s part of a larger effort to save taxpayer cash.Seattle Times (Apr 12, 2017)
    This popular term for money is often literal, meaning bills and coins. If a restaurant only accepts cash, they won’t take a credit card, check, or IOU.
  11. government
    study of the authority of states and other political units
    Those estimates all trace back an October 2016 report by the Government Accountability Office.Seattle Times (Apr 12, 2017)
    People complain a lot about the government on Tax Day. Well, they do that on all other days too, but complaints reach a peak on April 15 because the government collects those taxes.
  12. loophole
    an ambiguity that makes it possible to evade an obligation
    Tax law is riddled with loopholes embedded in the economy and defended by beneficiaries.Reuters (Mar 31, 2017)
  13. code
    a set of rules or principles or laws
    The White House later said it would lead the role in reforming the U.S. tax code, eyeing an August deadline.New York Times (Mar 28, 2017)
  14. moolah
    informal terms for money
    The lemonade stand raked in some serious moolah for the kids, earning them a hefty profit of $250 in just three hours.
    This slang term for money is silly and awesome.
  15. Uncle Sam
    a personification of the United States government
    Uncle Sam is set to keep more than $1 billion in unclaimed 2013 tax refunds at this year’s filing deadline, according to the Internal Revenue Service.
    The Kansas City Star (April 3, 2017)
    This character represents the United States, so his name gets thrown around a lot at tax time, when the government comes to collect.

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