IRS Publication 501

AAA

DEFINITION of 'IRS Publication 501 '

A document published by the Internal Revenue Service that covers tax exemptions and the amount of the standard deduction. IRS Publication 501 also explains who must file a tax return and what filing status should be used, as well as information on dependents and how to account for them when filing a return.




INVESTOPEDIA EXPLAINS 'IRS Publication 501 '

Choosing the correct filing status is an important step in the tax preparation process. The filing status determines whether a tax return should be filed, the rate at which income should be taxed and what standard deduction is permitted. Taxpayers with little or no gross income may not have to file a tax return at all.

RELATED TERMS
  1. IRS Publication 929: Tax Rules ...

    A document published by the Internal Revenue Service (IRS) that ...
  2. Exemption

    A deduction allowed by law to reduce the amount of income that ...
  3. Income Tax

    A tax that governments impose on financial income generated by ...
  4. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  5. Tax Return

    1. The tax form or forms used to file income taxes with the Internal ...
  6. Standard Deduction

    A base amount of income that is not subject to tax and that can ...
Related Articles
  1. Changes In Tax Legislation And Regulation
    Taxes

    Changes In Tax Legislation And Regulation

  2. 10 Steps To Tax Preparation
    Taxes

    10 Steps To Tax Preparation

  3. Deducting Your Donations
    Taxes

    Deducting Your Donations

  4. Surviving The IRS Audit
    Taxes

    Surviving The IRS Audit

Hot Definitions
  1. Conduit Issuer

    An organization, usually a government agency, that issues municipal securities to raise capital for revenue-generating projects ...
  2. Financing Entity

    The party in a financing arrangement that provides money, property, or another asset to an intermediate entity or financed ...
  3. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  4. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
  5. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  6. Leading Indicator

    A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators ...
Trading Center