A tax credit which is paid ahead of the tax year in which it is due or owed.
Examples include:
FICA Tax
Advance
Above-the-Line Deduction
Adjusted Basis
Capital Gain
Generation Skipping Transfer (GST) Tax
Gift Tax
“Kiddie Tax”
“Nanny Tax”
SEP (Simplified Employee Pension)
SIMPLE (Savings Incentive Match Plan for Employees)
Points
FUTA Tax
See Also:
Preparing for Retirement
Property Taxes