TomorrowMakers

Tax deduction is reduction of the taxable income by subtracting certain specified expenses from the gross income of an individual.

Tax refund is the amount of money that is in excess of the tax liability paid out by an individual and is therefore returned to him/her by the government. Technically, it is the difference between the taxes paid and taxes owed.

The form used by a taxpayer to calculate the tax liability after making all the permissible deductions from the taxable income received in a year is known as tax return.

The cheapest form of life insurance in which protection is offered for a fixed time span in return for premium. The time span is agreed upon by the insurer and the insured.

The length of time one can comfortably remain invested in a financial product. The longer the time horizon the better returns one can expect to make.