Pronunciation

/tæks/

Definitions

Noun

1. A compulsory financial charge paid by individuals or businesses to the government for the provision of public services or goods, such as education, healthcare, or infrastructure.
   • “The government collects taxes on income, property, and sales.”
   • “Tax revenues help fund social programs.”

Verb

1. To impose or levy a tax on (a person, company, or transaction).
   • “The government decided to raise taxes on imported goods.”
   • “The corporation is required to file a tax return by the deadline.”

Adjective

1. Relating to a financial charge or levy.
   • “A tax-exempt organization doesn’t pay taxes on its income.”
   • “The tax-free zone attracts shoppers with lower prices.”

Phrases

• “File a tax return” means to submit the necessary paperwork to report income and pay taxes owed.
• “Tax deductions” are reductions in taxable income.
• “Tax season” refers to the time when people typically prepare and submit their tax returns.

Example Sentences

• Noun: “The citizens must pay their income tax every year.”
• Verb: “The accountant helped the client minimize their tax liability.”
• Adjective: “Many small businesses operate in a tax-efficient manner.”

Synonyms

• Duty
• Levy
• Charge
• Assessment
• Fee
• impost

Antonyms

• Tax-free
• Exempt
• Free of charge