7 key tax terms you should know

(NewsNation) — The U.S. tax code may be notoriously complex, but understanding some basic terms can help you breeze through your tax return in no time.According to the Tax Foundation's 2024 tax literacy poll, only 2% of respondents had "proficient" tax knowledge. Most of those surveyed did not know or were not sure of basic tax concepts related to income tax filing.Here are some tax terms you should know.IRS unveils 2025 income tax brackets: Where do you fall?Tax liabilityYour tax liabilit