Gifts received from family members are generally not considered taxable income in the United States.

The highest marginal tax rate for individuals in the United States in 2023 is 37%.

The standard deduction is an amount that can be subtracted from taxable income before calculating taxes.

A tax credit directly reduces the amount of taxes owed.

A traditional IRA is a tax-deferred retirement account, meaning that contributions are made with pre-tax dollars and taxes are deferred until withdrawal.

The maximum amount that can be contributed to a Roth IRA in 2023 for individuals under the age of 50 is $6,500.

A partnership is not a type of business entity that can be taxed as a corporation.

The corporate tax rate in the United States in 2023 is 21%.

A capital gain is the profit realized from the sale of a capital asset, such as a stock.

The maximum capital gains tax rate for individuals in the United States in 2023 is 20%.

Non-profit organizations, religious organizations, and educational institutions are all examples of tax-exempt organizations.

A tax treaty is an agreement between two countries to avoid double taxation, which occurs when the same income is taxed in both countries.

Paying taxes on time is not a type of tax evasion.

The penalty for tax evasion in the United States can include both fines and imprisonment.

Paying taxes on time is not a type of tax fraud.