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Tax Glossary
What Is “ Substitute for return ”?
What Is a Substitute for return? A Substitute for Return (SFR) is a federal tax return that the IRS prepares...
Tax Glossary
What Is “Substantial understatement penalty”?
What Is “Substantial understatement penalty”? A substantial understatement penalty is a charge the IRS adds to your tax bill if...
Tax Glossary
What Is “ Statutory exception ”?
What Is a Statutory Exception? A statutory exception is a specific provision written into the tax law that excuses a...
Tax Glossary
What Is “Statutory employee”?
What Is a Statutory Employee? A statutory employee is a unique category of worker who is technically an independent contractor...
Tax Glossary
What Is “ Statute of limitations ”?
The statute of limitations is a legal time limit established by the IRS for taking certain tax-related actions. It defines...
Tax Glossary
What Is “Startup cost”?
What Is a Startup Cost? Startup costs are the expenses you pay or incur to create an active trade or...
Tax Glossary
What Is “ Sole proprietor ”?
A sole proprietor is an individual who owns and runs an unincorporated business by themselves. From a tax and legal...
Tax Glossary
What Is “ Single-member LLC ”?
A single-member LLC (Limited Liability Company) is a legally registered business structure that has only one owner. From a legal...
Tax Glossary
What Is the “Simplified home office method”?
What Is the Simplified Home Office Method? The simplified home office method is an optional way to calculate the tax...
Tax Glossary
What Is “Shareholder”?
What Is a Shareholder? A shareholder is an individual, company, or institution that owns at least one share of a...