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Tax Glossary
What Is “ Self-employed individual ”?
A self-employed individual is someone who earns a living by working for themselves rather than working as a traditional employee...
Tax Glossary
What Is “Section 163(j) limitation”?
What Is Section 163(j) limitation? The Section 163(j) limitation is an IRS rule that caps the amount of business interest...
Tax Glossary
What Is “ S corporation ”?
An S corporation (S corp) is a special tax status that allows a business to pass its income, losses, and...
Tax Glossary
What Is “S corp election”?
What Is “S corp election”? An S corp election is a formal request made by a small business to the...
Tax Glossary
What Is “Responsible party”?
What Is a Responsible Party? A responsible party is the individual who ultimately controls, manages, or directs a business entity...
Tax Glossary
What Is “Repair expense”?
What Is a Repair Expense? A repair expense is a cost incurred to keep a business asset or rental property...
Tax Glossary
What Is “Regular use test”?
What Is the Regular Use Test? The regular use test is an IRS requirement for the home office deduction that...
Tax Glossary
What Is a “Refund claim”?
What Is a Refund Claim? A refund claim is a formal request made by a taxpayer to the IRS or...
Tax Glossary
What Is “Recordkeeping”?
What Is Recordkeeping? Recordkeeping is the systematic process of identifying, capturing, and storing financial documents that support the information on...
Tax Glossary
What Is “Receipt”?
What Is a Receipt? A receipt is a written or electronic acknowledgement that a person or business has received money...