Hello World
Tax Glossary
What Is “Estimated tax penalty”?
What Is “Estimated tax penalty”? The estimated tax penalty is a fee charged by the IRS when a taxpayer does...
Tax Glossary
What Is “Entity classification election”?
What Is “Entity classification election”? An entity classification election is a formal choice a business makes to tell the IRS...
Tax Glossary
What Is “Ending inventory”?
What Is Ending Inventory? Ending inventory is the total dollar value of all goods, raw materials, and work-in-progress items that...
Tax Glossary
What Is “Employer identification number”?
What Is an Employer Identification Number (EIN)? An Employer Identification Number (EIN) is a unique nine-digit number assigned by the...
Tax Glossary
What Is “Employee vs. contractor”?
What Is “Employee vs. contractor”? “Employee vs. contractor” refers to the legal and tax-related classification of a worker. This distinction...
Tax Glossary
What Is “ Disregarded entity ”?
A disregarded entity is a business that is recognized as a separate legal structure by its state government but is...
Tax Glossary
What Is “Deductible business expense”?
What Is a Deductible Business Expense? A deductible business expense is a cost incurred while running your trade or profession...
Tax Glossary
What Is “De minimis safe harbor”?
What Is the De Minimis Safe Harbor? The de minimis safe harbor is an IRS rule that allows small business...
Tax Glossary
What Is “DBA”?
What Is a DBA? A DBA, which stands for “Doing Business As,” is a professional nickname for a business. It...
Tax Glossary
What Is “Currently not collectible”?
What Is “Currently not collectible”? “Currently not collectible” (CNC) is a special status the IRS assigns to taxpayers who are...