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Tax Glossary
What Is “W-2 wage limitation”?
The W-2 wage limitation is an IRS rule that caps the 20% Qualified Business Income (QBI) deduction for high-income small...
Tax Glossary
What Is “Unadjusted basis immediately after acquisition”?
Unadjusted basis immediately after acquisition (often called UBIA) is an IRS tax term that refers to the original purchase price...
Tax Glossary
What Is “UBIA of qualified property”?
UBIA of qualified property stands for the Unadjusted Basis Immediately after Acquisition of eligible business assets. It refers to the...
Tax Glossary
What Is “ U.S. person ”?
A “U.S. person” is a broad legal and tax classification used by the Internal Revenue Service (IRS) to identify individuals...
Tax Glossary
What Is “ U.S. citizen ”?
A U.S. citizen is an individual who is legally recognized as a member of the United States, either by birth...
Tax Glossary
What Is “Treaty tie-breaker rule”?
The treaty tie-breaker rule is a specific provision found in international tax treaties used to determine a single country of...
Tax Glossary
What Is a Traditional IRA?
A Traditional IRA is an individual, tax-advantaged account that allows you to save money for retirement using pre-tax dollars, which...
Tax Glossary
What Is “Totalization agreement”?
A totalization agreement is an international accord between the United States and a foreign country designed to eliminate double social...
Tax Glossary
What Is “Termination of S election”?
Termination of S election happens when a business loses its special “S corporation” tax status and reverts to being taxed...
Tax Glossary
What Is the “Taxable Income Limitation”?
The taxable income limitation is a strict boundary set by the IRS that caps a taxpayer’s maximum deduction based on...