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Tax Glossary
What Is “Semiweekly deposit schedule”?
A semiweekly deposit schedule is one of two primary timelines the IRS requires employers to use when depositing withheld payroll...
Tax Glossary
What Is “Self-employment tax”?
Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It...
Tax Glossary
What Is a “Self-employed taxpayer”?
A self-employed taxpayer is an individual who earns income by carrying on a trade or business as a sole proprietor,...
Tax Glossary
What Is “Section 1250 property”?
Section 1250 property refers to all real property, such as buildings and structural components, that is subject to an allowance...
Tax Glossary
What Is “Section 125 plan”?
A Section 125 plan, commonly known as a “Cafeteria Plan,” is a written benefit program maintained by an employer that...
Tax Glossary
What Is “Section 1245 property”?
Section 1245 property refers to tangible and intangible personal property used in a trade or business that is subject to...
Tax Glossary
What Is “Section 1244 stock”?
Section 1244 stock is a special type of small business share that allows investors to treat a financial loss from...
Tax Glossary
What Is “Section 1231 property”?
Section 1231 property refers to real estate or depreciable property used in a trade or business that has been held...
Tax Glossary
What Is “Section 1231 loss”?
What Is Section 1231 Loss? A Section 1231 loss occurs when you sell or exchange real estate or depreciable property...
Tax Glossary
What Is “Section 1231 gain”?
A Section 1231 gain is the profit made from the sale or exchange of real estate or depreciable property used...