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Tax Glossary
What Is “Operating expense”?
What Is an Operating Expense? An operating expense (often called OPEX) is a cost a business incurs through its normal...
Tax Glossary
What Is “ Office audit ”?
What Is an Office Audit? An office audit is a type of tax examination where the IRS requests that you...
Tax Glossary
What Is “Offer in compromise”?
What Is “Offer in compromise”? An Offer in Compromise (OIC) is an agreement between a taxpayer and the IRS that...
Tax Glossary
What Is “ Notice of Federal Tax Lien ”?
What Is a Notice of Federal Tax Lien? A Notice of Federal Tax Lien (NFTL) is a public document filed...
Tax Glossary
What Is “ Notice of deficiency ”?
What Is a Notice of Deficiency? A Notice of Deficiency is an official legal notice from the IRS informing a...
Tax Glossary
What Is “Nondeductible expense”?
What Is a Nondeductible Expense? A nondeductible expense is a cost that cannot be subtracted from your total income to...
Tax Glossary
What Is “Net profit”?
What Is Net Profit? Net profit is the amount of money left over from your business activities after you have...
Tax Glossary
What Is “Net loss”?
What Is a Net Loss? A net loss occurs when your total expenses are higher than the total income or...
Tax Glossary
What Is “Net income”?
What Is Net Income? Net income is the amount of money you or your business has left over after all...
Tax Glossary
What Is “Negligence penalty”?
What Is the Negligence Penalty? A negligence penalty is a type of “accuracy-related” fine the IRS charges when a taxpayer...