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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...
Tax Glossary
What Is “ Multi-member LLC ”?
A multi-member LLC (Limited Liability Company) is a legally registered business structure that is owned by two or more people...
Tax Glossary
What Is “Member”?
What Is a Member? In the context of U.S. business and taxes, a “member” is an owner of a Limited...
Tax Glossary
What Is “Long-term payment plan”?
What Is “Long-term payment plan”? A long-term payment plan, often called an installment agreement, is an arrangement with the IRS...
Tax Glossary
What Is “Listed property”?
What Is Listed Property? Listed property is a specific category of business assets that the IRS monitors closely because they...
Tax Glossary
What Is “ Limited partnership ”?
A Limited Partnership (LP) is a formal business structure made up of two distinct types of owners: at least one...
Tax Glossary
What Is “ Limited liability partnership ”?
A Limited Liability Partnership (LLP) is a formal business structure designed to protect individual partners from the negligence, malpractice, or...
Tax Glossary
What Is “ Limited liability company ”?
A Limited Liability Company (LLC) is a legal business structure registered at the state level that protects business owners from...