Hello World
Tax Glossary
What Is “Gross receipts”?
What Are Gross Receipts? Gross receipts represent the total amount of all money a business receives from all sources during...
Tax Glossary
What Is “Gross profit”?
What Is Gross Profit? Gross profit is the money a business has left over after subtracting the direct costs of...
Tax Glossary
What Is “ General partnership ”?
A general partnership is a basic business structure where two or more people share ownership, profits, and management of a...
Tax Glossary
What Is “General ledger”?
What Is a General Ledger? A general ledger is the master record of a business’s financial transactions. It acts as...
Tax Glossary
What Is “ Freelancer ”?
A freelancer is a self-employed individual who offers services to clients on a contract or project basis rather than working...
Tax Glossary
What Is “Form 8832”?
What Is Form 8832? Form 8832, officially titled “Entity Classification Election,” is a document used by eligible businesses to tell...
Tax Glossary
What Is “Form 3115”?
What Is Form 3115? Form 3115 is the official document used by U.S. taxpayers to request a change in their...
Tax Glossary
What Is “Form 2553”?
What Is Form 2553? Form 2553 is the official document used by a small business to tell the IRS it...
Tax Glossary
What Is a “Fiscal year taxpayer”?
What Is a Fiscal Year Taxpayer? A fiscal year taxpayer is an individual or business entity that reports their annual...
Tax Glossary
What Is “ First-time abatement ”?
What Is First-time abatement? First-time abatement (FTA) is an administrative waiver provided by the IRS that allows taxpayers to remove...