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Tax Glossary
What Is “Taxable Estate”?
A taxable estate is the total value of a deceased person’s assets that is subject to federal estate tax after...
Tax Glossary
What Is “Taxable Distribution”?
A taxable distribution is any payment of cash, stock, or property from a retirement account, investment, or corporate entity that...
Tax Glossary
What Is a “Tax Reciprocity Agreement”?
A tax reciprocity agreement is a mutual pact between two neighboring U.S. states that simplifies how income taxes are withheld...
Tax Glossary
What Is “Tangible Personal Property Tax”?
Tangible personal property tax is a localized property tax levied by state or county governments on physical, movable assets owned...
Tax Glossary
What Is Subpart F Income?
Subpart F income is a specific category of taxable earnings generated by a Controlled Foreign Corporation (CFC) that must be...
Tax Glossary
What Is “Step-up in basis”?
A step-up in basis is a tax rule that resets the cost basis of an inherited asset to its fair...
Tax Glossary
What Is “Statutory Residency”?
Statutory residency is a legal status where a state treats you as a full-time resident for tax purposes because you...
Tax Glossary
What Is “State Withholding”?
State withholding is the process where an employer subtracts a specific portion of an employee’s earnings directly from their paycheck...
Tax Glossary
What Is “State Tax Return”?
A state tax return is a formal financial declaration submitted annually to a state’s department of revenue to report the...
Tax Glossary
What Is “State Income Tax”?
State income tax is a tax levied by individual U.S. states on the money earned by residents, workers, and businesses...