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Tax Glossary
What Is “Liabilities”?
Liabilities are financial debts or legal obligations that an individual or business owes to another party. In the world of...
Tax Glossary
What Is “Lookback period”?
A lookback period is a specific window of time in the past that the IRS examines to determine which tax...
Tax Glossary
What Is “HRA”?
An HRA, or Health Reimbursement Arrangement, is an employer-funded plan that reimburses employees for qualified medical expenses and, in some...
Tax Glossary
What Is “Holding period”?
A holding period is the total length of time you own an asset, measured from the day after you acquire...
Tax Glossary
What Is a “Gig Worker”?
A gig worker is an individual who earns income by providing on-demand services, often through a digital platform, app, or...
Tax Glossary
What Is “FUTA tax”?
FUTA tax stands for the Federal Unemployment Tax Act. It is a federal payroll tax paid exclusively by employers to...
Tax Glossary
What Is “Form W-9”?
Form W-9 is an IRS document used by businesses to request the legal name and Taxpayer Identification Number (TIN) of...
Tax Glossary
What Is “Form W-3”?
Form W-3, officially titled “Transmittal of Wage and Tax Statements,” is a summary document that employers send to the Social...
Tax Glossary
What Is “ Form 945 ”?
Form 945 is an annual tax return used by businesses and other entities to report federal income tax withheld from...
Tax Glossary
What Is “Form 944”?
Form 944 is the Employer’s Annual Federal Tax Return. It is a simplified tax form designed for the smallest employers,...