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Tax Glossary
What Is “Schedule C business”?
A Schedule C business refers to a sole proprietorship or a single-member LLC that reports its annual profit or loss...
Tax Glossary
What Is “SE tax”?
SE tax stands for Self-Employment tax. It is a social security and medicare tax primarily for individuals who work for...
Tax Glossary
What Is “Retained Earnings”?
Retained earnings are the cumulative profits a business has earned that stay within the company rather than being paid out...
Tax Glossary
What Is “Recognized gain”?
What Is Recognized Gain? A recognized gain is the portion of a profit from the sale of an asset that...
Tax Glossary
What Is “Realized gain”?
A realized gain is the profit earned from the sale or exchange of an asset, such as a stock, bond,...
Tax Glossary
What Is a “Quarterly tax payment”?
A quarterly tax payment is a scheduled installment of tax paid to the IRS four times a year. These payments...
Tax Glossary
What Is “Qualified small business stock”?
Qualified small business stock (QSBS) is a special type of stock issued by a domestic C corporation that offers significant...
Tax Glossary
What Is “Profit or Loss from Business”?
Profit or loss from business is the net result of your business activities after subtracting all allowable expenses from your...
Tax Glossary
What Is a “Profit and loss statement”?
What Is a Profit and Loss Statement? A profit and loss statement (P&L) is a financial document that summarizes a...
Tax Glossary
What Is “Permanent Difference”?
A permanent difference is a gap between your business’s financial records (book income) and your tax return that will never...