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Tax Glossary
What Is “Simple trust”?
A simple trust is an IRS classification for an independent trust that is legally required to distribute all the income...
Tax Glossary
What Is “Seller’s Permit”?
A seller’s permit is a state-issued license that legally authorizes a business to collect sales tax from customers on taxable...
Tax Glossary
What Is “Section 127 Educational Assistance”?
Section 127 educational assistance is a specific provision within the U.S. Internal Revenue Code that allows an employer to provide...
Tax Glossary
What Is “Schedule K-1 Form 1041”?
Schedule K-1 (Form 1041) is an annual IRS tax document issued to a beneficiary of a trust or a deceased...
Tax Glossary
What Is “Sales Tax”?
Sales tax is a consumption tax imposed by state and local governments on the sale of specific goods and services....
Tax Glossary
What Is “Revocable trust”?
A revocable trust, often called a living trust, is a legal arrangement created during your lifetime to hold and manage...
Tax Glossary
What Is “Resident Return”?
A resident return is an individual tax return filed by a taxpayer who qualifies as a full-time resident of a...
Tax Glossary
What Is “Real Property Tax”?
Real property tax is a local government levy assessed on immovable real estate assets, including land, residential homes, commercial buildings,...
Tax Glossary
What Is a “Qualified Tuition Program”?
A Qualified Tuition Program (QTP), widely known as a Section 529 plan, is a tax-advantaged savings and investment program established...
Tax Glossary
What Is “Qualified Tuition and Related Expenses”?
Qualified tuition and related expenses are the baseline academic costs required for enrollment or attendance at an eligible educational institution...