Hello World
Tax Glossary
What Is “Stepped-up basis”?
A stepped-up basis is a tax rule that resets the cost basis of an inherited asset to its fair market...
Tax Glossary
What Is “Specific identification method”?
The specific identification method is an accounting technique that allows you to choose exactly which “batch” or “lot” of an...
Tax Glossary
What Is “Statutory nonemployee”?
A statutory nonemployee is a specific worker classification defined by law where the individual is treated as self-employed for all...
Tax Glossary
What Is “Social Security tax”?
Social Security tax is a federal payroll tax that funds the Old-Age, Survivors, and Disability Insurance (OASDI) program in the...
Tax Glossary
What Is “Semiweekly deposit schedule”?
A semiweekly deposit schedule is one of two primary timelines the IRS requires employers to use when depositing withheld payroll...
Tax Glossary
What Is “Self-employment tax”?
Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It...
Tax Glossary
What Is a “Self-employed taxpayer”?
A self-employed taxpayer is an individual who earns income by carrying on a trade or business as a sole proprietor,...
Tax Glossary
What Is “Section 1250 property”?
Section 1250 property refers to all real property, such as buildings and structural components, that is subject to an allowance...
Tax Glossary
What Is “Section 125 plan”?
A Section 125 plan, commonly known as a “Cafeteria Plan,” is a written benefit program maintained by an employer that...
Tax Glossary
What Is “Section 1245 property”?
Section 1245 property refers to tangible and intangible personal property used in a trade or business that is subject to...