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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...
Tax Glossary
What Is “Payroll withholding”?
Payroll withholding is the portion of an employee’s gross earnings that an employer legally subtracts from a paycheck and sends...
Tax Glossary
What Is “Payroll Tax”?
Payroll tax is a specific type of tax withheld from an employee’s salary or paid by an employer based on...
Tax Glossary
What Is “P&L statement”?
What Is a P&L Statement? A P&L statement, short for Profit and Loss statement, is a financial report that summarizes...
Tax Glossary
What Is “Owner’s Draw”?
An owner’s draw is a method where a business owner takes money out of their business for personal use. Instead...
Tax Glossary
What Is “Original basis”?
Original basis is the starting dollar value of an asset when you first acquire it. It represents your initial financial...