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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...
Tax Glossary
What Is “Noncapital asset”?
A noncapital asset is a specific type of property that the IRS excludes from the definition of a capital asset....
Tax Glossary
What Is “Net earnings from self-employment”?
Net earnings from self-employment is the amount of profit from your business that is subject to self-employment tax. It is...
Tax Glossary
What Is “Nanny tax”?
The nanny tax refers to the federal payroll taxes that a household employer must pay if they hire someone to...
Tax Glossary
What Is “Monthly deposit schedule”?
A monthly deposit schedule is a timeline set by the IRS requiring employers to deposit their payroll taxes once a...
Tax Glossary
What Is “Medicare tax”?
Medicare tax is a federal payroll tax used to fund the Medicare program in the United States. This program provides...
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 “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 “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...