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Tax Glossary
What Is “Statutory employee”?
What Is a Statutory Employee? A statutory employee is a unique category of worker who is technically an independent contractor...
Tax Glossary
What Is “ Statute of limitations ”?
The statute of limitations is a legal time limit established by the IRS for taking certain tax-related actions. It defines...
Tax Glossary
What Is “Startup cost”?
What Is a Startup Cost? Startup costs are the expenses you pay or incur to create an active trade or...
Tax Glossary
What Is “ Sole proprietor ”?
A sole proprietor is an individual who owns and runs an unincorporated business by themselves. From a tax and legal...
Tax Glossary
What Is “ Single-member LLC ”?
A single-member LLC (Limited Liability Company) is a legally registered business structure that has only one owner. From a legal...
Tax Glossary
What Is the “Simplified home office method”?
What Is the Simplified Home Office Method? The simplified home office method is an optional way to calculate the tax...
Tax Glossary
What Is “Shareholder”?
What Is a Shareholder? A shareholder is an individual, company, or institution that owns at least one share of a...
Tax Glossary
What Is “ Self-employed individual ”?
A self-employed individual is someone who earns a living by working for themselves rather than working as a traditional employee...
Tax Glossary
What Is “Section 163(j) limitation”?
What Is Section 163(j) limitation? The Section 163(j) limitation is an IRS rule that caps the amount of business interest...
Tax Glossary
What Is “ S corporation ”?
An S corporation (S corp) is a special tax status that allows a business to pass its income, losses, and...