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Tax Glossary
What Is “S corp election”?
What Is “S corp election”? An S corp election is a formal request made by a small business to the...
Tax Glossary
What Is “Responsible party”?
What Is a Responsible Party? A responsible party is the individual who ultimately controls, manages, or directs a business entity...
Tax Glossary
What Is “Repair expense”?
What Is a Repair Expense? A repair expense is a cost incurred to keep a business asset or rental property...
Tax Glossary
What Is “Regular use test”?
What Is the Regular Use Test? The regular use test is an IRS requirement for the home office deduction that...
Tax Glossary
What Is a “Refund claim”?
What Is a Refund Claim? A refund claim is a formal request made by a taxpayer to the IRS or...
Tax Glossary
What Is “Recordkeeping”?
What Is Recordkeeping? Recordkeeping is the systematic process of identifying, capturing, and storing financial documents that support the information on...
Tax Glossary
What Is “Receipt”?
What Is a Receipt? A receipt is a written or electronic acknowledgement that a person or business has received money...
Tax Glossary
What Is “Reasonable cause”?
What Is “Reasonable cause”? Reasonable cause is a standard used by the IRS to determine if a taxpayer has a...
Tax Glossary
What Is “Principal place of business”?
What Is a Principal Place of Business? A principal place of business is the primary location where you conduct your...
Tax Glossary
What Is “Per diem”?
What Is Per Diem? Per diem is a fixed daily allowance provided to employees or freelancers to cover costs such...