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Tax Glossary
What Is “Household employee”?
What Is a Household Employee? A household employee is an individual you hire to perform work in or around your...
Tax Glossary
What Is “Gross sales”?
What Is “Gross Sales”? Gross sales is the total amount of money a business or individual generates from all sales...
Tax Glossary
What Is “Gross receipts”?
What Are Gross Receipts? Gross receipts represent the total amount of all money a business receives from all sources during...
Tax Glossary
What Is “Gross profit”?
What Is Gross Profit? Gross profit is the money a business has left over after subtracting the direct costs of...
Tax Glossary
What Is “ General partnership ”?
A general partnership is a basic business structure where two or more people share ownership, profits, and management of a...
Tax Glossary
What Is “General ledger”?
What Is a General Ledger? A general ledger is the master record of a business’s financial transactions. It acts as...
Tax Glossary
What Is “ Freelancer ”?
A freelancer is a self-employed individual who offers services to clients on a contract or project basis rather than working...
Tax Glossary
What Is “Form 8832”?
What Is Form 8832? Form 8832, officially titled “Entity Classification Election,” is a document used by eligible businesses to tell...
Tax Glossary
What Is “Form 3115”?
What Is Form 3115? Form 3115 is the official document used by U.S. taxpayers to request a change in their...
Tax Glossary
What Is “Form 2553”?
What Is Form 2553? Form 2553 is the official document used by a small business to tell the IRS it...