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Tax Glossary
What Is “Household Income”?
For U.S. federal tax purposes, household income is the specialized cumulative financial metric used by the Internal Revenue Service (IRS)...
Tax Glossary
What Is the “Health Insurance Marketplace”?
The Health Insurance Marketplace—often referred to as the health insurance exchange or “Obamacare”—is a federally mandated shopping and enrollment platform...
Tax Glossary
What Is “Gross Receipts Tax”?
A gross receipts tax is a state or municipal tax levied on a business’s total gross revenue—meaning every single dollar...
Tax Glossary
What Is Gross Estate?
A gross estate is the total fair market value of all assets, property, and financial interests owned or controlled by...
Tax Glossary
What Is “Grantor trust”?
A grantor trust is a type of trust where the person who creates it (the “grantor”) retains control or a...
Tax Glossary
What Is Global Intangible Low-Taxed Income (GILTI)?
Global Intangible Low-Taxed Income (GILTI) is a category of foreign active earnings made by a Controlled Foreign Corporation (CFC) that...
Tax Glossary
What Is the Gift Tax?
The federal gift tax is a regulatory levy imposed by the IRS on the transfer of money, property, or assets...
Tax Glossary
What Is “Gift Basis”?
A gift basis is the asset value assigned to property received as a gift, which the IRS uses to calculate...
Tax Glossary
What Is “Generation-Skipping Transfer Tax”?
The Generation-Skipping Transfer Tax (GSTT) is a federal tax imposed on wealth transfers made to a “skip person,” which includes...
Tax Glossary
What Is “Franchise Tax”?
A franchise tax is a state-level tax levied on corporations, LLCs, and other formal business entities for the privilege of...