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Tax Glossary
What Is “Tip reporting”?
Tip reporting is the process where employees notify their employers of the total gratuities they receive from customers. This ensures...
Tax Glossary
What Is “Tip income”?
Tip income refers to the money, gifts, or valuables given to workers by customers as a reward for providing a...
Tax Glossary
What Is “Temporary Difference”?
A temporary difference is a timing gap between when an item of income or expense is recorded in your financial...
Tax Glossary
What Is “Tax lot”?
A tax lot is a specific record of an investment purchase that includes the date, quantity, and price paid. When...
Tax Glossary
What Is “Tax Income”?
Tax income, more formally known as taxable income, is the portion of your total earnings that the government is actually...
Tax Glossary
What Is “Tax basis”?
Tax basis is the measurement of your total investment in a piece of property for tax purposes. It is the...
Tax Glossary
What Is “SUTA tax”?
SUTA tax stands for the State Unemployment Tax Act. It is a payroll tax that employers must pay to their...
Tax Glossary
What Is “Stepped-up basis”?
A stepped-up basis is a tax rule that resets the cost basis of an inherited asset to its fair market...
Tax Glossary
What Is “Specific identification method”?
The specific identification method is an accounting technique that allows you to choose exactly which “batch” or “lot” of an...
Tax Glossary
What Is “Statutory nonemployee”?
A statutory nonemployee is a specific worker classification defined by law where the individual is treated as self-employed for all...