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Glossary: Form 1099-B
Image courtesy of Pixabay.com Form 1099-B is a reporting form, in the 1099 series, used primarily to report the sale of stocks by a taxpayer. These “glossary” entry posts are intended to be brief...
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Glossary: OCBOA
Image courtesy of Pixabay.com The abbreviation “OCBOA” stands for “other comprehensive basis of accounting.” Simply stated, it means any basis of accounting — the method in which a business keeps its...
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Glossary: Generally Accepted Accounting Principles (GAAP)
Image courtesy of Pixabay.com The term GAAP, or “generally accepted accounting principles,” refers to a set of accounting policies and procedures used in the formal compilation of financial statements....
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Glossary: 1099
Image courtesy of Pixabay.com In the tax world, the term “1099” refers to a series of reporting forms issued to recipients of certain types of income. Examples: Form 1099-MISC: issued by businesses to...
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Glossary: Bonus Depreciation
Image courtesy of user Geralt on Pixabay.com Bonus depreciation, in tax terms, refers to an accelerated form of depreciation available on certain types of assets. In simplified terms, taxpayers can use...
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Glossary: Fiscal Year
Image courtesy of Pixabay.com A “fiscal year” refers to the 12-month period on which an organization keeps its books. For the vast majority of main-street small businesses, their fiscal year is the...
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Glossary: Sole Proprietorship
Image courtesy of user Geralt on Pixabay.com In simple terms, a sole proprietorship refers to a business which is not incorporated and which has only one owner. (NOTE: A one-person LLC is considered to...
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Glossary: Revenue Procedure
Image courtesy of Pixabay.com In tax terms, a revenue procedure is IRS guidance on how taxpayers should comply with certain laws and regulations. This page on the IRS website provides a good breakdown...
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Glossary: Form W-2
Form W-2 is a reporting for issued by employers to employees. The W-2 shows the amount of wages paid to the employee during the year, as well as the amount of taxes withheld. A W-2 can also show other...
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Glossary: Intangible Asset
Image courtesy of user TCB on Pixabay.com In tax terminology, what is an “intangible asset?” One way of looking at intangibles is, they are business assets that cannot be physically touched. That’s a...
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Glossary: Form 1099-B
Image courtesy of Pixabay.com Form 1099-B is a reporting form, in the 1099 series, used primarily to report the sale of stocks by a taxpayer. These “glossary” entry posts are intended to be brief...
View ArticleClik here to view.
Glossary: OCBOA
Image courtesy of Pixabay.com The abbreviation “OCBOA” stands for “other comprehensive basis of accounting.” Simply stated, it means any basis of accounting — the method in which a business keeps its...
View ArticleClik here to view.
Glossary: Generally Accepted Accounting Principles (GAAP)
Image courtesy of Pixabay.com The term GAAP, or “generally accepted accounting principles,” refers to a set of accounting policies and procedures used in the formal compilation of financial statements....
View ArticleClik here to view.
Glossary: 1099
Image courtesy of Pixabay.com In the tax world, the term “1099” refers to a series of reporting forms issued to recipients of certain types of income. Examples: Form 1099-MISC: issued by businesses to...
View ArticleClik here to view.
Glossary: Bonus Depreciation
Image courtesy of user Geralt on Pixabay.com Bonus depreciation, in tax terms, refers to an accelerated form of depreciation available on certain types of assets. In simplified terms, taxpayers can use...
View ArticleClik here to view.
Glossary: Fiscal Year
Image courtesy of Pixabay.com A “fiscal year” refers to the 12-month period on which an organization keeps its books. For the vast majority of main-street small businesses, their fiscal year is the...
View ArticleClik here to view.
Glossary: Sole Proprietorship
Image courtesy of user Geralt on Pixabay.com In simple terms, a sole proprietorship refers to a business which is not incorporated and which has only one owner. (NOTE: A one-person LLC is considered to...
View ArticleClik here to view.
Glossary: Lifetime Learning Credit
Image courtesy of user “tookapic” on pixabay.com. The Lifetime Learning Credit is a tax credit available for taxpayers who pay college expenses. This credit is similar to the American Opportunity...
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Glossary: Revenue Procedure
Image courtesy of Pixabay.com In tax terms, a revenue procedure is IRS guidance on how taxpayers should comply with certain laws and regulations. This page on the IRS website provides a good breakdown...
View ArticleClik here to view.
Glossary: Form W-2
Form W-2 is a reporting for issued by employers to employees. The W-2 shows the amount of wages paid to the employee during the year, as well as the amount of taxes withheld. A W-2 can also show other...
View Article
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