Glossary

From accelerated depreciation to zero-cost strategy, tax terms can be confusing. That’s why the experts at Instead have defined commonly used words and phrases in plain English.
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A

A

B

B

C

C

D

D

E

E

F

F

G

G

H

H

I

I

J

J

K

K

L

L

M

M

N

N

O

O

P

P

Q

Q

R

R

S

S

T

T

U

U

V

V

W

W

X

X

Y

Y

Z

Z

E

What are Elective Deferrals?

F

What are Fringe Benefits?

G

What are Gross Receipts?

G

What are Guaranteed Payments?

H

What are Home Office Expenses?

I

What are Intangible Drilling Costs (IDCs)?

I

What are Itemized Deductions?

Q

What are Qualified Education Expenses?

A

What is Accelerated Depreciation?

A

What is Adjusted Basis?

A

What is Adjusted Gross Income (AGI)?

B

What is Basis?

B

What is Bonus Depreciation?

C

What is Capital Gain?

C

What is Compensation Optimization?

C

What is Corporate Income Tax?

C

What is Cost Basis?

D

What is Depreciation?

D

What is Double Taxation?

E

What is Earned Income?

G

What is Gross Income?

I

What is IC-DISC?

M

What is Married Filing Jointly Status?

M

What is Married Filing Separately Status?

P

What is Passive Income?

Q

What is Quarter-Over-Quarter (QoQ)?

S

What is Section 179 Expensing?

0-9

What is a 1031 Exchange?

B

What is a Beneficiary?

B

What is a Business Entity?

C

What is a C Corporation?

C

What is a Capital Loss?

C

What is a Captive Insurance Company?

C

What is a Cash Balance Plan?

C

What is a Charitable Contribution?

C

What is a Charitable Limited Partnership (CLP)?

C

What is a Conservation Easement?

C

What is a Cost Segregation Study?

C

What is a Coverdell Education Savings Account (ESA)?

C

What is a Custodian?

D

What is a Deferred Compensation Plan (nonqualified)?

D

What is a Defined Benefit Plan?

D

What is a Defined Contribution Plan?

D

What is a Dependent?

D

What is a Direct Tax?

D

What is a Donor-Advised Fund (DAF)?

F

What is a Family Endowment?

F

What is a Family Office Management Company?

F

What is a Flexible Spending Account?

F

What is a Flow-Through Entity?

F

What is a Franchise Tax?

G

What is a Gift Tax?

H

What is a Health Savings Account?

H

What is a High-Deductible Health Plan?

J

What is a Joint Venture?

K

What is a Keogh Plan?

K

What is a Kiddie Tax?

L

What is a Like-Kind Exchange?

L

What is a Limited Liability Company (LLC)?

L

What is a Limited Partnership?

M

What is a Master Limited Partnership (MLP)?

M

What is a Medical Reimbursement Plan?

N

What is a Net Investment Income Tax?

N

What is a Net Operating Loss?

P

What is a Partnership?

P

What is a Pass-Through Entity?

P

What is a Profit-Sharing Plan?

Q

What is a Qualified Education Assistance Program?

Q

What is a Qualified Intermediary?

Q

What is a Qualified Plan?

R

What is a Real Estate Professional?

R

What is a Recovery Startup Business?

R

What is a Related Party?

R

What is a Roth 401(k)?

S

What is a SIMPLE 401(k)?

S

What is a SIMPLE IRA?

S

What is a Schedule C?

S

What is a Schedule E?

S

What is a Schedule F?

S

What is a Section 412(e)(3) Plan?

S

What is a Self-Directed IRA?

S

What is a Simplified Employee Pension (SEP)?

S

What is a Sole Proprietor?

T

What is a Tax Credit?

T

What is a Tax Deduction?

T

What is a Tax Exemption?

A

What is an Accountable Plan?

E

What is an Educator Expense Deduction?

E

What is an Employee Achievement Award?

E

What is an Estate Tax?

E

What is an Excise Tax?

I

What is an IRS Audit?

I

What is an Individual Income Tax?

I

What is an Installment Sale?

I

What is an Insurance Contract Plan?

I

What is an Internal Audit?

O

What is an Opportunity Zone?

S

What is an S Corporation?

A

What is the Alternative Minimum Tax (AMT)?

A

What is the Augusta Rule?

A

What are Accounts-Receivable?

A

What are Assets?

C

What are Charitable Contributions?

C

What are Closing Entries?

C

What are Credit Terms?

D

What are Dividends Declared?

E

What are Expenses?

L

What are Liabilities?

L

What are Losses?

O

What are Operating Expenses?

P

What are Proceeds?

R

What are Rent Expenses?

S

What are Selling Expenses?

W

What are Wages Payable?

W

What are Withdrawals by Owner?

A

What is Accrual?

A

What is Allocation?

F

What is FUTA?

H

What is Historical Cost?

I

What is Incurred?

J

What is Jurisdiction?

L

What is Legal Capital?

M

What is Month-Over-Month (MoM)?

P

What is Prorate?

R

What is Reasonable Compensation?

R

What is Replenish?

R

What is Revenue?

T

What is Tangible Personal Property?

T

What is Tax Loss Harvesting?

T

What is Tax Planning?

T

What is Taxable Income?

U

What is Unearned Income?

U

What is Useful Life?

Y

What is Year-Over-Year (YoY)?

Y

What is Year-To-Date (YTD)?

Z

What is Zero-Cost Strategy?

C

What is a Chart of Accounts?

C

What is a Cost Object?

D

What is a Deferral?

F

What is a FOB Destination?

J

What is a Journal Entry?

L

What is a Lender?

P

What is a Principal Payment?

S

What is a Solo 401(k)?

S

What is a Spousal Partnership?

S

What is a Stepped-Up Basis?

T

What is a Traditional 401(k)?

T

What is a Trustee?

V

What is a Value-Added Tax (VAT)?

W

What is a W-2?

W

What is a Wash Sale?

W

What is a Write-Off?

A

What is an Allowance for Doubtful Accounts?

I

What is the IMA?

M

What is the Market Interest Rate?

S

What is the Standard Deduction?

Tax positions for businesses and individuals

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Home office

Home office

Home office deduction lets remote workers deduct expenses like rent and utilities for business use.

Meal expenses

Meal expensess

Business can typically deduct 50% of meals associated with doing business with some cases allowing up to 100% deduction.

Travel Expenses

Travel expenses

Businesses can deduct necessary travel expenses, like airfare and lodging, directly related to operations for tax savings.

Vehicle expenses

Vehicle expenses

Vehicle tax deduction allows deduction of business vehicle expenses, using a per-mile rate or actual costs, from taxable income.

Late S Corporation election

Late S election

A Late S Election lets a corporation request IRS S corp status post-deadline.

Late C Corporation election

Late C election

A Late C Election is a request to the IRS for C corporation status after the deadline.

Depreciation

Depreciation

Business can typically deduct 50% of meals associated with doing business with some cases allowing up to 100% deduction.

R & D

R&D

Fuel your venture's growth and innovation with the R&D tax credit. Not just for tech firms or big corporations.

Clean vehicle credits

Clean vehicle

Businesses and Individuals can receive a tax credit for purchasing new eco-friendly vehicles. Individuals may also qualify on used eco-friendly vehicles

Real estate professional

Real estate professional

Real Estate Professional Status allows major working hours in real property businesses to deduct rental losses against other income.

Augusta Rule

Augusta Rule

The Augusta Rule lets homeowners rent their property tax-free for up to 14 days a year without reporting the income.

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