3/23/2017

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Tax Definitions

Tax Definitions
Tax Definitions A
Tax Definitions B
Tax Definitions C
Tax Definitions D
Tax Definitions E
Tax Definitions F
Tax Definitions G,H
Tax Definitions I
Tax Definitions J,K,L
Tax Definitions M
Tax Definitions N,O
Tax Definitions P,Q
Tax Definitions R
Tax Definitions S
Tax Definitions T
Tax Definitions U,V,W

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Tax Definitions and Terms (S)

S Corporation: A business enterprise that takes on the benefits of being incorporated in order to receive tax treatment similar to a partnership by distributing taxable income to individual income tax returns.

Salvage Value: The estimated value of an asset determined at the end of it's useful life.

Section 179 Deductions: A deduction allowed by the IRS for the cost of business equipment in the year the equipment was placed in service.

Section 1231 Property: A property that is used for business purposes and held for at least a year or more. Property is depreciable and all gains and losses are netted, gains being treated as capital gains and losses being treated as ordinary losses.

Self Employment Tax: Tax paid by the self employed to finance Social Security and Medicare coverage.

Separate Returns: Returns filed independently by a married person. Filing separate tax returns may have benefits where each spouse has deductions but may have higher total tax consequenses overall.

Short Sale: The sale of real estate or other assets at a price less that what is owed or valued at in order to prevent an even greater loss.

Short Term Capital Gain or Loss: The gain or loss from the sale or exchange of an asset that was held for less than one year.

Simplified Employee Plan (SEP): Set up by qualifying small business employers, a Simplified Employee Pension Plan (SEP) allows more monetary contributions to be made to a special type of Individual Retirement Account (IRA) than is allowed under regular IRA rules.

Standard Deduction: A fixed deduction allowing a flat deduction amount that depends on a taxpayers filing status instead of deducting actual expenses.

Standard Miliage Rate: A fixed deduction allowed by the IRS for business automobile expenses instead of deducting actual expenses.

Straight Line Depreciation: A deduction is taken in equal amounts each year in the recovery period of an asset.

 

 

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