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Home Dictionary D Deferred Tax Asset A deferred tax asset is a balance sheet item that results from an overpayment or advance in taxes. This is the opposite of a deferred tax liability, which is income taxes due. A deferred tax asset may arise when there are differences in tax and accounting rules or when tax loss carry forwards. Starting in 2018, most companies can carry forward a deferred tax asset indefinitely. 1040 U.S. Individual Tax Return Form
September 25, 2022 Form 1040 is what individual taxpayers use to file tax returns with the IRS. 1040EZ Form
September 25, 2022 Form 1040EZ was an abridged version of Form 1040 for taxpayers with basic tax situations. 501(c)(3) Organizations
September 25, 2022 Section 501(c)(3) is part of the Internal Revenue Code (IRC) and is a special tax category for non-profit organizations. Capital Gains Tax
September 25, 2022 Capital gains tax is payable only after the sale of the investment. Corporation
September 25, 2022 A corporation is a legal entity separate and distinct from its owners. Corporations have many of the same legal rights and obligations as individuals. Custodian
September 25, 2022 A custodian is a bank that holds financial assets in safe custody to minimize the risk of theft or loss. Deferred Tax Liability
September 25, 2022 A deferred tax liability is an obligation to pay taxes in the future. Form 1065
September 25, 2022 IRS Form 1065 is used to report profits, losses, deductions, and business partnership credits for tax purposes. Form 1095-A
September 25, 2022 If you purchase health insurance through the Marketplace, you must obtain a Form 1095-A. Form 1095-C
September 25, 2022 Form 1095-C: Employer Health Insurance Offer and Coverage is a tax form with information about employee health insurance offered by the eligible Large Employer (ALE). Form 1099-B
September 25, 2022 Form 1099-B is sent by brokers to their clients for tax filing purposes. Form 1099-INT
September 25, 2022 Form 1099-INT is the IRS income tax form used by taxpayers to report interest income received. Form 1120S
September 25, 2022 Form 1120-S reports the income, loss, and dividends of each shareholder of an S corporation. Form 706
September 25, 2022 Form 706 is used by the executor of a deceased person to calculate inheritance tax owed under Chapter 11 of the Internal Revenue Code (IRC) and to calculate Generation Pass Transfer Tax (GSTT) under Chapter 13 of the IRC. . Form 843
September 25, 2022 Form 843 is used to claim a refund of certain assessed taxes or to request a reduction in interest or penalties erroneously applied by the IRS. Form 8949
September 25, 2022 IRS Form 8949 is used to report capital gains and losses on investments for tax purposes. Gas Guzzler Tax
September 25, 2022 The Gasoline Guzzler Tax is levied on passenger cars that do not meet minimum federal fuel efficiency standards. IRS Publication 519
September 25, 2022 IRS Publication 519 contains tax information and guidance for aliens in the United States. IRS Publication 970
September 25, 2022 Tax breaks and credits are available for students saving or paying for education expenses for themselves, sometimes for another family member. IRS Publication 972
September 25, 2022 Publication 972 was used to calculate one of America’s most popular tax credits, the Child Tax Credit. Limited Liability Company (LLC)
September 25, 2022 A limited liability company (LLC) is a corporate structure that protects its owners from personal harassment for paying off debts or obligations of the company. Limited Partnership (LP)
September 25, 2022 A limited partnership (LP) exists when two or more partners start a business together, but the limited partners are only liable up to the amount of their investment. Material Participation Tests
September 25, 2022 Substantial participation tests help determine whether a taxpayer has been materially involved in a business, lease, or other income-generating activity. Nanny Tax
September 25, 2022 The Nanny Tax is a mandatory federal tax paid by people who employ domestic workers and pay wages above a certain threshold. Not for Profit
September 25, 2022 In a non-profit organization, all funds earned or donated must be used to achieve the goals of the group and pay its current expenses.