Glossary: Sole Proprietorship

By | April 6th, 2017|Categories: Glossary|Tags: , , |

In simple terms, a sole proprietorship refers to a business which is not incorporated and which has only one owner.

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Glossary: Lifetime Learning Credit

By | March 29th, 2017|Categories: Glossary|Tags: , , , |

The Lifetime Learning Credit is a tax credit available for taxpayers who pay college expenses. This credit is similar to the American Opportunity Credit, but there are some key difference

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Glossary: Revenue Procedure

By | March 17th, 2017|Categories: Glossary|Tags: , |

In tax terms, a revenue procedure is IRS guidance on how taxpayers should comply with certain laws and regulations.

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Glossary: Form W-2

By | March 3rd, 2017|Categories: Glossary|Tags: , |

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.

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Glossary: Intangible Asset

By | February 17th, 2017|Categories: Glossary|Tags: , , , |

One way of looking at intangibles is, they are business assets that cannot be physically touched.

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