Glossary: Income Statement

By | April 13th, 2016|Categories: Glossary|Tags: , , |

In tax and accounting terms, "income statement" refers to an accounting of a business's revenue and expenses for a period of time. This is also often referred to as a "profit and loss" statement ("P and L" for short).

Glossary: Amortization

By | October 26th, 2015|Categories: Glossary, Small Business Tax and Accounting|Tags: , , , |

What does amortization mean?

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Glossary: MACRS

By | October 6th, 2015|Categories: Glossary|Tags: , , |

MACRS refers to "modified accelerated cost recovery system," which is the default depreciation method used for tax purposes.

Glossary: Asset

By | August 21st, 2015|Categories: Glossary|Tags: , , |

In the tax world, an asset is generally refers to the purchase of something that will last for more than one year.

Glossary: Capital Gain/Capital Loss

By | May 1st, 2015|Categories: Potpourri of Tax Topics|Tags: , , , , |

Glossary of tax terms: capital gain/capital loss

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