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GLOSSARY OF TERMS
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GLOSSARY OF TERMS
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Income
Money or its equivalent, earned periodically by an individual, a corporation, etc., in return for goods or services provided. Opposite of loss.
A financial statement summarizing revenues, expenses, gains and losses for a stated period of time. The Income Statement is also known as Profit & Loss Statement, Statement of Earnings, Statement of Income or Statement of Operations.
Tax levied on the income of a person or a business.
The person or entity that prepares and files the articles of incorporation. Total Tax Solutions acts as an Incorporator for many new companies.
See Corporation.
A tax-deferred product offered by banks, mutual funds and other companies. Under current law, a married couple can put $4,000 ($2,000 each) into their own IRA each year in a wide range of savings accounts and investments. Earnings are tax-deferred until you begin withdrawing the money (which you can start doing without penalty after age 59 ½). Under current tax law, some people (depending on their income, marital status or other factors) can deduct all or part of their IRA contributions, which reduces their taxes.
To reimburse or compensate. Directors and officers of corporations are often reimbursed or indemnified for all the expenses they may have incurred during the incorporation process.
"Interests" represent a member’s ownership of an LLC just as a partner has an interest in a partnership and shareholders own stock in a corporation.
The cost of using money over time usually expressed as an annual percentage.
When liabilities exceed assets. Also, the inability to pay debts when due. See Bankruptcy.
A part of a sum of money or a debt to be paid at regular intervals, usually made up of principal and interest combined.
An asset without physical substance that has value due to rights resulting from its ownership and possession (for example, goodwill, patents, trademarks).
An employee of an entity (for example, a corporation) who audits for management, providing valuable information for decision-making concerning the effective operation of its business.
A coordinated system of procedures and techniques designed to safeguard a company’s assets, to ensure the accuracy of its accounting records, and to promote efficiency and adherence to prescribed policies.
Items of tangible property held for sale. An Inventory is a detailed list of items and their values owned at a specific point in time. Stock inventory would include raw materials for manufacture, materials partly processed and finished products including items in transit for which title is held, but would not include items physically held for which title belongs to others. Inventories may also be made of fixed assets, stationery and supplies, etc.
Funds committed to acquire something tangible or intangible in order to receive a return, either in revenue or use.
Document for goods purchased or services rendered showing details such as quantities, prices, dates, shipping details, order numbers, terms of sale, etc.
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Total Tax Solutions, Inc.
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Post Office Box 10865 Glendale, CA 91209-3865