Income Tax Preparation

CEL Financial Services - Income Tax Preparation - Mobile Tax Preparer - Serving Fillmore, CA

tax return glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

S

Standard deduction

Reduces the income subject to tax and varies depending on filing status, age, blindness, and dependency.

Source: Understanding Taxes - Glossary - irs.gov

Support

For dependency test purposes, support includes food, clothing, shelter, education, medical and dental care, recreation, and transportation.

Source: Understanding Taxes - Glossary - irs.gov

Self-employment loss

Self-employment income minus self-employment expenses, when self-employment income is less than self-employment expenses.

Source: Understanding Taxes - Glossary - irs.gov

Self-employment profit

Self-employment income minus self-employment expenses, when self-employment income is greater than self-employment expenses.

Source: Understanding Taxes - Glossary - irs.gov

Self-employment tax

Similar to Social Security and Medicare taxes. The self-employment tax rate is 15.3 percent of self-employment profit. The self-employment tax is calculated on Schedule SE—Self-Employment Tax.

Source: Understanding Taxes - Glossary - irs.gov

Single filing status

If on the last day of the year, you are unmarried or legally separated from your spouse under a divorce or separate maintenance decree and you do not qualify for another filing status.

Source: Understanding Taxes - Glossary - irs.gov

Sin tax

A tax on goods such as tobacco and alcohol.

Source: Understanding Taxes - Glossary - irs.gov

Social Security tax

Provides benefits for retired workers and their dependents as well as for the disabled and their dependents. Also known as the Federal Insurance Contributions Act (FICA) tax.

Source: Understanding Taxes - Glossary - irs.gov

Software Developer

Develops software for the purposes of (1) formatting electronic tax return information according to IRS specifications, and/or (2) transmitting electronic tax return information directly to the IRS.

Source: Understanding Taxes - Glossary - irs.gov

Salary

Compensation received by an employee for services performed. A salary is a fixed sum paid for a specific period of time worked, such as weekly or monthly.

Source: Understanding Taxes - Glossary - irs.gov

Affordable Income Tax Preparation in Fillmore, CA

Christopher Lee, MPA · Registered CTEC Tax Preparer

Have your tax return done:

  • Professionally
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  • Individual & Small Business returns — Basic or involved
  • Back income tax returns that need filing or amending
  • IRS NOTICES — I can help with the proper response

A fast return brings:

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Tax Term of The Week

Software Developer - Develops software for the purposes of (1) formatting electronic tax return information according to IRS specifications, and/or (2) transmitting electronic tax return information... More...