Smart Moves Before Year-End
Quality
GLOSSARY
Key Terms For Confident Decisions
Estimated Tax Payments
Quarterly payments to the IRS and states that cover tax on income without regular withholding, such as self-employment, rentals, investments, and business profits, helping avoid penalties and large balances.
Adjusted Gross Income
Total income minus specific allowed adjustments, such as retirement contributions or health savings account deposits, which forms the starting point to determine deductions, credits, and overall tax liability on your return.
Cash Flow Forecast
Projected inflows and outflows of money across a future period, used to see whether your business or household can cover payroll, debt payments, taxes, and planned investments without shortfalls.
Depreciation Expense
Gradual write-off of the cost of equipment, buildings, and certain improvements over time, which reduces taxable income and helps reflect how long-term assets are used within your business operations.
Section 1031 Exchange
Tax-deferred swap of one qualifying investment or business property for another, where gains are postponed when strict timelines, identification rules, and structuring requirements are followed correctly with professional guidance.
Required Minimum Distribution
Minimum annual amount that must be withdrawn from most pre-tax retirement accounts once you reach a certain age, with withdrawals taxed as income and significant penalties applied if you take too little.
Keep Your Tax, Accounting, And Planning Needs Coordinated
Schedule Your Consultation