by Action Tax | Glossary
Lapsed Policy An insurance policy that is canceled for nonpayment of premiums, or canceled before it has cash or surrender value. Lease A legal contract conveying the use of property from the owner (lessor) to another (lessee) at a fixed rate, for a stated length of...
by Action Tax | Glossary
Keogh Accounts: Similar to a 401(k), but for the self-employed. Keogh Plan A tax-deferred defined benefit or contribution plan that a self-employed individual can set up. Key Employee An employee whose skills, knowledge or abilities are crucial to the ongoing...
by Action Tax | Glossary
Joint Products Two or more goods having approximately the same economic value that are manufactured simultaneously from the same raw material. Joint Tenancy A form of property ownership in which two or more people own an undivided interest in the property. When one...
by Action Tax | Glossary
Income The amount of money a person receives from all sources. These sources include wages, commissions, bonuses, Social Security and other retirement benefits, unemployment compensation, disability, interest and dividends. Income Statement A financial statement...
by Action Tax | Glossary
Health Savings Account (HSA) An account that offers individuals covered by high-deductible health plans (HDHPs) tax-favored opportunities to save for medical expenses. Highly Compensated Employee (HCE) For benefit plan purposes, an employee who receives compensation...
