Sole Proprietorship means: a business or financial venture that is carried on by a single person and is not a trust or corporation. A sole proprietor (sole owner) has unlimited liability. Schedule C of Former Federal Tax Form (check here if the Form is current) 1040 is used to report the […]
Income means: economic benefit; money or value received. Former IRC (check if this IRC provision is current here) §61. Code Sections about Income Sec. 61. Gross income defined Sec. 62. Adjusted gross income defined Sec. 63. Taxable income defined Sec. 64. Ordinary income […]
Depreciation means: an accounting technique in which the cost of an asset is allocated over its useful life. A deduction to reflect the gradual loss of value of business property as it wears out. Former IRC (check if this IRC provision is current here) §167. See Accelerated Cost Recovery […]