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Tax Terms and Glossary: B

Back Taxes - Taxes that are not paid on time, or are and are owed to the IRS or State. The IRS will collect back taxes from you, as well as assess penalties and interest to the principle balance.
Balance Sheet - A summary of a company’s financial standings at a specific time and date; which includes the business’s assets, liabilities, and net worth. The simple calculation of a balance sheet is assets minus liabilities equal the company’s net worth.
Bank Levy – The IRS can directly remove funds from your bank account to satisfy a tax debt. The IRS will usually give you up to 21 days to take action on the levy; otherwise the levied funds are applied towards your tax liability.
Bankruptcy – A federal status applied to insolvent debtors, allowing them to remove a portion or all of their debt. This allows debtors a fresh start, and a chance to start over. A bankruptcy also protects the debtors from negative collection action such as repossessions and wage garnishments.
Basis – The purchase price including commissions and other expenses used to calculate capital gains and losses for tax purposes.
Benefits Received – A tax principle that you should pay taxes based off of the benefits you receive from the government. The more benefits you receive, the more taxes you should pay.
Bonus – Money paid to an employee on top of his usual income for a service.
Business – An uninterrupted and standard activity whose goal is to produce an income or profit.
Business Assets – An item which is used by a business or trade to produce income, or used in the production of goods and/or services. Business assets may include, cash, receivables, inventory, supplies, equipment, land and buildings.
Business Entity - An individual or group that has a legal and separately identifiable existence; such as corporations, partnerships, LLC’s, charities and trusts which are organized for a profitable or charitable purpose.
Business Tax Liability – The principle tax debt, with penalties and interest owed to the IRS or state by a business entity.
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