A federal tax designed to ensure that wealthy individuals, estates, trusts, and corporations pay a minimum amount of tax regardless of deductions, credits, or exemptions.
Cost segregation is the process of accurately classifying assets for federal tax depreciation, which can result in significant tax savings for businesses. This process involves a professional and supportable analysis of the property to separate faster depreciable assets.
An extra federal tax imposed on the earnings of a business, typically during times of national emergency to increase national revenue. Distinguishable from a windfall profits tax designed to prevent excessive corporate profit in special circumstances.
A 'FARM' can refer to both an agricultural operation and a sales technique. For federal tax purposes, it includes a variety of agricultural pursuits, structures, and animal husbandry operations.
The gift tax is a graduated excise tax levied on the donor of a gift by the federal government and most state governments, which comes into play when assets are transferred from one person to another.
A Limited Liability Company (LLC) is an organization form in some states that may be treated as a partnership for federal tax purposes while offering limited liability protection to its owners at the state level. This entity may be subject to state franchise tax as a corporation. Two common forms of these entities are Limited Liability Companies (LLCs) and Limited Liability Partnerships (LLPs), which protect individual partners from the liabilities of other partners.
