| As a courtesy to our clients, we have compiled a comprehensive list of common tax terms and definitions for quick reference. | Tax Lingo Troubles? |
Accrual method of accounting |
A business method of accounting requiring income to be reported when earned and expenses to be deducted when incurred. However, deductions generally may not be claimed until economic performance has occurred. |
| Term | Definition |
|---|---|
| Joint return |
A return filed by a married couple reporting their combined income and deductions. Joint return status provides tax savings to many couples. |
| Joint tenants |
Ownership of property by two persons. When one dies, the decedent's interest passes to the survivor. |