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Internal Revenue Code of 1986

The main body of federal tax law in the United States.

Mailbox Rule

A legal principle stating that a document or payment is considered filed or made on the date it is sent (e.g., postmarked for mail, or electronically transmitted for digital submissions), rather than when it is actually received.

S Corporation

A type of corporation that chooses to pass corporate income, losses, deductions, and credits directly to its shareholders for federal tax purposes, avoiding double taxation.

Estimated Tax

Payments made by individuals and businesses to the IRS throughout the year to cover their tax liability, especially if they don't have taxes withheld from a paycheck (e.g., self-employed individuals).

Taxable Year

An annual accounting period for which a taxpayer calculates income and files an income tax return, typically a calendar year for individuals.

Regulations

Rules or administrative codes issued by government agencies that have the force of law, often used to clarify and implement statutory laws like the tax code.

Revocation