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S corporation

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

Internal Revenue Code of 1986

The official compilation of federal tax laws in the United States, as amended over time.

Estimated Tax Payments

Payments of income tax made throughout the year by individuals who expect to owe at least $1,000 in taxes, typically those with income not subject to withholding (e.g., self-employment income, interest, dividends).

Mailbox Rule

A legal principle stating that the postmark date on a mailed document, rather than the date it is received, determines whether it was filed or paid on time for tax purposes.

Taxable Year

The annual accounting period for keeping records and reporting income and expenses, usually a calendar year (January 1 to December 31) or a fiscal year.

Revocation

The act of formally canceling or withdrawing a previous election, such as a business's decision to no longer be taxed as an S corporation.