Buildings

A tax-deferred defined contribution retirement plan in which both the employer and employee can contribute to an employee's individual retirement account.

Residential rental real estate

An entry to reduce cash.

A financial statement that shows assets, liabilities, and owners' equity as of a point in time.

Mortgages Payable

The provision of the Tax Cuts and Jobs Act that allows qualified businesses up to a 20% deduction against business income.

Vehicle used in a business

An entry to record accumulated depreciation.

The set of accounting principles that have been agreed upon through consensus over time.

Payroll Tax Withholdings

A tax-advantaged plan that allows employees to choose which pre-tax benefits to participate in (like health plans, HSAs, dependent care, etc.).

New sidewalks at a rental property

An entry to record an expense.

The accounting principle that says that related income and expenses should be reported in the same accounting period.

Credit Card Clearing

Tax code section that governs tax-exempt organizations (such as charities and non-profits).

A 40-story commercial office building that's rented out to tenants

An entry to record a refund to a customer.

Method of accounting in which revenues and expenses are recorded in the period in which they are received or paid.

Escrow Accounts Held by Lenders

The type of business entities that are governed by the rules in Subchapter K of the Internal Revenue Code.

Land

An owner contribution entry.

The order in which assets and liabilities are listed on a financial statement (under US GAAP).