N-1
The result of allowable deductions exceeding taxable income within a current period. This allows for future periods tax liabilities to decrease
NOL Carryforward
An item on a company's balance sheet that reduces its taxable income in the future
Deferred Tax Asset
Type of entity that is subject to corporate income taxation
C-Corp
The result of charitable donations exceeding the set limit for the current tax year
Contribution Carryforward
The Federal Corporate tax rate
21%
Type of federal tax return filed by a C-Corp
1120-C
Quarterly payment of taxes for the upcoming year based on the filer's reported income for the period
Estimated tax payments
An item on a company's balance sheet that records taxes that are owed but are not due to be paid until a future date
Deferred Tax Liability
A refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees
Employer Retention Credit
Officer life insurance, penalties and fines, and meals and entertainment are all examples of what
Permanent Differences
Georgia corporate tax rate
5.75%
A type of tax that governments impose on income generated by businesses and individuals within their jurisdiction
Income Tax
The schedule of reconciliation between the book and tax differences on a tax return
Schedule M-1
This American Actor won the Golden Globe Award for best Actor in the 1991 film The Prince of Tides. He was also nominated for awards in Afffliction (1998) and Warrior (2011)
Nick Nolte
The first year that the federal income tax was put in place in the United States of America
1861