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Basis? Variance? What do these words mean?

6/12/2014

Understanding accounting and tax terms is crucial to your financial success. Yet the language of money management can be confusing to investors, business people and taxpayers alike.

Here are brief definitions of some commonly used terms:Sometimes even simple words have more than one meaning. For example, you know that a credit is the red-ink side of an accounting journal entry. You also know credit is a way of spreading out payments for goods. But you might not be aware that credit has a third meaning – as a tax term that can save you money.

Business, investing and tax issues are complicated enough without the added confusion of unfamiliar vocabulary. Understanding the terminology helps.

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