Tax Terms Glossary | Gain Power With Knowledge

GAAP: Generally accepted accounting principles
Gain: The amount by where the selling price of an asset exceeds its basis.
Garnishment: A court ordering a third party (often an employer) who holds money for a creditor (often an employee), to pay the money to the person obtaining the garnishment order.
General Partner: A partner in a partnership whose liability is not limited.
Generation Skipping Tax: A tax imposed to prevent skipping the imposition of gift and inheritance taxes.
Gift Causa Mortis: The gratuitous transfer of property to a person by another who is essentially on their death bed.
Gift Inter Vivos: The gratuitous transfer of property to a person by another during their life.
Gift Tax: In some jurisdictions, such as the United States, a tax imposed on the transfer of a gift during the life of the giver.
Going Concern: A business that is currently in operation without the threat of liquidation.
Good: A thing that a person can possess that is desirable.
Good Faith: Having honest and good intentions.
Goodwill: The intangible asset value of the reputation of a business.
Government: A political institution that decides, regulates, controls, and enforces public policy.
Grandfather Clause: An exemption that allows old rules to apply to specific situations after the adoption of new legislation.
Gross Income: The total amount included in income before any deductions, specifically tax deductions.
Gross Sales: The amount received from goods and services sold over a certain time period.
Guarantee: A legal contract promising that the debt of another will be paid.
Guarantor: A person who guarantees another person’s liability.