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When a parachutist jumps from an airplane, he eventually reaches a constant speed, called the terminal velocity. This means that
Separate Income Tax Returns
Tax documents filed by individuals or entities separately, as opposed to joint or consolidated filings.
Separate Return Method
A tax filing strategy used by businesses operating in multiple states or countries, where each entity files its own tax return rather than a consolidated return for the entire group.
Income Tax Expense
The total amount of income tax owed to federal, state, and local tax authorities for the period.
Net Operating Loss Carryforward
A tax provision that allows a company to apply a fiscal year's net operating losses to future years' profits in order to reduce taxable income.
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