When you do your taxes on your own â especially if you try to file without the assistance of step-by-step software â you run the risk of missing out on money that could add to your tax return or lower what you owe. This is especially true for freelancers and small business owners.
(prÅfâ²lÄ­-gÄ­t, -gÄtâ²) adj. 1. Given to or characterized by licentiousness or dissipation: a profligate nightlife. 2. Given to or characterized by reckless waste; wildly extravagant: a profligate spender; the profligate use of water.
Related Terms. In legal terminology, the situation where the liabilities of a person or firm exceed its assets. In practice, however, insolvency is the situation where an entity cannot raise enough cash to meet its obligations, or to pay debts as they become due for payment. Properly called technical insolvency, it may occur even when the value of an entity's total assets exceeds its total liabilities.