label

Use sentence case for user interface elements, including labels.

labeled; labeling

In U.S. English, we spell labeling with one L, not two (as in labelled or labelling).

Lacerte

Capitalize as shown. This is the ProConnect product for professional tax preparers.

landing page

Don’t use landing page in customer-facing copy unless you’re making a marketing suggestion for their small business.

last in, first out

Don’t hyphenate. Write as shown, with a comma after “last in.”

later

Use lower/higher when referring to numerical product (software) versions. Use earlier/later when referring to dated product (software) versions—in this case, use later to describe subsequent versions.

launch

Don’t use launch or start. Use open for apps and turn on/off for hardware.

Example: Select the Printer icon to open the printer utility.

leak; leaked

Don’t use. Use compromised instead.

Learn more

Lowercase “m” as shown. Try to use a more targeted phrase for links. Research shows that users frequently ignore “Learn more” links. And, because the link doesn’t communicate much context, it’s not accessible.

left-hand/right-hand

For accessibility reasons, we strongly discourage using location cues. If you must (try harder!), just use left or right.

legal business name, legal name

Use lowercase in text. If used as a user interface field label, use sentence case.

liability

In accounting, a liability is a debt or financial obligation. Loans, accounts payable, mortgages, deferred revenues, and accrued expenses are examples of liabilities.

When writing an accounting term, define the term first and provide the technical word second.

license key

Lowercase as shown.

Lifetime Learning Credit

Capitalize this tax term as shown.

like-kind exchange

like kind exchange

limited liability company (LLC)

In an LLC, the members of the company can’t be held personally liable for the company’s debts or liabilities.

When writing an accounting term, define the term first and provide the technical word second.

line 13, salaries and wages

This might be the most important part of Form W-2. Capitalize as shown. Don’t write “W2 Line 13, Salaries and wages” or “line 13, Salaries and Wages.”

line item

A line item is an entry that appears on a separate line on a balance sheet, budget, financial report, order, invoice, or other document in list format.

When writing an accounting term, define the term first and provide the technical word second.

line of credit (LOC)

A line of credit is an arrangement between a financial institution, usually a bank, and a customer. It establishes a maximum loan balance that the bank permits the borrower to maintain. The borrower can draw down on the line of credit at any time, as long as they don’t exceed the maximum.

When writing an accounting term, define the term first and provide the technical word second.

loan payment

This is a payment, usually periodic, made to repay money borrowed from a lender.

When writing an accounting term, define the term first and provide the technical word second.

log in / log on (verb)

Don’t use. Use sign in instead.

log out / log off

Sign in is what we use instead. If the existing screen uses log out, see what you can do to change it for consistency. Be sure to pair appropriately: log in and log out, log on and log off.

long-term asset

An asset that won’t turn into cash or be consumed within one year of the date shown on the balance sheet.

When writing an accounting term, define the term first and provide the technical word second.

long-term gain

Don’t write “long term gain” or “longterm gain.”

long-term liability

In accounting, it’s an obligation that becomes due more than one year into the future. Long-term liabilities include items like debentures, loans, deferred tax liabilities and pension obligations.

When writing an accounting term, define the term first and provide the technical word second.

long-term, long term

Hyphenate this expression as an adjective. Set it as two words when it’s a noun.

Examples: Apply for your long-term loan. Your loan is available for a long term.

lower

Use lower/higher when referring to numerical product (software) versions. Use earlier/later when referring to dated product (software) versions.

low income (n.), low-income (adj.)

Write low income as a noun and low-income as an adjective.

Examples:
Your dependents usually have no or low income.
Some low-income tax credits might be available.

lump sum (n.), lump-sum (adj.)

Don’t write “lumpsum.”