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Tax Glossary
What Is an “S corporation shareholder”?
An S corporation shareholder is an individual, certain type of trust, or estate that holds an ownership stake in a...
Tax Glossary
What Is an “S corporation election”?
An S corporation election is a formal request made to the IRS by an eligible small business to change how...
Tax Glossary
What Is “ S corporation distribution ”?
An S corporation distribution is a payment of business profits made to the shareholders (owners) of an S corporation. Because...
Tax Glossary
What Is an “S corp”?
An S corp (or S corporation) is a special tax status granted by the IRS that lets a business pass...
Tax Glossary
What Is “ S corp salary ”?
An S corp salary is the wage that an S corporation pays to an owner who also works in the...
Tax Glossary
What Is a Roth IRA?
A Roth IRA is an individual, tax-advantaged retirement account that allows you to contribute money that you have already paid...
Tax Glossary
What Is a Roth Conversion?
A Roth conversion is a financial strategy where you move existing savings from a pre-tax retirement account, like a Traditional...
Tax Glossary
What Is a Roth 401(k)?
A Roth 401(k) is an employer-sponsored retirement account that allows you to contribute money after taxes have already been taken...
Tax Glossary
What Is a Rollover?
A rollover is the process of moving your accumulated savings from one tax-advantaged retirement account to another eligible retirement account...
Tax Glossary
What Is a Retirement Plan?
A retirement plan is a financial arrangement, often backed by unique federal tax laws, designed to help individuals save money...