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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...
Tax Glossary
What Is “ Resident alien ”?
A resident alien is a non-U.S. citizen who meets specific IRS residency criteria to be treated exactly like a U.S....
Tax Glossary
What Is a Required Minimum Distribution?
A Required Minimum Distribution (RMD) is the baseline amount of money that the IRS legally forces you to withdraw each...
Tax Glossary
What Is a Required Beginning Date?
The Required Beginning Date (RBD) is the absolute calendar deadline by which a retirement account owner must take their very...