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Tax Glossary
What Is an Employer Matching Contribution?
An employer matching contribution is additional money that an employer deposits into an employee’s workplace retirement account, such as a...
Tax Glossary
What Is “Eligible S corporation shareholder”?
An eligible S corporation shareholder is a person or specific type of entity that the IRS legally allows to own...
Tax Glossary
What Is an Elective Deferral?
An elective deferral is a portion of your salary that you choose to take out of your regular paycheck to...
Tax Glossary
What Is “Earnings and profits”?
Earnings and profits (often abbreviated as E&P) is an IRS tax calculation used to measure a corporation’s true economic ability...
Tax Glossary
What Is an Early Withdrawal Penalty?
An early withdrawal penalty is an additional tax levied by the IRS when you pull money out of a tax-advantaged...
Tax Glossary
What Is an Early Distribution?
An early distribution is any withdrawal of cash or assets taken from a tax-advantaged retirement account before you reach the...
Tax Glossary
What Is “ Dual-status alien ”?
A dual-status alien is an individual who is classified as both a U.S. resident alien and a nonresident alien in...
Tax Glossary
What Is “Double taxation”?
Double taxation is a tax principle where the same financial income is taxed twice by the government before it reaches...
Tax Glossary
What Is “Dividend”?
A dividend is a distribution of a portion of a company’s earnings paid directly to its shareholders. It is essentially...
Tax Glossary
What Is a Direct Rollover?
A direct rollover is an administrative transfer of retirement assets directly from one tax-advantaged account to another eligible retirement account....