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Tax Glossary
What Is a Traditional IRA?
A Traditional IRA is an individual, tax-advantaged account that allows you to save money for retirement using pre-tax dollars, which...
Tax Glossary
What Is “Totalization agreement”?
A totalization agreement is an international accord between the United States and a foreign country designed to eliminate double social...
Tax Glossary
What Is “Termination of S election”?
Termination of S election happens when a business loses its special “S corporation” tax status and reverts to being taxed...
Tax Glossary
What Is the “Taxable Income Limitation”?
The taxable income limitation is a strict boundary set by the IRS that caps a taxpayer’s maximum deduction based on...
Tax Glossary
What Is “Tax treaty”?
A tax treaty is a bilateral agreement between two countries resolved to avoid double taxation on individuals and businesses earning...
Tax Glossary
What Is “ Substantial presence test ”?
The Substantial Presence Test is a mathematical day-counting formula used by the Internal Revenue Service (IRS) to determine whether a...
Tax Glossary
What Is a Stretch IRA?
A Stretch IRA is a financial estate-planning strategy that allows a beneficiary who inherits a traditional or Roth Individual Retirement...
Tax Glossary
What Is “ Stock basis ”?
Stock basis is essentially the amount of money you have invested in a share of stock for tax purposes. It...
Tax Glossary
What Is a Solo 401(k)?
A Solo 401(k)—also known as an Individual 401(k) or One-Participant 401(k)—is a traditional retirement plan designed specifically for self-employed business...
Tax Glossary
What Is a SIMPLE IRA?
A SIMPLE IRA (Savings Incentive Match Plan for Employees) is a tax-advantaged retirement plan designed specifically for small businesses and...