Overview If you buy and sell equities using your cash account, one of the most common violations you need to know about is the good faith violation. To understand what a good faith violation is, we need to first understand the difference between settled and unsettled cash. But in short, a good faith violation occurs […]
This is a complete list of up-to-date 401k statistics. On this page, you’ll find hand-picked statistics about: 401k participation stats 401k balance & contribution stats 401k features & fees stats 401k match stats 401k withdrawals & loans stats
When you file your taxes, the IRS gives you two options for taking tax deductions. You can either take a standard or itemized deduction, but not both. A standard deduction is a set amount that’s determined by the IRS each year. If you choose the standard deduction, your deduction is predetermined and you can check […]
The standard deduction is a flat amount that you can subtract from your income, while itemized deductions are specific expenses that you can deduct, but you must keep track of your expenses and provide documentation. The choice between claiming the standard deduction and itemizing your deductions will depend on which method gives you the greatest […]
When you’re filing your taxes, you have two options for taking deductions: standard or itemized. Standard deductions are easier to take since you simply subtract a set amount from your taxable income. However, some people may benefit more from itemized deductions, which requires you to list (and provide proof of) all eligible expenses during the […]
Most 401k plans do not allow plan participants to make withdrawals from their accounts while they’re still employed at the company. However, if you need access to your 401k funds, and don’t have any plans to quit your job, there are several alternative options to withdrawing from your 401k without leaving your employer. How 401k […]
Adjusted Gross Income (AGI) is a financial term used to describe a taxpayer’s total income minus specific deductions. AGI is calculated by taking your gross income (total income from all sources) and subtracting any allowable tax deductions. This number is then used to determine how much of your income is subject to tax, and which […]
An “accredited investor” is a designation created in 1933, through the Securities Act of 1933, and is essentially a way to classify high income or high net worth individuals. It’s intended to indicate that an individual or organization has sufficient financial knowledge and resources to understand and assume the risks associated with investing in unregistered […]
A business tax deduction is an expense that a business can subtract from its taxable income when calculating its federal income tax liability. Deductions can reduce a business’ taxable income and lower the amount of taxes owed to the government each tax year. Here’s how it works: What counts as a business expense? To determine […]
