Glossary

Individual Retirement Account

An Individual Retirement Account (IRA) allows you to save money for retirement in a tax-advantaged way, There are several types of IRAs—traditional IRAsRoth IRAsSEP IRAs, and SIMPLE IRAs and each have different rules regarding eligibility, taxation, and withdrawals.

IRS Penalties

Required contributions to a Defined Benefit plan must be deposited no later then 8 1/2 months after the plan year end to avoid IRS penalty.

Deductible contribution must be deposited no later than the due date for your company’s returns. This date can be extended if your company’s returns are extended.

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