A method of computing amortization (depreciation) by dividing the difference between an asset's cost and its expected salvage value by the number of years it is expected to be used. Also known as straight line depreciation or straight line amortization, this is the simplest deprecation method. Basically, it just spreads out the cost of an asset equally over its lifetime.
A 401(k) plan set up for an individual running a sole proprietorship or a small business with a spouse/immediate family member. Plan contribution limits for the individual are equal to a typical company-sponsored 401(k), but the sole proprietor can also make an employer contribution to an independent 401(k), thereby raising the total contribution allowed. The independent 401(k) may also be called a "solo 401(k)" or an "indie K". Watch: Introduction in 401(k) As with standard 401(k) plans, catch-up contributions are allowed for those above age 50 who have indie 401(k)s - up to $5,000 in 2006. Contributions made to the plan as an employer are also tax-deductible, which can help to save the sole proprietor a great deal in taxes.The independent 401(k) offers many of the same features as a Keogh plan or an SEP IRA, but an independent 401(k) can be cheaper to establish and maintain, and loans are often allowed against an independent 401(k).The major drawback to the independent 401(k) is that no outside employees can be hired, or the window of applicability closes.
A check sent to a taxpayer by the U.S. government. Stimulus checks are intended to stimulate the economy by providing consumers with some spending money. When taxpayers spend this money, it will provide a boost to retailers and manufacturers and thus spur the economy. Stimulus checks have been mailed out to taxpayers on several occasions. These checks will vary in amount according to the taxpayer's filing status. Joint taxpayers will receive twice as much as those filing singly. Those who have unpaid back taxes will see their stimulus checks automatically applied to their outstanding balance.
A legally binding fiduciary relationship in which the trustee holds and manages the assets contributed to the trust by the grantor. In an incentive trust arrangement, the trustee must adhere to specific requirements set out by the grantor regarding what conditions the trust's beneficiaries must meet in order to receive funds from the trust. An incentive trust operates as a sort of "conditional inheritance" for beneficiaries named in the trust. For example, say an aging investor wants to leave a certain proportion of her wealth to a grandchild, but she also wants to ensure that the inheritance money does not lessen the grandchild's drive to pursue a professional career or a higher education. By leaving the inheritance funds to the grandchild in an incentive trust, the grantor can specify that the funds are to be dispersed only once the grandchild has obtained an undergraduate degree, for example (or any other legally permissible requirements the grantor may wish to set out).
A type of levy that governments use to increase their revenues without raising the ire of taxpayers. Compared to income taxes and property taxes, stealth taxes are smaller and less visible, so they are less likely to attract attention or spark protest. Examples of stealth taxes include sales taxes, value added taxes, tobacco taxes, liquor taxes, air travel taxes and gasoline taxes. Stealth taxes are sometimes built into the prices of products so that consumers don’t see how much tax they are paying. Stealth taxes are often easier for governments to collect than other types of taxes and they are collected at the point of sale and are not dependent on the taxpayer’s income. In addition to the implementation of new taxes or the raising of existing taxes, stealth taxes can come in the form of the removal of existing tax breaks.
A withdrawal made from a qualified plan account before the holder experiences a triggering event. A triggering event, such as reaching a certain age, or leaving an employer, is often needed to be able to withdraw funds from a plan, such as a 401(k). Some plans, allow for distributions to be made before a triggering event occurs, to make house payments or pay for your children's education. In most other instances, though, these withdrawals would be penalized according to the 10% standard.
An tax term describing personal property that can be physically relocated, such as furniture and office equipment. Tangible personal property is always depreciated over either a five- or seven-year period using straight-line amortization, but is eligible for accelerated depreciation as well. Tangible personal property includes a wide variety of equipment, from small office fixtures to light trucks and buses. It also includes any and all miscellaneous assets that do not inherently qualify for any other class life, such as jewelry, toys and sports equipment. Tangible personal property is the opposite of real property, in a sense, as real property is immovable.
An insurance contract that allows buyers to allocate funds to both fixed and variable annuity components. Most hybrid annuities allow the investor to choose the amount of assets to allocate to the more conservative, fixed return investments, which offer a lower but guaranteed rate of return, and what amount to allocate toward more volatile variable annuity investments, which offer the potential for higher returns. Hybrid annuities can be useful for those who have longer time horizons and wish to participate in the stock and bond markets. Careful consideration must be taken as to how much risk an investor wishes to take; variable investments can fall just as quickly as equity mutual funds and no guarantees are offered. Also, investors should make themselves aware of the fees for both the fixed and variable portions of a hybrid annuity.
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