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A nonprofit organization (NPO) is an entity created to serve a public or mutual benefit other than the pursuit or accumulation of profits for owners or investors. Instead of distributing profits to shareholders, any surplus revenue is reinvested into the organization’s mission. Nonprofits can be charities, foundations, religious groups, educational institutions, hospitals, and even some trade associations. They’re typically tax-exempt under IRS code (like 501(c)(3) for chari

Definition of Limited Liability Company (LLC) A Limited Liability Company (LLC) is a type of business structure in the U.S. that blends the simplicity of a sole proprietorship or partnership with the protection of a corporation. Think of it as the middle ground—like ordering a fancy burger but skipping the extra calories from fries.

A C Corporation (or C Corp) is a type of business structure in the United States that’s legally separate from its owners (called shareholders). This means the corporation itself can own property, enter contracts, sue or be sued, and—here’s the kicker—pay its own taxes. Unlike sole proprietorships or partnerships where profits pass through directly to the owners, a C Corp files its own tax return and pays corporate income tax on profits. In plain English? A C Corporation is

An S Corporation—or S corp for short—is a special type of corporation that allows business owners to enjoy the legal protections of a corporation while avoiding the dreaded “double taxation” that typically comes with one.

A Sole Proprietorship is an unincorporated business owned and run by one individual, with no legal distinction between the owner and the business. It’s easy to set up. In most cases, you don’t even have to file anything with your state (though you may need licenses or permits depending on your work). All income flows directly to your personal tax return using Schedule C on your Form 1040.

Definition: Joint Tenancy is a form of ownership where two or more people hold equal shares in an asset—usually real estate. The defining feature? Right of survivorship. That means if one owner passes away, their share automatically transfers to the remaining owner(s), bypassing probate.

modify, amend, or cancel it—except under very rare circumstances and usually only with court approval or the beneficiaries’ consent. This is the key difference from a Revocable Trust, which you can tweak or dissolve whenever you like. With an irrevocable trust, the assets are no longer legally yours—they belong to the trust, managed by a trustee for the benefit of your chosen beneficiaries.

Probate is the legal process by which a deceased person’s will is validated, and their assets are distributed to heirs and beneficiaries. If there’s no will, the court appoints an administrator and distributes the assets according to state law.

The poor and middle class often struggle not just because of external forces but because they lack the knowledge to effectively manage and grow their wealth. The solution? Learning to Speak the Language of Money ...

Investing on autopilot removes the guesswork and emotional decision-making that causes many investors to lose money.

An HSA is a special savings account designed to help you set aside money for qualified medical expenses.

Charitable giving isn't just about being generous; it's also a savvy financial strategy that can reduce your tax bill and help planning.

Annuities are like reverse life insurance policies. They provide a steady stream of income while you are alive.

Depreciation is the gradual reduction in the value of an asset over time. It reflects the wear and tear of an asset as it ages and is used.

A housing allowance is a financial benefit granted to clergy members and military personnel, designed to cover housing-related expenses.

A capital loss occurs when you sell an asset (like stocks, bonds, or real estate) for less than what you paid for it.

Tax Credits are a dollar-for-dollar reduction in the amount of tax you owe to the government.

Tax deductions are specific expenses you've incurred throughout the year that the government allows you to subtract from your taxable income

A 529 Plan is a tax-advantaged investment plan run by states and educational institutions to make it easier for families to save for college

Capital gains are a key part of wealth building for everyone. By understanding them, you can maximize profits and minimize taxes.