Glossary

D

Deflation

Just like inflation, deflation is a story of supply and demand. But instead of prices for goods and services going up over time, they go down. Generally, this means purchasing power increases — people are able to buy more with the same amount of money.

Direct File

Direct File is a new tax tool to file federal taxes directly with the IRS. The online offering is currently available for more than 30 million eligible taxpayers and is available in both English and Spanish.

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Recent Terms

SEP IRA
A SEP IRA — short for simplified employee pension plan — is a tax-advantaged retirement plan designed for business owners. While it can be used by businesses of any size, it’s often used by small business owners and self-employed individuals.
High earner, not yet rich (HENRY)
HENRY is an acronym for "high earner, not yet rich." It is used to describe someone who earns a high income, usually between $100,000 to $500,000, but has not saved or invested enough to be considered rich. HENRYs typically spend a large portion of their earnings on expenses and purchases.
Non-deductible IRA
A non-deductible IRA is not a type of retirement account. Instead, it refers to non-deductible contributions made to a traditional retirement account. This retirement savings strategy is for those whose income exceeds the limits to make deductible IRA contributions or to contribute to a Roth IRA.