A sundry account is a business account where miscellaneous income is reported. This income is not generated by the sale of the company's products or services, but must be accounted for because it increases the company's ... More »

An individual should start putting money into a retirement account in his 20s, according to CNN Money. The earlier a person begins placing money into a tax-deferred account the better because compounding-interest require... More »

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A rule of thumb in planning for retirement is that retirement income should replace 80 percent of preretirement income, according to U.S. News and World Reports. If planning an active retirement, the income should reflec... More »

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Modified Adjusted Gross Income, or MAGI, is what the IRS uses to determine whether a taxpayer is eligible for specific deductions. MAGI is calculated by using adjusted gross income as a starting point and adding back amo... More »

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Qualified income trusts are special-purpose trusts for Medicaid applicants who do not meet the income requirements for Medicaid due to excessive income, but do not have sufficient financial capability to manage long-term... More »

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Capital income is income generated by an asset over time, rather than from work done using the asset, according to Investopedia. If a farmer buys land for a certain amount of money and sells it at a profit after one year... More »

The average income for individuals 65 and older was $31,742 in 2012, according to an AARP Public Policy Institute analysis of Census Bureau data. Common income streams for retirees include Social Security payments, part-... More »

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