The Internal Revenue Service (IRS) uses the Modified Adjusted Gross Income (MAGI) as a measure to determine whether a taxpayer qualifies for certain contributions or deductions to a Roth IRA (Individual Retirement Account). MAGI also determines if a taxpayer qualifies for certain income tax credits and education tax benefits. In simple terms, it denotes your […]
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An economic recession is a notable decline in the economy, which lasts for some time and affects the Gross Domestic Product (GDP), industrial production, real income, wholesale-retail sales, and employment. It is important for small business owners to learn some tips on how to survive a recession. When a recession hits, it severely affects entrepreneurs
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Standing out in a crowded market is the goal of every growing business in competitive industries. Yet, a competitive edge doesn’t happen overnight. Developing competitive strategies is what sets successful companies apart from the rest. Dominating an industry, attracting new customers, and positioning the company in the market requires a detailed plan of action that
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The health and economic crisis has negatively affected the well-being of millions of Americans. Most importantly, low-wage workers, certain minority groups, and immigrants are going through a deep economic crisis. The Covid-19 pandemic has resulted in more than 9.5 million workers losing their jobs, and 4 million have been out of work for more than
What is the American Rescue Plan? | What to Know Read More »
It is essential to know how to create and manage a gambling diary. You can encounter many issues with the IRS in the event of an audit if you don’t have one. For example, if you collected a large number of gambling winnings one year and didn’t record them, the IRS could issue hefty fines
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On July 15th, 2021, the IRS began sending out the first round of Advance Child Tax Credit (ACTC) payments. These payments were designed as a prepayment method of the previously announced Child Tax Credit that was initially supposed to be provided to eligible families during tax season. In this article, we’ll look at what the
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It is essential to know which gifts are taxable income, as the IRS can impose steep penalties for misreporting income.
Which Gifts are Considered Taxable Income? Read More »
A payroll tax is a tax an employer deducts from the paychecks of his or her employees to pay to the IRS on the employee’s behalf. This tax is generally applied to wages, salaries, and tips received by the worker. Once deducted, the taxes are paid directly to the Internal Revenue Service (IRS) via the
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The concept of trusts and estate taxes can be an uncomfortable and often complicated topic that most would rather avoid. It is, however, sometimes necessary to discuss these things for the betterment of our estate, reductions in taxes, and to ensure you have the utmost control over your accumulated wealth. While a complicated topic, this
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To run a successful business, small business owners are responsible for many things, including the creation of the name of the business, the organizational structure, the marketing plan and strategy, and a solid understanding of how to make the business grow. A big part of this is financial planning (budgeting), which can be very difficult
4 Awesome Reasons Why Outsourcing Payroll Can Make You Big Money Read More »
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