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 […]
What is the Modified Adjusted Gross Income (MAGI)? 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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Unlike individual income tax, most small business owners and entrepreneurs must pay business income tax. Some businesses are required to pay self-employment tax. This is generally reserved for those who are self-employed. Also, you may be required to pay estimated quarterly tax payments. These payments are due depending on the type of business you operate
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Income may be found in the form of cash, other money, property, or services. Unless the IRS specifically exempts the income by law, all income is subject to tax and must be reported on your annual tax return. Because there are some sources of nontaxable income you may not know about, this post will report
10 Sources on Nontaxable Income You Should Know Read More »
The IRS defines taxable income as income generally available to you. This includes income that may not currently be in your possession. There are some sources of nontaxable income, but you may still be required to file them on your annual tax return; you just will not have to pay taxes on this income. Because
10 Sources of Taxable Income You Should Know Read More »
The recent Tax Cuts and Jobs Act saw the corporate income tax rate declining from 35% to 21%. Taxation of income has significant benefits on the American economy. However, it is essential to note that not all income is taxable. Income can be in the form of services, property, or money. The IRS has outlined
Taxable & Non-Taxable Income: What’s the Difference Read More »
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