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Income

What is the Modified Adjusted Gross Income (MAGI)?

What is the Modified Adjusted Gross Income (MAGI)?

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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Business Income Tax | What to Know for Small Business

Business Income Tax | What to Know for Small Business

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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Taxable vs Non-Taxable Income Cash Spread

Taxable & Non-Taxable Income: What’s the Difference

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

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7 Things the IRS Doesn't Want You To Know cover

7 THINGS THE IRS DOESN'T WANT YOU TO KNOW

Download our guide to ensure you know everything you need to and are prepared to deal with the IRS.