The constructive receipt is a tax concept based on which it is assumed that a taxpayer has received income, even though the income has not yet been physically received, which must...
An annuity is an exciting option for seniors and investors as they provide a steady stream of income as long as you live. If you meet an insurance agent, they will probably define...
Posted by Taxes Made EZ Inc on 07/24/2020
Definition of Taxable Income:• Taxable income is the portion of your total income that is subject to taxation by the government....
Posted by True Tax Service on 10/30/2023
Over the years, Employee Stock Ownership Plans (ESOPs) have become pretty popular, while the traditional exit strategy has faded away. Many companies' owners pass ownership of...
Posted by CORE PERFORMANCE on 11/29/2021
Almost every gambler looks forward to winning when they bet on a sport. Unknown to most gamblers; however, the taxman also wants his cut. Uncle Sam considers sports betting winning...
Posted by Karen Munoz, EA on 10/30/2021
Of all the tax returns submitted in 2019, only 0.4% were audited, and 80% of the review was done via mail. This rate has dropped significantly in consequent years, and the COVID-19...
Posted by CORE PERFORMANCE on 09/09/2021
For most 401(k) plans, the 401(k) tax only applies to withdrawals. Most 401(k) plans are tax-deferred, meaning no income tax on contributions or earnings, interest, or dividends that...
This is an employer-sponsored pension plan that offers qualified employees a guaranteed payment during retirement. This is an alternative to the defined contribution plan, which allows...
One of the most vital parts of financial planning is life insurance. It is essential for people of a higher age as it helps them ensure their loved ones are in good care once they...