If you look at the TCJA, you will see that the C Corps' new tax rate is 21%, while the maximum individual rate is 37%. Also, individuals can benefit from a 20% deduction for pass-through...
Posted by CORE PERFORMANCE on 01/14/2021
Everyone that needs to pay for school fees using Coverdell ESA or 529 will likely get Form 1099-Q from the IRS. This reveals the entire withdrawal made in the year to cover your school...
In December 2017, major tax reform was launched, which concerns individuals and businesses. It is commonly known as the Tax Reduction and Employment Act, TCJA, or Tax Reform. Most...
The Internal Revenue Service recently published new, higher contribution limits for health savings accounts for 2021. An individual is allowed to contribute $ 3,600, while it is $...
Posted by Carmen Garcia on 10/15/2020
Thanks to the Internal Revenue Service's (IRS) cost-of-living adjustment, you can save more money on retirement plans and health savings accounts (HSAs) by 2020. This year, good...
An overview of spousal liability concerns in the world of income tax.To be able to understand this concept better, we will create a scenario where we have imaginary characters. "For...
While the separate filing of tax is a good idea and comes with its advantages, filing jointly brings about significant tax breaks in addition to being a simple method. We compiled...
The Tax Cuts and Jobs Act (TCJA) of 2017 reduced the federal income tax rate for C Corps to 21%, effective January 1, 2018. With this tax rate reduction, business owners can assess...
What is Municipal BondA municipal bond is a debt issued by a municipality, state, or a country to finance capital expenditures, including the construction of schools, highways, or...
Posted by Tim Thompson CPA PLLC on 06/15/2020