How the Internal Revenue Service defines and calculates different types of income affects the taxes you owe. Modified adjusted gross income (MAGI) is one of them. MAGI also decides...
Posted by Pat Raskob on 08/11/2022
You have to wear many different hats when working alone. Yes, it can be great when you wear the HR hat because you don't have to keep track of vacations. But when you put on your...
Posted by Taxes Made EZ Inc on 07/31/2022
A sole proprietorship is the default business type because most businesses begin that way. Sole proprietorships are taxed differently from other kinds of businesses because they...
Posted by Tiffany Gaskin on 05/27/2022
Made a mistake on your tax return or realize you lost a valuable deduction or tax credit? You can file an amended tax return to correct it. Filing an amended tax return with the IRS...
Posted by Rosovich & Associates, Inc. on 04/30/2022
You can't help but give Uncle Sam his due, and if you want to avoid an audit, it's important to get it right the first time. Unlike W-2 employees, the self-employed taxes are...
Posted by Dennis Jao on 02/28/2022
Taxation is never easy. And for many Americans, this year is even more difficult.There are many general challenges between the mid-season changes to the tax code, the various incentive...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 07/17/2021
Did you make a mistake in your tax return, or did you notice that you lost a valuable tax credit or deduction? You can file an amended return to effect the correction. Filing an amended...
Posted by Abundant Wealth Planning LLC on 07/17/2021
Independent taxpayers, such as independent contractors and sole proprietors, receive compensation based on the fees they charge their clients. They also incur work-related expenses,...
Posted by Abundant Wealth Planning LLC on 07/06/2021
An LLC (limited liability company) is a form of business organization recognized by all states. Forming an LLC provides limited liability protection to owners (called "members")...
Posted by Abundant Wealth Planning LLC on 05/07/2021
