When it comes to filing your taxes, understanding the concept of Adjusted Gross Income (AGI) is crucial. AGI serves as the starting point for determining your taxable income, and it...
Posted by Taxes Made EZ Inc on 07/02/2023
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
Your 1040sIf your income is over a specific amount, paying the federal income tax is mandatory. You might have to pay income tax in some states as well. The income tax rate is a matter...
One of the things business owners like hearing when it comes to taxes is "tax credit," as it signifies something good. Even though some business owners might confuse tax...
The TCJA that was passed in 2017 significantly reduced the corporate tax rate and introduced the Qualified Business Income Deduction (QBID).The QBI deduction makes it possible to reduce...
Being a parent is definitely a hard job as well as an added expense to your income. When children come, they not only bring blessings but a lot of expense on their hands as well. However,...
Posted by John Pournaras Agency on 12/14/2018
The modified adjusted gross income is used by the IRS to find out whether a private taxpayer is eligible for specific tax deductions. The IRS most importantly use it to determine how...
Posted by rinehimerbaker on 11/14/2018
As a small business owner, you’ve got nothing to worry about. Revenue comes easy, expenses are minimal, and it is no problem at all to meet your tax requirements at the end of...
Self-employment can be seen as an important part of financial freedom, as well as freedom from the standard 9 to 5 employment. However, the traditional benefits of an employer versus...