Self-employment tax is the largest tax burden for members of the clergy (pastors, priests, ministers, bishops, missionaries, etc.). In this article, you'll learn what self-employment...
Posted by Taxes Made EZ Inc on 01/09/2023
Some expenses can still be deducted due to the tax reform that happened in 2018. A detailed list of employee expenses that have been suspended as employee tax deductions, some until...
Posted by Rosovich & Associates, Inc. on 12/08/2022
Partnerships should use Schedule K-1 tax forms to distinguish partnership income from owners' income. By doing this, your business will more likely avoid the $54,171 tax penalties...
Posted by Taxes Made EZ Inc on 11/17/2022
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 must be a U.S. citizen, lawful permanent resident (green card holder), or pass the "substantial presence" test to be recognized as a U.S. resident for tax purposes. Some...
Posted by Taxes Made EZ Inc on 05/07/2021
Income from fundraising is not considered a taxable source of income by the IRS. Tax fundraising laws define donations as gifts, which recipients do not have to report on their tax...
Posted by Flynn Financial Group Inc on 05/29/2021
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...
Posted by Carmen Garcia on 08/07/2020
On December 20, 2019, President Trump enacted the SECURE (Setting Every Community Up for Retirement Enhancement) Act. The main objective of the new law is to expand the possibilities...
Posted by Don Bell Law on 06/11/2020
Many of the best retirement savings strategies use employer-sponsored retirement plans, such as a 401 (k) or individual plans, such as an IRA or Roth IRA. These retirement vehicles...
Posted by Flynn Financial Group Inc on 01/30/2020
