Inheritance tax, a levy imposed on the transfer of assets from deceased individuals to their heirs, has long been a subject of interest and concern. In the United States, inheritance...
Posted by Rosovich & Associates, Inc. on 08/11/2023
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
Of the more than 143 million taxpayers, you might think the IRS is worried enough and will never know whether you are paying your taxes late or not.But no matter how busy the IRS is...
Posted by Taxes Made EZ Inc on 09/20/2021
For federal tax purposes, inheritance is not classified as income, no matter what you inherited – cash, property, or investment. However, whatever you earn on such an inherited...
Posted by Pat Raskob on 07/06/2021
One of the main advantages of life insurance is that payment to beneficiaries is free. Because life insurance benefits in the event of death can run into the millions of dollars, it's...
Forgiveness of debts, also known as debt cancellation, is a relief to anyone who has been in debt. But what happens afterward with the taxes? When your debt is canceled or forgiven,...
Posted by CORE PERFORMANCE on 07/31/2021
Supplemental Security Income (SSI) is a benefit program administered by the Social Security Administration that provides monthly payments to people facing significant physical and...
Alternative minimum tax refers to a percentage of taxes a taxpayer must pay the government regardless of the deductions the taxpayer claims. With the AMT, some taxpayers get to pay...
The QBI (qualified business income deduction) allows individuals to deduct up to 20% of business income, REIT dividends, or PTP income from personal income tax returns. Those who are...