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
When two parties agree on something concerning a case, they settle. In this case, the defendant will pay an agreed sum of money to the plaintiff. The plaintiff, in many cases, could...
Posted by Schneiderman and Friedman on 01/11/2021
If you buy an annuity in pre-tax dollars, the annuity payments will be fully taxed as income. If you purchase an annuity with after-tax funds, you only have to pay income tax. Annuities...
Posted by Don Bell Law on 01/07/2021
A refund offset is a process in which the taxpayer will not get the full refund; instead, the excess federal income tax will be used to service unpaid government debt. Many people...
Posted by Karen Munoz, EA on 01/07/2021
What if you had the chance to win an award of excellence for your outstanding contributions to art, community service, or science? Do you have to pay income tax on this amount? The...
Posted by Karen Munoz, EA on 12/31/2020
Small Business Loans (SBAs) are among the most popular and reliable ways to get financing for small businesses. As with any financial product, though, loan rates change. What are the...
Posted by Stevenson Tax and Accounting, Inc. on 12/26/2020
An alternative minimum tax puts a cap on the tax percentage amount every taxpayer must pay no matter the deductions or credit they claim. As long as your income is above a specified...
Posted by Karen Munoz, EA on 12/26/2020
The OPR supports the IRS's strategy to improve tax law enforcement, ensuring that tax professionals meet tax practice standards and comply with the law. The OPR is the regulatory...
Posted by Flynn Financial Group Inc on 12/25/2020
Estimated tax is the method some employers use to pay income taxes. When paying income taxes, there are two methods allowed by the IRS; the withholding method or, you guessed it, the...
Posted by Stevenson Tax and Accounting, Inc. on 12/22/2020
