MAGI (Modified Adjusted Gross Income)
Modified Adjusted Gross Income (MAGI), is a crucial figure in the tax world. It’s used to determine eligibility for certain tax deductions and credits.
Basics of The Net Investment Income Tax
Net Investment Income Tax is a tax of 3.8% on certain investment income for individuals, estates, and trusts with income above set thresholds, introduced by the Internal Revenue Code section 1411.
Save Money with Eco-Friendly Car: Clean Vehicle Tax Credits
The government is giving money back to people who buy eco-friendly cars. Here’s a guide of the clean vehicle tax credits.
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Work From Home and Tax Benefits: Home Office Tax Deduction
Working from home has become increasingly common, and with it comes the potential to deduct home office expenses on your tax return. Here’s a simple guide.
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May 15th? Time to Report Texas Franchise Tax
Texas franchise tax is a privilege tax imposed on each taxable entity formed or organized in Texas or doing business in Texas. Let’s see how it works.
Which One is Better for Me? Standard Deduction or Itemized Deductions
Let’s explore the concept of standard deduction and itemized deductions. We’ll provide a simple and concise explanation of these terms and illustrate with examples to help you determine which option might be more beneficial for you.
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Capital Gains Tax on the Sale of Your Primary Residence
When you sell your primary residence, you may be subject to capital gains tax. However, IRS provides certain exclusions that can help you reduce or even eliminate this tax.
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Tax-Free Paradises: No Income Tax States in the USA
While some states levy a hefty income tax, others offer a tax-free haven to their residents. This article will explore the nine states that do not impose an income tax.
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Innocent Spouse Relief: A Lifeline in Tax Troubles
Innocent spouse relief can help you not have to pay extra taxes if your spouse didn’t pay enough taxes on your joint tax return and you didn’t know about the mistakes.
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Do You Have Tax Refund Problems with IRS?
Low Income Taxpayer Clinics (LITC) assist low income individuals who have a tax dispute or tax refund problem with the IRS, and provide education and outreach to individuals who speak English as a second language (ESL).