#Gross Income


Child Tax Credit: Check If You Have Received Additional Payments

After the conclusion of the first half of the Child Tax Credit, IRS is informing the beneficiaries about the impact of the advance payments on their 2021 tax returns. Fox News reports that the amount that each taxpayer has received will determine their tax refunds and the remaining payments. The government issued $1500 for each child between 6-17 and $1,800 for each under six. Millions of families have benefitted from the credit program.

Roth IRA Conversion Rules

A Roth IRA can be a great place to stash your retirement savings. Unlike a traditional IRA, you won’t have to pay income tax on the money you withdraw or be required to take a minimum amount from your account each year after you reach a certain age. What’s...

9 ways to lower your tax bill

Taxes can be a nuisance—and many people would prefer to pay as little tax as possible. While it’s not likely you can entirely avoid paying taxes, there are ways to use the tax code to your advantage, and a number of simple steps you can take that may lower your tax liability.

Here’s How The Saver’s Credit Can Lower Your Tax Bill by $2,000

Believe it or not, the government will pay you to save. Seriously. Check this out. It’s called the Saver’s Credit, and it’s one of the most valuable tax credits available. But it’s also one of the most overlooked. Keep reading to learn who is eligible for...

A Surprising Look at What Income is Taxable—And What Isn’t

Twitter lit up recently over a post reminding taxpayers to declare income from illegal activities. Some users couldn’t believe that it was real. But the declaration—which is not new—can be found in IRS Publication 17, which notes that “Income from illegal activities, such as money from dealing illegal drugs, must be included in your income...”

What is the capital gains tax, and how big a bite does it take?

Dear Liz: We own stocks with enormous capital gains — as in, six figures or more. The tax would be a lot. Any advice on how to limit the tax bite? Our income consists of Social Security and a teacher’s pension. Answer: Capital gains taxes may be less...

When your stimulus check arrives and other important questions are answered

The IRS officially deposited the first wave of direct stimulus payments last weekend, the agency said announced on Twitter. The one-time “Economic Impact Payments,” which can be as much as $1,200 for an individual and $2,400 for a couple, are part of a recent stimulus package approved by Congress to help workers and businesses mitigate the widespread economic impact of the fight the coronavirus outbreak. People with children are eligible for an additional $500 per child under 17.

Five Saving for College Tips for Parents (and What to Avoid)

Everything is more expensive these days: groceries, utilities, gas, and especially college education costs. Let’s look at the current price tags. A four-year public college education is on average $10,560 per year. The College Board puts the price of a four-year private college at $37,650 on average. Prices are trending up, not down.

Taxes 2022: With these adjusting screws there is more net than gross

Taxes 2022: With these adjusting screws there is more net than gross. More net from gross in 2022 © Rüdiger Wölk/Imago. Higher allowances will reduce the tax burden for many employees this year. An overview with tables. Munich - Good news for employees and pensioners. In the...

What You Need To Know

[The below post was updated to reflect the passage of the American Rescue Plan Act of 2021]. President Biden will soon sign into law the American Rescue Plan Act of 2021, a $1.9 trillion stimulus package that serves as the third major round of COVID-19 relief, coming on the heels of the CARES Act and the Consolidated Appropriations Act, 2021.

Heating Assistance Available Through HEAP Winter Crisis Program

The Ohio Development Services Agency and Northwestern Ohio Community Action Commission want to let Ohioans know that assistance is available to help with their heating bills this winter. The Home Energy Assistance Winter Crisis Program helps income-eligible Ohioans with their heating costs this winter. The program is open now through...

Calif. car dealership pay plan breaks down sales, F&I silos

The approach is paying off. In 2019, before the new pay plan was created, Niello’s F&I departments sold an average of 1.3 products per vehicle. In 2021, the first full year under the new plan, that rose 69 percent, to 2.2 products sold. In 2021, average gross income per vehicle retailed from F&I, without reserve, jumped 68 percent compared with 2019, Gingrich said.

How to Calculate Your DeFi, NFT, and Airdrop Taxes for 2022

Tax season is approaching. Crypto investors may be liable for income tax and capital gains tax based on their activity. Capital gains tax and income taxes are applied differently based on the nature of crypto transactions. Crypto Briefing brings you a comprehensive guide on calculating cryptocurrency tax liabilities for 2022.

Difference Between Gross Profit & Gross Margin ?

Generally speaking, gross margin is defined as the difference between the price at which a firm sells its products and the price at which it pays for the materials needed to manufacture those items. A financial measure to measure the financial health and business model of an enterprise by showing...