If you're wondering how an annuity is taxed, then here are the basics. Look no further because you will overthink it. In a nutshell, a distribution from a qualified annuity will be taxed at your current income tax rates. If you are 59 1/2 years of age then the early withdrawal penalty does not apply. Otherwise, you will pay a 10% early distribution penalty. You will pay tax only on earnings from a nonqualified annuity. Let me explain.

It looks like the State of Idaho made a decision to pay back some of the hard earned money that Idahoans relinquished to the state by way of taxes.  The state did provide relief to taxpayers that owned and operated a business prior to the pandemic. It now looks like the state will focus on providing some relief to individual taxpayers as well. The State of Idaho is rolling out what they call a 'Tax Rebate' credit starting August 2, 2021.  The rebate amount pays $50 per taxpayer and each dependent or 9% of the tax reported on the tax return; whichever is greater.  To…

When it gets challenging to file your taxes, hiring a tax professional is one of the best options you have. A tax professional keeps up with the tax laws and related changes each and every year, so you don’t have to. Moreover, they will help eliminate errors and ensure your returns are prepared correctly.

Original Article Source Credits:   Investopedia , https://www.investopedia.com/

Article Written By:   THE INVESTOPEDIA TEAM

Original Article Posted on:   Aug 22, 2020

Link to Original Article:  https://www.investopedia.com/ask/answers/033115/what-difference-between-accrual-and-account-payable.asp

Original Article Source Credits:   Indeed , https://www.indeed.com/

Article Written By:  Indeed Editorial Team

Original Article Posted on:  March 2, 2021

Link to Original Article:  https://www.indeed.com/career-advice/career-development/steps-in-accounting-cycle

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  June 16, 2021

Link to Original Article:  https://www.irs.gov/newsroom/filing-payroll-taxes-electronically-makes-good-business-sense

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  June 15, 2021

Link to Original Article:  https://www.irs.gov/newsroom/facts-to-help-taxpayers-understand-backup-withholding

Original Article Source Credits:   Quickbooks , https://quickbooks.intuit.com/

Article Written By:  Myranda Mondry 

Original Article Posted on:  October 19, 2020

Link to Original Article:  https://quickbooks.intuit.com/r/payroll/what-are-payroll-systems/

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  May 19, 2021

Link to Original Article:  https://www.irs.gov/newsroom/heres-how-taxpayers-can-check-the-status-of-their-federal-tax-return

Original Article Source Credits:   The Balance Small Business , https://www.thebalancesmb.com/

Article Written By:   ROSEMARY CARLSON

Original Article Posted on:  January 23, 2020

Link to Original Article:  https://www.thebalancesmb.com/the-accounting-cycle-for-a-small-business-392962

Thanks for stopping by our blog. If you’re looking for more information about Vilensky & Company, LLC, you’ve come to the right place. 

Original Article Source Credits: nerdwallet, https://www.nerdwallet.com

Article Written By: Tina Orem

Original Article Posted on: Apr 13, 2021

Link to Original Article: https://www.nerdwallet.com/article/taxes/tax-changes

Original Article Source Credits: IRS, https://www.irs.gov

Article Written By: NA

Original Article Posted on: 20-Apr-2021

Link to Original Article: https://www.irs.gov/newsroom/taxpayers-should-file-their-tax-return-on-time-even-if-they-cant-pay-their-tax-bill-in-full

Original Article Source Credits: Forbes, https://www.forbes.com

Article Written By: David Rae

Original Article Posted on: Apr 20, 2021

Link to Original Article: https://www.forbes.com/sites/davidrae/2021/04/20/10-annoying-tax-mistakes-to-avoid-this-tax-season/?sh=767becf378f7

Facing the IRS on your own can be daunting as the process is confusing for non-experts. Not to mention, whatever information you provide them during inquiries can be used against you if you aren’t careful. Fortunately, tax professionals like Vilensky & Company, LLC are here to help by representing you before the IRS. We provide focused representation, which means very little time is wasted when resolving a case before the IRS. 

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If you’ve been keeping up on filing your tax returns and paying your taxes and you came across this article then, most likely, you have received a letter from the IRS...

Please view the links below for information that came directly from SBA and U.S. Chamber of Commerce on available options. SBA Small Business Relief Information U.S. Chamber of Commerce Guide

The IRS has issued some guidelines on how taxpayers can get their stimulus checks that did not file a tax return for 2018 or 2019.