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A buy-sell agreement is a legally binding contract in which the owners of a business set forth the terms and conditions of a future sale or buy back of a departing owner's share of the business. Specifically, buy-sells control when owners can sell their interests, who...
It’s a common question. With a relatively simple answer. Contributions made to a Traditional IRA go in pre-tax. So, if your income is $65,000 and you make a $6000 Traditional IRA contribution, your taxable income is reduced to $59,000, so you have not paid income...
Tax brackets are separated into ranges of income and the more income you make the higher the tax rate. When you need to know what marginal tax rate or tax bracket you are in, it refers to the rate at which your next dollar of income will be taxed. See the chart below...
Payments on Federal Student Loans Still On PauseOn December 22nd, 2021, the U.S. Department of Education announced an extension of the pause on federal student loan payments. The payment moratorium, currently in effect for millions of federal student loan borrowers,...
Appropriate checklists for year-end tax planningWhat are appropriate checklists for year-end tax planning? Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Typically, suggestions are grouped into several...