Tax Fact: Taxable Income is BELOW your Gross Income.

Alakov469

Did you know….. Your taxable income is below your gross income. What??

Some taxpayers assume if they make $50,000, they’ll be taxed on $50,000 in income—- but this isn’t the case. The salary you earn from your employer is called your gross income. You’ll need to make adjustments to your income and claim any deductions and credits that you’re entitled to claim in order to arrive at your taxable income. Your taxable income determines what your tax bracket is and how much you’ll actually owe to the IRS.

Reach out to us here at Red Rock Tax & Consulting in Hurricane Utah and let us help you with a better financial future. Call us at 435-635-2494 and we can set up that free 30-minute consultation!

Also, make sure to follow us on Facebook for a new Tax Tip every Tuesday

Or check out our blog for other Tax Tips

Have any questions, give us a call here at Metro Tax & Financial Services.
We are here to help you get through the stress of taxes!

We offer a free 30-minute consultation so call us and let’s get your appointment set up (928) 680-1444

For more Tax Facts make sure you are following us on Facebook

Click HERE for more Tax Facts and Financial News

Basics of Small Business Accounting:

by Alex Isakov | October 13, 2021 | Startup Businesses | 0 Comments

There are lots of different reasons to be here, but we’re sure learning more of the basics of small business accounting is a great start! If you’re reading this, you’ve probably considered opening up your very own business. Or maybe you’re interested in learning more...

Tax Fact: SBA Loans for suffering businesses

by Alex Isakov | March 26, 2020 | Tax Facts | 0 Comments

COVID-19 has caused such havoc in our Great Nation. With the request for us to quarantine and for businesses to close down temporarily or cut back on their hours, it has caused a huge amount of stress on business owners and employees. The U.S. Small Business...

Tax Fact: Employee or Boss?

by Alex Isakov | September 8, 2020 | Tax Facts | 0 Comments

It's Tax fact Tuesday!! Should I be an employee or be my own boss? Everyone needs income to live and support their family. The question is should I be an employee, or should I be my own boss? There are pros and cons to both. As an employee, you are subject to fewer...

Tax Fact: S-Corp or LLC?

by Alex Isakov | June 24, 2020 | Tax Facts | 0 Comments

Question... Should I have an S-Corp or should I have a Single Member LLC? Limited liability companies(LLC) and S corporations share several benefits for sole proprietors, including protecting personal assets from business creditors. Choosing between a single-member...

Tax Fact: Some credits are refundable but others aren’t?

by Alex Isakov | February 25, 2020 | Tax Facts | 0 Comments

Did you know that some credits are refundable, but others aren't? Since a tax credit provides a dollar-for-dollar reduction in what you owe, there are times when credit could reduce your taxes below $0. If you owed $1,000 in taxes, for example, and were eligible for...

Cryptocurrency

by Alex Isakov | February 18, 2022 | Tax Facts | 0 Comments

Interested in Cryptocurrency? Heard of it but don’t know where to begin or how it might affect you? Cryptocurrency or crypto is probably something everyone is vaguely familiar with. At least most media outlets have discussed the terms along with the big businesses...

Tax Fact: Employee or My Own Boss

by Alex Isakov | May 26, 2020 | Tax Facts | 0 Comments

Should I be an employee or be my own boss? Everyone needs income to live and support their family. Question is should I be an employee, or should I be my own boss? There are pros and cons to both. As an employee, you are subject to fewer taxes (7.65%) being taken out...

Second Covid-19 Stimulus Relief Package

by Alex Isakov | January 15, 2021 | Finance News | 0 Comments

The IRS and Treasury Department released the second round of the covid-19 stimulus relief payments as part of the Supplemental Appropriations Act of 2021, signed into law on December 27th, 2020. It’s part of the $900 billion coronavirus relief package designed to help...

The Low Down on Student Loans and Taxes:

by Alex Isakov | August 31, 2021 | COVID, Tax Facts | 0 Comments

Student Loans Photo by Element5 Digital on Unsplash Let's now talk about Student Loans and Taxes. In 2020, the National Center of Educational Statistics stated that over 19.7 million students were likely to attend the fall semester, either online or in person. On...

Completing FY2026 Budget Appropriations, Protecting Trafficked Victims, and Vetoing Special Interest Projects

by Service2Client | February 1, 2026 | Blog, Congress at Work | 0 Comments

Commerce, Justice, Science; Energy and Water Development; and Interior and Environment Appropriations Act, 2026 (HR 6938) – This Act is one of the remaining budget bills to fund the government through Sept. 30, 2026. It includes funding for several agencies,...