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What is the Difference Between Your Marginal Tax Rate and Your Effective Tax Rate?

What is the Difference Between Your Marginal Tax Rate and Your Effective Tax Rate?

by Mary Philipps | Mar 18, 2021 | Small Business, Taxes

Have you heard the phrases “marginal tax rate” (or tax bracket) and “effective tax rate” and wondered what the distinction is between them? In order to explain the difference, it is first important to note that in the United States, we do not pay a flat tax – we are...

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    Did you file your tax return already and are worri Did you file your tax return already and are worried about the changes announced in regards to unemployment? IRS is recommending returns filed with unemployment benefits prior to the $10,200 exclusion should not be amended. The IRS will refigure taxes on these returns and adjust your account accordingly. The IRS will then send any refund amount directly to you the taxpayer. Have more questions, contact us today! #virtualbookkeeping #virtualcfo #smallbusiness #bookkeeping #businessowner #quickbooks #quickbooksproadvisor #businesswoman #femaleentrepreneur #entrepreneur #smallbiz
    Did you file your tax return already and are worri Did you file your tax return already and are worried about the changes announced in regards to unemployment? IRS is recommending returns filed with unemployment benefits prior to the $10,200 exclusion should not be amended. The IRS will refigure taxes on these returns and adjust your account accordingly. The IRS will then send any refund amount directly to you the taxpayer. Have more questions, contact us today! #virtualbookkeeping #virtualcfo #smallbusiness #bookkeeping #businessowner #quickbooks #quickbooksproadvisor #businesswoman #femaleentrepreneur #entrepreneur #smallbiz
    Do you have a lot of customer service inquiries in Do you have a lot of customer service inquiries in your business? If so, it can be a challenge to manage them all. Learn how to manage customer service with technology in our latest blog article here: https://5cbs.com/2021/03/01/managing-customer-service-with-technology/
    PSA: IRS has moved the deadline for personal taxes PSA: IRS has moved the deadline for personal taxes. Check out this article or contact us today with more questions! https://www.bloomberg.com/news/articles/2021-03-17/irs-plans-to-delay-tax-deadline-to-mid-may-after-chaotic-year
    PSA: IRS has moved the deadline for personal taxes PSA: IRS has moved the deadline for personal taxes. Check out this article or contact us today with more questions! https://www.bloomberg.com/news/articles/2021-03-17/irs-plans-to-delay-tax-deadline-to-mid-may-after-chaotic-year
    Many districts around the state have approved sale Many districts around the state have approved sales tax changes that take effect on April 1st. Do you know if your district's sales tax is going up? Fine your tax rate on our website under client resources! www.5cbs.com
    When you think about a nonprofit, the first thing When you think about a nonprofit, the first thing that often comes to mind is that it is tax-exempt – most nonprofits are not subject to federal and state/local income tax. However, does that mean nonprofits are completely free of ANY tax liability? Find out in our latest blog article here! https://5cbs.com/2021/02/25/do-nonprofits-ever-pay-taxes/ #smallbiz #virtualbookkeeper #taxtips #smallbizlife #financialtraining #budgeting #entrepreneurlife #bookkeeper #loveyournumbers #womeninbusiness #numbersnerd #businesschicks #mobilebookkeeping
    Each year thieves try to steal billions in federal Each year thieves try to steal billions in federal withholdings by stealing your identity. As the IRS focuses more attention on this quickly growing problem, now is the time of year to be extra vigilant. Couple tips: File Early, Get an Identity Protection PIN, Check your credit reports, and Protect your ID. Want to learn more? Visit our website or contact us today! #soleproprietor #virtualaccountant #virtualbookkeeping #virtualcfo #smallbusiness #bookkeeping #businessowner #quickbooks #quickbooksproadvisor #businesswoman #femaleentrepreneur #entrepreneur #smallbiz #virtualbookkeeper #taxtips
    THIS JUST IN!!! The IRS has extended its acceptanc THIS JUST IN!!! The IRS has extended its acceptance of digital signatures through June 30, 2021.1 The categories of documents included are: • Extensions of statute of limitations on assessment or collection; • Waivers of statutory notices of deficiency and consents to assessment; • Agreements to specific tax matters or tax liabilities (closing agreements); and • Any other statement or form needing the signature of a taxpayer or representative traditionally collected by IRS personnel outside of standard filing procedures. #5cbs #2021 #tax #taxes #smallbusiness #smallbusinesssupport #smallbusinessowner #quickbooks #quickbooksonline #bookkeeping #financialfreedom #cyrptocurrency #crypto #cryptotax #costsegregation #researchanddevelopment #payroll
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