What Is Tax Revenue? A Definition of Government Income
Delve into the financial foundation of government, defining tax revenue as the compulsory income that funds society and distinguishing it from other state earnings.
Accounting Concepts and Practices
When to Start Depreciating an Asset?
Learn the principles for starting asset depreciation. An asset’s readiness for use, not its purchase date, determines the correct timing and tax deduction.
How to Analyze Financial Statements Step-by-Step
Develop a systematic method for financial analysis. This guide teaches you how to interpret a company’s reports to assess its actual performance and health.
Noncash Donations: How to Claim a Tax Deduction
Correctly claim a tax deduction for your noncash charitable gifts. This guide explains the IRS requirements for substantiation and reporting your contribution.
What Is a Minority Interest Discount in Valuation?
Understand the key valuation principle that an ownership stake without control is worth less per share than its pro-rata enterprise value implies.
How and When to File an Amended FBAR
Learn how to properly correct a previously filed FBAR. This guide provides clarity on assessing errors and navigating the official amendment process with FinCEN.
2024 Standard Mileage Deduction: Rates, Rules & Claiming
Learn the essential framework for deducting vehicle expenses using the 2024 standard mileage rate, including rules for eligibility and required documentation.
Do You Have to Take RMD From a SEP IRA If Still Working?
Your employment status affects Required Minimum Distributions differently depending on the account. See how the rules for a SEP IRA vary from other plans.
Will My 401k Contributions Automatically Stop at the Limit?
Understand the systems that manage your 401k contributions. Learn how payroll, multiple jobs, and timing can impact your savings and create tax issues.
What Is the Minimum Age to Open a Roth IRA?
A child’s eligibility for a Roth IRA isn’t based on age. Discover what makes a minor eligible and how an adult can establish an account on their behalf.
Going Concern Disclosure: What It Is and When It’s Needed
Explore the process for assessing a company’s financial viability and the crucial role of transparent disclosure when its ability to operate is uncertain.
Are an EIN and an ITIN the Same Tax ID Number?
While both are nine-digit IRS tax IDs, an EIN and ITIN serve different purposes. Learn which number is correct for your business or individual filing situation.
Short-Term Rental Loophole: Schedule C or E?
The tax reporting for your short-term rental depends on your level of involvement. Learn how operational choices affect your property’s tax status and liability.
Can a Sole Proprietor Write Off a Vehicle?
Sole proprietors can lower their taxable income by deducting vehicle costs. This overview explains the principles for calculating and substantiating this deduction.
What Are IRS 433-F Allowable Expenses?
Learn the framework the IRS uses to assess your living costs on Form 433-F, a key step in calculating your ability to pay and resolving your tax debt.
What Is the Section 168(h) Election?
Understand a strategic tax choice for property leased to certain entities that impacts depreciation methods and helps manage long-term tax outcomes.
Do You Have to Pay Taxes on Short Term Disability?
How your short-term disability premiums are paid, using pre-tax or post-tax funds, determines if your benefits will be considered taxable income.
How Do I Know If I Have Tax Liabilities?
Understand the link between your financial activities and a tax liability. Our guide offers a clear path to determine your tax standing and what you might owe.
What Is a 501(c)(4) Social Welfare Organization (504 c)?
A 501(c)(4) promotes social welfare and differs from other nonprofits. Understand its purpose, operational rules, and key distinctions for donors.
What Is Maintenance Capital and How Is It Calculated?
Go beyond standard metrics by isolating the spending needed to sustain a business, revealing a more accurate view of its underlying cash flow.