Accounting Concepts and Practices

Understand the financial trade-offs of placing a home in a trust. The structure you choose directly impacts your estate, your heirs’ inheritance, and ongoing tax liabilities.

Oregon residents are often exempt from Washington’s sales tax. This exemption has specific rules regarding proof of residency, goods, and services.

Navigate the complexities of reporting investment income. This overview of IRS Schedule B clarifies its role in your tax filing for interest and dividends.

Understand which IRS life expectancy table to use for RMDs. The correct choice and calculation method depend on your role as the account owner or a beneficiary.

Understand the logic behind the initial escrow deposit on your closing statement and how it relates to your ongoing monthly mortgage payments for taxes and insurance.

Learn how a domestic fraternal society qualifies for and maintains 501(c)(10) tax-exempt status under the specific guidelines set by the IRS.

An Illinois Lottery prize has significant tax implications. Learn how winnings are treated as income and the procedural steps for proper tax reporting.

An employee prize is generally considered taxable compensation. Understand how the IRS views these awards and the specific financial duties required of employers.

Understand the 3.8% Net Investment Income Tax. This guide clarifies how your total income level and specific types of investment earnings determine your liability.

The tax rate set by law is often just a starting point. Learn the difference between this official rate and the actual percentage of income you pay.

While profits from assets are taxable, they are not treated like your salary. Understand the factors that determine your tax liability on investment gains.

Adjusted Gross Income is a key figure on your tax return. Understand how it’s calculated and its role in determining your eligibility for tax credits and deductions.

Learn the financial realities of game show winnings. This guide explains the process and obligations that turn a “free” prize into taxable income.

Early distributions from a retirement account don’t always mean a 10% penalty. Learn the specific circumstances that provide an exception to the IRS 59.5 rule.

Your maximum tax deduction for charitable giving is determined by your income, the type of donation, and specific substantiation rules.

Understand the function of IRS Letter 147C for EIN verification and the specific process for requesting this official document from the IRS.