Accounting Concepts and Practices

Independent contractors pay into Social Security and Medicare via the self-employment tax, which covers both the employee and employer portions of the contribution.

Discover the mechanics of a Section 1042 exchange, from the initial transaction structure to the long-term management of replacement assets and their tax basis.

Understand the international tax framework that can subject a foreign company to local taxation based on the activities of its in-country agents.

Understand Georgia’s Title Ad Valorem Tax (TAVT), a one-time fee based on vehicle value that replaces sales tax when you register and title your car.

Learn the requirements for claiming the home office deduction on Schedule C. This guide covers the process from determining eligibility to calculating your amount.

Discover how federal gift tax rules apply to 529 plans. Learn strategies for making large, tax-free contributions, including a special lump-sum funding option.

Understand the mechanics and strategic considerations of the PTE tax election, a state workaround to the federal SALT cap for pass-through business owners.

Learn the critical framework for grouping activities under Section 469. Understand how to form an appropriate economic unit to properly manage passive losses.

New Mexico taxes capital gains as ordinary income, but a significant state deduction can reduce your overall tax liability on certain qualifying assets.

Explore the financial mechanics of claiming bonus depreciation for a commercial solar system, from initial basis adjustments to final tax reporting.

Understand the financial implications of provided housing and meals. This guide explains how the value is calculated and when it is considered taxable income.

Restructuring a partnership into a corporation requires careful navigation of the transaction’s tax effects and the new entity’s ongoing compliance obligations.

Understand how IRS Schedule 3 works with your Form 1040. This supplemental form is used to properly claim specific tax credits and report other payments.

The tax outcome of a Roth IRA withdrawal depends on a specific sequence and key factors like your age and how long your account has been open.