Does AGI Include 401k Contributions?
See how your 401(k) plan impacts your AGI. Understanding the difference in contribution types can help you manage your taxable income for the year.
Accounting Concepts and Practices
How Much FICA Tax Do I Pay on My Income?
A guide to the federal payroll tax on your income. We explain how rates, income thresholds, and your employment type affect what you owe and why.
Do You Have to Pay Taxes on Cash App Stocks?
Understand the tax obligations for your Cash App stock activity. Learn how holding periods affect your capital gains and what you need for accurate tax reporting.
Selling Business Equipment: A Tax Consequences Review
Understand the tax process for selling business equipment. Learn how prior depreciation impacts your taxable gain and how it’s classified for reporting.
FAR 31.205-41: Allowable and Unallowable Taxes
Navigate the key distinctions in FAR 31.205-41. This guide explains the government’s rules on tax costs for compliant and accurate contract management.
Do 401k Contributions Count Towards Social Security Earnings Limit?
Understand the distinction between taxable income and the gross wages Social Security uses for its earnings test when you contribute to a 401(k).
What Qualifies as a Qualified Dividend?
Understand the specific criteria that determine whether your dividend income qualifies for more favorable long-term capital gains tax rates.
How to Get an EIN Number for a Trust Account
Properly administer a trust by obtaining its required federal tax ID. Learn the necessary steps for navigating the IRS process to fulfill your duties as a trustee.
Late Classification Relief 2009-41: How to File
Explore the simplified method under IRS Rev. Proc. 2009-41 for correcting a late entity classification election and ensuring your business is taxed as intended.
What is the IRS Definition of a Disregarded Entity?
Understand the tax classification where a business is legally separate but part of its owner for income tax, creating unique federal reporting obligations.
What Are the Rules for the NYS Gambling Tax?
Clarify your NYS tax responsibilities for gambling proceeds. This guide explains the financial and filing requirements to ensure proper compliance with state law.
401k for Expats: Contribution and Distribution Rules
As a U.S. expat, your 401(k) operates under a different set of rules. Learn the key tax and administrative factors for managing your retirement savings abroad.
SEPP Calculation: How to Determine Your Payments
Understand the mechanics of calculating your SEPP withdrawal amount. This guide covers the necessary inputs and formulas for penalty-free retirement distributions.
GAAP Accounting for Discontinued Operations
Understand the GAAP framework for isolating the financial impact of a business disposal, ensuring a clear view of a firm’s ongoing performance.
How to Reduce Your W-2 Taxable Income
Learn the key strategies for lowering your taxable income, from utilizing pre-tax employer benefits to applying personal deductions that reduce your AGI.
How Are Prize Money and Winnings Taxed?
Receiving a prize creates a taxable event. Learn how winnings are valued and integrated into your overall financial and tax picture.
401k Phase Out: Are Your Contributions Limited by Income?
While no direct income limit applies to 401k contributions, high earners face other complex rules. Learn how your salary truly impacts retirement savings options.
How Do I Get a W-2 for a Deceased Person?
Filing a final tax return for a decedent requires their wage documents. Learn the official process for securing the necessary records to fulfill this obligation.
How Does the LLC Gift Tax Exemption Work?
Learn the strategic considerations for gifting an LLC interest. This guide explains how to structure the transfer for effective wealth succession and tax compliance.
IRA Section 45X: The Advanced Manufacturing Credit
Understand the financial framework of the Section 45X credit for U.S. producers of key renewable energy, battery, and critical mineral components.