401k Contribution Limits for Married Filing Jointly
For married couples filing jointly, 401k contribution rules are applied individually. Learn how these personal caps work to inform your household savings strategy.
Accounting Concepts and Practices
Property Tax Explained: How It’s Calculated and Paid
Understand the factors that determine your property tax bill. Learn about the mechanisms for managing your liability and the logistics of making payments.
FRS 102: The UK Financial Reporting Standard
Explore FRS 102, the UK’s core financial reporting standard. Understand its effect on key accounting treatments and the required format of financial statements.
ASC 810: Consolidation and Variable Interest Entities
Learn the principles for defining a reporting entity through consolidation, from assessing control via voting rights to more complex economic-based analyses.
Who Uses LIFO and Why Do They Use It?
Learn why the LIFO inventory method is a strategic accounting choice, driven by tax implications and shaped by specific U.S. and global regulations.
Can a Revocable Trust Use a Social Security Number?
Discover how a revocable trust is identified for tax reporting. Learn why its tax ID requirements change depending on the circumstances of its creator.
Tax Treatment of Sales of Business Property
The gain from selling business property isn’t taxed uniformly. Understand how asset classification and prior depreciation determine your final tax outcome.
Is Workers Compensation Taxable According to the IRS?
Learn how the IRS treats workers’ compensation. While most benefits are not taxable, specific circumstances and interactions with other benefits can affect your tax return.
Does Virginia Tax Social Security Benefits?
Learn how Virginia’s tax treatment of Social Security income differs from federal rules and how state-level subtractions can reduce your tax liability.
What Are Consumables in Business? Accounting & Tax Rules
Learn how the financial and tax treatment of everyday business supplies directly impacts your financial statements and overall tax obligations.
What Is the Annuity 5-Year Rule for an Inheritance?
Inheriting an annuity requires understanding your distribution options. Learn how different choices for accessing funds affect your tax liability and timeline.
Can You Combine Multiple IRA Accounts?
Consolidating IRAs can simplify your retirement finances. Explore the guidelines for account transfers and how to navigate the potential tax considerations.
Is There Federal Income Tax in Florida?
Understand the nuances of Florida’s tax landscape. While there’s no state income tax, residents are still subject to federal income tax laws.
Schedule M-1 Tax: Reconciling Book and Tax Income
Clarify the differences between your company’s book profit and taxable income. This guide explains the purpose and logic behind Schedule M-1 reconciliation.
How to Find Gross Income on a W-2 Form
Your W-2 doesn’t have a single gross income box. Learn how to interpret the different wage figures to understand your true taxable income and deductions.
How to Handle Organization Costs Amortization
Understand the tax treatment for your business’s formation expenses. Following the correct procedure for amortizing costs is essential for your deduction.
What Is Section 68? The Pease Limitation on Deductions
Section 68 limited high-income deductions before its suspension. Learn how this dormant tax provision worked and why its scheduled return impacts future planning.
Tax Consequences of Converting a Partnership to an S Corp
Explore the tax framework for converting a partnership to an S corp, focusing on how the transaction structure affects asset basis and future tax obligations.
IRS Travel Rules for Business Expense Deductions
Navigating IRS business travel rules requires more than just keeping receipts. Learn the key distinctions and requirements for correctly deducting your expenses.
What Are Federal Tax Liens and How Do You Resolve Them?
Understand the government’s legal claim on your property for unpaid tax debt and the formal administrative processes required for its resolution.