Accounting Concepts and Practices

For self-employed residents in U.S. territories, understand the function of Form 1040-SS for paying into Social Security and claiming federal credits.

Understand the components of your Missouri tax bill. This guide covers state marginal rates and the key factors that shape your final tax liability.

Explore how current tax laws affect charitable contributions and learn planning strategies to maximize the financial benefits of your giving.

For a fiduciary, an inherited partnership interest is governed by a distinct set of tax rules. Understand the critical steps for managing and distributing the asset.

Concluding your duties as a fiduciary involves a formal notification to the IRS. Learn the correct procedure to finalize your legal and tax responsibilities.

Navigate the specific rules for a self-employed SEP IRA. Learn the correct method for calculating contributions and how to leverage flexible funding deadlines.

Selecting between per diem and actual expenses impacts your financial reporting and administrative load. Learn which method aligns with your business goals.

Understand the financial and reporting requirements for using your California 529 to ensure you withdraw funds correctly and avoid unexpected tax penalties.

Borrowed money isn’t income because it creates a liability. Learn about the tax implications that arise when that liability is removed or reduced.

Learn how an S corp’s history can cause distributions to be taxed as dividends and how to correctly apply the ordering rules to determine taxability.

Understand the key financial rules and vehicle specifications necessary for a business to successfully claim the 45W tax credit.

Learn about your tax responsibilities for gambling income. This guide covers the necessary steps for reporting winnings and handling losses for tax purposes.

A practical guide to the Connecticut personal property tax, covering asset assessment, declaration procedures, and ways to reduce your tax liability.

Understand the financial relationship between Medicare and your taxes. Learn how your income level directly influences your costs and potential tax deductions.

Learn the principles that determine if a business expense is deductible, helping you properly categorize and report costs that fall outside standard definitions.

Understand the financial impact of selling stocks or property in Hawaii. Learn how the state treats your profit and the steps for correct tax reporting.

Section 467 alters tax timing for certain leases, mandating an accrual method with imputed interest to align income and expense with the agreement’s economic terms.

Claiming a dependent can significantly impact your tax return. Explore the eligibility requirements and financial calculations that determine your total tax benefit.