Can You Claim the Child Tax Credit Married Filing Separately?
Filing separately while married has distinct rules for the Child Tax Credit. Understand the specific IRS requirements that can allow you to claim this valuable credit.
Accounting Concepts and Practices
NC 529 Plan Rules: Contributions, Taxes & Withdrawals
Explore the essential framework of the NC 529 Plan to help you make informed decisions about your tax-advantaged education savings.
How Much Taxes Do I Pay on $7,000?
Calculating the tax on $7,000 involves more than a simple rate. Discover how your individual financial circumstances shape your true tax liability.
What Happens If I Close My 529 Account?
Closing a 529 account involves more than a simple withdrawal. Understand the tax treatment of your earnings and the necessary steps for proper reporting.
What Is the DoD Contractor Tax Exemption?
Understand the tax obligations for DoD contractors. While a broad exemption doesn’t exist, specific relief from certain taxes is possible with proper documentation.
Maryland vs. Pennsylvania Taxes: A Comparative Analysis
Explore how Maryland and Pennsylvania’s distinct approaches to state and local taxation can impact your personal finances, residency, or commute.
Sale of a Deceased Person’s Property: Taxes and Process
Selling an inherited property involves a unique process. Learn the essential legal and financial steps to navigate the sale and its tax considerations.
Are 401k Withdrawals Taxable in New Jersey?
While 401k withdrawals are generally taxable in New Jersey, your final liability depends on specific state guidelines related to age and overall income.
IRS Worker Classification: Employee vs. Contractor
Clarify worker classification by understanding the IRS criteria for analyzing the nature of a working relationship for federal tax and reporting purposes.
How to Calculate the Depletion Allowance for Oil and Gas
Gain insight into the tax principles governing the recovery of capital from oil and gas assets, including key limitations and reporting considerations.
Inherited IRA Distribution Rules for Beneficiaries
Navigating inherited IRA rules is complex. Your beneficiary status and the original owner’s age at death determine your withdrawal timeline and tax obligations.
What Is a Habitual Abode for Tax Purposes?
Determining your tax home goes beyond citizenship, involving a factual analysis of your physical presence, personal connections, and overall way of life.
Variable vs. Fixed Costs: What’s the Difference?
Understand how classifying costs based on their behavior is fundamental to sound financial analysis, profitability insights, and strategic planning.
Why Does My 401k Not Allow Loans?
While federal law regulates 401k loans, it doesn’t require employers to offer them. Explore the business and fiduciary reasons behind this plan design choice.
What Is Tax Remittance and How Does It Work?
Understand the process of tax remittance, where a business collects and forwards tax payments to the government on behalf of others, a key compliance duty.
US Taxes for Indian Citizens Working in the US
Understand how your tax residency status dictates your US tax obligations and how the US-India tax treaty can help you avoid double taxation.
Form 8976 Filing Requirements and Instructions
Understand the compliance process for Form 8976. This guide assists new 501(c)(4) organizations in completing their required IRS notification.
Is a Flexible Spending Account COBRA Eligible?
Learn how your FSA balance determines COBRA eligibility after a job loss. Understand the rules for continuing coverage and accessing your remaining healthcare funds.
Do Commuter Benefits Rollover From Year to Year?
Understand the nuances of commuter benefit rollovers. Learn how your account is affected by contribution limits and your current employment status.
When Is the Heavy Highway Use Tax (Form 2290) Due?
Understand your Heavy Highway Use Tax (Form 2290) deadline. Your filing date is determined by your vehicle’s first month of service, not a fixed calendar date.