Do Disabled Veterans Pay Capital Gains Tax on Property Sales?
Learn how capital gains tax applies to disabled veterans, including potential exemptions, filing requirements, and state-level considerations.
Accounting Concepts and Practices
What Income Does Not Need to Be Reported to the IRS?
Learn which types of income may not need to be reported to the IRS and how tax rules apply to gifts, inheritances, scholarships, and other exclusions.
What If I Make a Mistake on My Tax Return? Here’s What to Do
Making a mistake on your tax return isn’t uncommon. Learn how to address errors, understand potential adjustments, and respond to tax agency notices.
What Is Reported on Form 941 for Employers?
Learn what employers need to report on Form 941, including wages, taxes, and adjustments, to ensure accurate payroll tax filings with the IRS.
Do I Issue a 1099 for a Vehicle Purchase?
Understand when a 1099 form is required for a vehicle purchase, which form applies, and the potential consequences of not filing correctly.
Is Depreciation a Tax Deduction? How It Impacts Your Tax Return
Learn how depreciation reduces taxable income, the methods available, and why proper recordkeeping is essential for maximizing tax benefits.
How to Handle DJ Taxes and Report Your Income Properly
Learn how to manage your DJ income, track expenses, and navigate tax requirements to stay compliant and maximize deductions.
How Does the NH Car Tax Work and What Should You Know?
Understand how New Hampshire’s car tax is calculated, what affects the cost, payment requirements, potential deductions, and key deadlines to keep in mind.
Do I Have to Pay Taxes When I Sell My RV?
Understand the tax implications of selling your RV, including how use classification, profit calculation, and local regulations may affect your obligations.
What Happens After 27.5 Years of Depreciation on a Rental Property?
Understand the financial and tax implications of a fully depreciated rental property and explore your options for managing or selling the investment.
What Happens If You Die Owing Taxes? Who Pays and How?
Unpaid taxes don’t disappear after death—they become part of the estate’s obligations. Learn how tax debts are handled and who may be responsible.
What Is the Standard Deduction for New York State Income Tax?
Learn how New York State’s standard deduction varies by filing status, income level, and residency, and how adjustments may impact your taxable income.
How Does a 1099 Look Like? Key Details to Check for Accuracy
Understand the key details on a 1099 form, including payer and recipient information, income reporting, and common variations to ensure accuracy.
How Do You Find Out What Address the IRS Has on File?
Learn how to verify the address the IRS has on file using tax documents, online tools, or direct inquiries, and update it if needed.
Is an Au Pair Tax Deductible? What You Need to Know
Understand the tax implications of hiring an au pair, including classification, potential credits, and reporting requirements to ensure compliance.
How Do You Check Your IRS Transcript?
Learn how to access your IRS transcript online, by mail, or by phone, including identity verification steps and how to check your request status.
How to Make S Corp Election for an LLC
Learn the key steps to elect S Corp status for your LLC, from eligibility requirements to tax implications and state compliance considerations.
Is All of Your Investment at Risk on a K-1?
Understand how different financing structures and partner obligations impact your investment exposure and how these factors are reflected on a K-1.
What Is Different Between Land and Land Improvements?
Understand the key differences between land and land improvements, including classification, depreciation, and tax considerations for accurate financial reporting.
Do 457 Contributions Reduce AGI for Tax Purposes?
Understand how pre-tax 457 contributions impact your adjusted gross income (AGI) and how they coordinate with other retirement accounts for tax planning.