Does Wisconsin Tax 401k Distributions?
Understand Wisconsin’s tax on 401k withdrawals. While generally taxable, your age, income, and residency can reduce or eliminate your state tax liability.
Accounting Concepts and Practices
Can I Write Off My Truck as a Farm Expense?
Understand the key IRS requirements for deducting a farm truck. This guide details the financial strategies and documentation needed to properly claim the expense.
Form 1099-S Instructions: A Box-by-Box Explanation
Navigate the requirements for reporting real estate proceeds. This guide offers a clear, structured approach to Form 1099-S preparation and filing.
Can I Use the Same EIN for Two Businesses?
Your business’s legal structure, not its name or industry, dictates its EIN requirements. Learn if your different business activities need separate tax IDs.
457f Plans: An Explanation of Rules and Taxation
Explore the unique tax structure of 457(f) plans, where the timing of vesting, not distribution, determines when income tax is due on deferred compensation.
529 Plan in Maryland: Rules, Options, and Tax Benefits
Explore Maryland’s 529 program, detailing the state-specific tax advantages and distinct plan structures to help you choose the right path for funding education.
Back Pay Taxes: How Awards and Settlements Are Taxed
Understand the tax treatment for back pay awards. Learn how these payments are structured for tax purposes and how to report the various income components correctly.
Leasehold Improvements vs. Building Improvements
Distinguishing between property alterations is critical for landlords and tenants to correctly assign costs and manage financial reporting.
Are Dividends in a Roth IRA Taxable?
Dividends in a Roth IRA compound tax-free. Their treatment upon withdrawal, however, depends on key rules governing contributions versus earnings.
Do You Pay Taxes on an Estate Sale?
Liquidating personal property from an estate has specific tax implications. Learn how an asset’s value at the time of death affects the tax owed on sale proceeds.
How to Donate an Annuity to a Charity
Gifting an annuity can be an effective way to support a charity. This guide explains the financial nuances and procedures for making an informed donation.
What Is a 1040 Form and Which Schedules Do I Need?
Gain a clear overview of the federal income tax return, from the foundational Form 1040 to the specific schedules required for your financial life.
Arizona Gas Tax: A Breakdown of Rates and Refunds
Explore the financial mechanics of Arizona’s fuel tax, from its role in funding transportation to the provisions available for tax reimbursement.
Can You Pay Long Term Care Premiums With HSA?
Understand the specific IRS rules for using an HSA for long-term care, clarifying the important financial distinctions between premiums and direct services.
403b to Roth IRA Rollover: Rules and Tax Implications
Learn the critical considerations for moving a 403(b) to a Roth IRA, including the tax impact of the conversion and the rules for a successful transfer.
Loss of Use of Property: The Claim and Reimbursement Process
Navigate the financial side of being displaced from your home. Learn how insurance reimbursement for additional living expenses is structured and processed.
ASC 820 Fair Value: Measurement and Disclosures
A guide to the ASC 820 fair value framework, explaining how inputs are prioritized and reported to create consistent and comparable measurements.
Are Your Employee Events Tax Deductible?
The tax treatment of employee social events is determined by their purpose and inclusivity. Learn the IRS guidelines for ensuring your expenses are fully deductible.
Qualifying for an IRA Hardship Withdrawal After Job Loss
If you’ve lost your job, accessing IRA funds without the 10% penalty requires meeting specific criteria. Learn the procedural steps for a qualified withdrawal.
Why Did My Social Security Tax Go Down?
A drop in your Social Security tax withholding is often an expected part of the annual payroll cycle. Learn how your total earnings affect this calculation.