Accounting Concepts and Practices

Evaluate the financial, tax, and legal factors of abandoning a partnership interest to make an informed decision that aligns with your business goals.

Learn who needs to file Form 760CG, how different income sources impact filing, and the key documentation required for accurate submission.

Understand how Upwork fees fit into your business expenses, how to track them, and what to consider when reporting them on your tax return.

Understand which closing costs can be added to your property’s basis for tax purposes and how proper record-keeping can impact future tax calculations.

Understand how bonus depreciation applies to inherited property, including eligibility, tax implications, and key considerations for accurate reporting.

Understand the deductibility of composite tax payments for LLCs and partnerships, including key criteria, state tax considerations, and documentation requirements.

Learn how a 1099-R with Code P affects your tax return, its impact on prior filings, and the steps needed to correct or report it properly.

Understand how rental history affects your eligibility for the capital gains exclusion when selling a primary residence and the tax implications to consider.

Understand how the Married Filing Separately status affects education credits, eligibility rules, and documentation requirements for accurate tax filing.

Learn how to report other income on IRS Form 1040 Line 8z, understand its purpose, and avoid common mistakes when filing your tax return.

Understand the tax rules for trustee travel expense deductions, including eligibility, allocation for mixed-purpose trips, and proper documentation.

Learn how to accurately report the sale of a mobile home on your taxes, including key factors that affect classification, basis calculation, and required documentation.

Understand when Airbnb rental income may be tax-exempt, how to report it properly, and what documentation is needed to stay compliant with regulations.

Learn how to accurately report foreign bank accounts under FBAR rules, including filing requirements, thresholds, and key steps for compliance.

Understand how the 1040 series and 1040-ES work together to manage annual tax filing and estimated payments, helping you stay compliant and avoid surprises.

Learn how sales representatives are classified within business coding systems and why accurate classification matters for compliance and reporting.

Learn how to transfer eligible savings bonds to a 529 plan, including tax considerations, documentation requirements, and compliance guidelines.

Learn about California’s electronic payment requirements, who must comply, available payment methods, potential penalties, and exemptions.

Sharing a Spark Driver account may seem convenient, but platform rules, liability concerns, and tax implications can create unexpected challenges.