Accounting Concepts and Practices

Learn how rental income factors into Medicare premiums, how it impacts your Modified Adjusted Gross Income, and what higher earners should expect.

Understand what Line 1h “Other Earned Income” means on tax forms, how it’s calculated, and its impact on your overall tax filing accuracy.

Learn how restaurants can handle food waste for tax purposes, including deductions, charitable contributions, and proper documentation.

Understand how tax filing extensions affect your HSA contribution deadline and what to consider when making contributions or correcting excess amounts.

Having a driver’s license in a state can be a factor in residency but isn’t always definitive. Learn how states determine legal residence and tax obligations.

Learn how to access and use essential tax forms for your Amway business, track income and expenses, and meet key filing requirements efficiently.

Discover when tuition qualifies as a business expense, how tax rules apply to work-related education, and strategies for proper documentation and deductions.

Understand the tax implications of inheriting a car, including potential estate taxes, transfer fees, and capital gains considerations if you decide to sell.

Learn how to file Form W-7 online for an ITIN application, including eligibility, document requirements, and the steps for electronic submission.

Learn the key considerations for mailing multiple tax returns in one envelope, including documentation, processing times, and best practices for confirmation.

Understand how lost earnest money in real estate transactions is treated for tax purposes and what factors determine its deductibility on your return.

Understand how employer gas reimbursements impact mileage deductions, including eligibility, partial reimbursements, and proper tax reporting requirements.

Learn when South Carolina requires quarterly tax payments, how to calculate them, key deadlines, and ways to avoid penalties while staying compliant.

Learn why Schwab cost basis may be missing, how it impacts tax calculations, and practical steps to retrieve or estimate figures for accurate filing.

Learn how to correctly amend your Illinois tax return with the IL-1040-X, from determining eligibility to submitting changes and keeping accurate records.

Understand Illinois state tax rules, including filing requirements, rates, deductions, and payment options to ensure compliance and maximize potential savings.

Understand how PayPal transactions are reported for taxes, what affects your 1099-K, and how to stay compliant with IRS requirements.

Understand key tax rules for New Hampshire residents working in Massachusetts, including withholding, filings, and potential credits to optimize your tax situation.

Learn how to navigate Form IL-2210, determine underpayment penalties, explore safe harbor provisions, and understand waiver options for Illinois taxpayers.