Accounting Concepts and Practices

Having an EIN doesn’t always mean you must file taxes. Learn how entity type, federal and state rules, and personal income separation affect your obligations.

Understand the unique tax advantages of 401(k) and 403(b) plans, including contribution rules, employer matches, rollover options, and distribution requirements.

Learn how to navigate S Corp tax election rules, key deadlines, and common pitfalls to ensure compliance and optimize your business’s tax strategy.

Understand how a PAA K-1 from a publicly traded partnership affects your taxes, including income reporting, basis adjustments, and state filing considerations.

Learn when a Schedule C balance sheet is necessary, how it tracks assets and liabilities, and its role in tax reporting for sole proprietors.

Learn how to properly claim the home office deduction on Schedule E, including eligibility rules, expense types, calculation methods, and recordkeeping tips.

Learn how a sales tax credit can reduce your tax burden when selling a used vehicle, including eligibility, calculation methods, and required documentation.

Learn how the SSA-4926-SM differs from the SSA-1099, why it’s issued, and its role in tax filing to better understand your Social Security records.

Understand the tax implications of Grayscale Bitcoin Trust, including cost basis adjustments, reporting requirements, and necessary documentation.

Learn how to qualify for and claim the GAF Timberline HDZ tax credit, including eligibility requirements, documentation, and filing steps for potential savings.

Learn what the Document ID on a 1099-R form is, where to find it, how it differs from other identifiers, and what to do if it’s missing.

Learn how to determine if you need to file Form NJ-2210, explore calculation methods, and understand its connection to estimated tax payments.

Learn how to properly draft and file a Section 475 election statement, including key components, timing considerations, and record-keeping requirements.

Learn when and how to share your phone number with the IRS securely, ensuring proper communication while protecting your personal information.

Understand the tax implications of K-12 education expenses, including potential deductions, eligibility requirements, and state-specific considerations.

Learn how to calculate, complete, and submit Form 1040-ES to stay on top of your estimated tax payments and avoid potential penalties.

Learn why Form 2210AI requires manual completion, how it helps calculate tax penalties, and when the IRS may request it for underpayment assessments.

Understand the tax implications of a Rollover IRA, including withholding rules, reporting requirements, and key deadlines to avoid unexpected liabilities.

Ensure accurate tax reporting by using a K-1 reconciliation worksheet to align ownership allocations, adjust pass-through items, and finalize taxable income.

Learn how to submit Form 433-D online, update your bank details, and ensure your IRS payment plan remains accurate and up to date.