Form 8829 Direct vs Indirect Expenses: What You Need to Know
Understand the differences between direct and indirect expenses on Form 8829, how to allocate costs, and the importance of accurate recordkeeping.
Accounting Concepts and Practices
How to Determine the Number of State Personal Exemptions to Claim
Learn how to determine the right number of state personal exemptions to claim by considering filing status, dependents, and state-specific rules.
Suspended Losses in a Partnership: What Happens When the Business Closes?
Understand how suspended losses in a partnership are handled when the business closes, including tax implications and the role of a partner’s basis.
Do You Have to Claim Workers’ Comp Settlement on Your Taxes?
Understand how workers’ comp settlements are treated for tax purposes, including which portions may be taxable and the importance of proper recordkeeping.
Are Foreign Medical Expenses Tax Deductible?
Learn how foreign medical expenses may qualify for tax deductions, which facilities are accepted, and what documentation is needed for proper filing.
NJ Form 1041: Filing Requirements and Key Information
Learn about NJ Form 1041 filing requirements, income categories, deductions, and reporting obligations to ensure compliance for estates and trusts.
What Is the PO Box Expense Category for Business Accounting?
Learn how to categorize PO Box expenses in business accounting, ensure proper documentation, and handle mixed-use costs for accurate financial reporting.
What Is the Depreciation Life of a Pool?
Understand how pool depreciation works, including classification, lifespan, and methods used to calculate its value over time for tax and accounting purposes.
Do You Have to File 1099-NEC With the State?
Learn when state filing of Form 1099-NEC is required, how multi-state income affects reporting, and the consequences of non-compliance.
Joint Bank Account Taxes When Not Married: What You Need to Know
Understand how taxes apply to joint bank accounts when you’re not married, including interest reporting, ownership shares, and proper documentation.
Does Georgia Offer Tax Deductions for High Deductible Health Plans?
Learn how Georgia treats tax deductions for high deductible health plans, including eligibility factors, contribution limits, and state filing requirements.
Failure to File Form 8824: Consequences and How to Fix It
Failing to file Form 8824 can affect tax treatment and future exchanges. Learn the potential consequences and steps to correct the oversight.
Do You Pay Sales Tax on a House in Washington?
Understand how Washington’s real estate excise tax applies to home sales, including exemptions, local differences, and required documentation.
Is a Police Officer Disability Pension Taxable?
Understand the tax implications of a police officer disability pension, including eligibility for exclusions, state variations, and coordination with other income.
Form 8825 vs. 1065: Key Differences for Rental Income Reporting
Understand the differences between Form 8825 and Form 1065 for reporting rental income, including allocation methods, deductions, and tax implications.
Hobby Income vs Self-Employment: How to Tell the Difference
Understand the key differences between hobby income and self-employment to ensure proper tax reporting, expense deductions, and compliance with IRS guidelines.
Exterior Doors That Qualify for a Tax Credit Explained
Learn how to identify energy-efficient exterior doors that qualify for a tax credit, the certification and documentation needed, and how to claim the benefit.
How Do I Cash My 401k Check Made Out to FBO and Me?
Learn how to handle a 401(k) check made out to you and FBO, including deposit options, identification requirements, and potential tax considerations.
Is There NY State Tax on IRA Distributions?
Understand how New York State taxes IRA distributions, including potential deductions, credits, and key factors that may impact your tax obligations.
Uber Car Depreciation: How It Works and What You Need to Know
Understand how Uber car depreciation affects your taxes, expenses, and vehicle value over time with key methods for tracking and managing depreciation.