How to Calculate Prorated Property Taxes
A guide to the standard process of prorating property taxes, ensuring a fair and accurate financial settlement between a home’s buyer and seller.
Auditing and Corporate Governance
Qualified Small Business Stock (QSBS) Rules Explained
Discover the framework behind the QSBS tax exclusion, a provision designed to reward long-term investment in qualifying small C-corporations.
What Is the 402(g) Limit on Retirement Contributions?
The 402(g) limit governs your annual retirement plan deferrals. Discover the mechanics of this IRS rule and the specific procedures for maintaining compliance.
Can You Discharge Tax Debt in Bankruptcy?
Understand the circumstances under which tax obligations can be eliminated or restructured through bankruptcy, based on key timing and eligibility factors.
Section 1341 Claim of Right: Deduction or Credit?
When a prior year’s income must be repaid, the tax code provides a mechanism for relief. Understand the options for correcting this tax imbalance.
What Home Repairs Qualify for Hardship Withdrawal?
Using a 401(k) for home repairs has strict criteria. Learn what qualifies as a necessary repair and understand the financial consequences before applying.
How to Claim the Long Term Care Tax Deduction
Claiming a tax deduction for long term care involves specific IRS rules. Understand the process for deducting costs for both services and insurance premiums.
Do Roth IRA Distributions Affect Medicare Premiums?
Understand the connection between retirement income and Medicare costs. Not all sources, like Roth IRA withdrawals, are factored into your premium calculation.
Can I Buy a Computer With 529 Funds?
Using 529 funds for a student’s computer is permissible under specific IRS guidelines. Learn how to ensure your purchase qualifies as a tax-free withdrawal.
Common Examples of Operating Activities
Understand how a company’s daily operations create cash flow. Learn what defines an operating activity and how it reflects a firm’s financial health.
RMD Aggregation Rules for Retirement Accounts
Understand which retirement accounts can be grouped for RMD withdrawals and which must be handled separately to ensure you meet IRS requirements correctly.
The NH Interest and Dividends Tax Phase-Out and Repeal
Understand your remaining obligations for New Hampshire’s Interest & Dividends tax as it is phased out, leading to its complete elimination in 2025.
IRS Form 990-EZ: Filing Instructions and Requirements
Understand the complete filing process for Form 990-EZ. This resource clarifies annual reporting requirements for smaller tax-exempt organizations.
How Much Can I Pay Into My UK Pension?
Understand the factors determining your UK pension contribution limits. Learn how earnings and personal circumstances can alter how much you can save tax-efficiently.
Tax Consequences of Transferring Stock to a Trust
Before you transfer stock to a trust, understand the tax implications. The trust’s design dictates who pays taxes, how gains are treated, and future estate outcomes.
ASC 310-10-35: Accounting for Impaired Receivables
Explore the incurred loss model for impaired receivables under ASC 310-10-35, a key standard for historical context and pre-CECL financial reporting.
Monetary vs. Nonmonetary Items: What’s the Difference?
Discover how classifying assets and liabilities as monetary or nonmonetary reveals their true value and performance in a changing economic landscape.
New Mexico State Income Tax Rates and Brackets
Understand New Mexico’s progressive income tax structure. Learn how to calculate your taxable income and apply the correct state tax rates before you file.
How to Allocate Corporate Costs to Divisions
Understand the principles behind assigning shared corporate costs to gain a more accurate and insightful view of each division’s true performance.
Do I Have to Charge Sales Tax on Handmade Items?
As a creator, turning your craft into a business means understanding tax. Learn the key factors that determine your sales tax obligations and how to manage them.