What Is a 408a IRA and How Does a Roth IRA Work?
Understand the tax code framework for a Roth IRA and the key operational rules that govern how money moves into and out of your retirement account.
Business and Accounting Technology
How to Handle Overpaid Social Security Tax From Two Jobs
When total earnings from multiple jobs exceed the annual limit, you may overpay Social Security tax. Find out how to apply this overpayment as a tax credit.
When Can You Withdraw From a 401k Without Penalty?
Accessing your 401(k) early often incurs a penalty, but not always. Learn the specific exceptions and tax implications for a penalty-free withdrawal.
What Is the Useful Life of a Building for Depreciation?
A building’s useful life for tax purposes is a set IRS recovery period, not an estimate. Learn how to correctly value your property and apply this key deduction.
California Form 568: LLC Return of Income
Navigate California’s unique tax requirements for LLCs. This guide explains the purpose of Form 568 and the key state-level compliance steps for your business.
IRS Tax Rules for Employee Separation Benefits
When leaving a job, not all compensation is taxed the same. Understand the IRS rules for how your final payments and benefits are treated for tax purposes.
What Is an Income Tax Receivable in Accounting?
Explore the accounting principles behind an income tax receivable, from its recognition as an asset on the balance sheet to its settlement as cash or credit.
List of Qualifying Section 1256 Contracts
Not all derivatives receive the same tax treatment. Understand the key distinctions for contracts qualifying for the favorable 60/40 capital gains rule.
What Is a Bill of Exchange and How Does It Work?
Understand the bill of exchange, a negotiable instrument that formalizes payment obligations and facilitates credit in commercial transactions.
Tax Implications of Transferring Stock Ownership
Transferring stock ownership has complex tax implications. The method of the transfer dictates the rules for cost basis and the tax outcome for all parties.
IRS Cash Reporting Form: Requirements for Form 8300
Navigate the federal requirement for reporting cash transactions over $10,000. This guide explains Form 8300 compliance to protect your business.
What Does Box 12 Code E Mean on Your W-2?
Learn how your 403(b) contributions appear as Code E on a W-2 and understand its direct effect on lowering your reported taxable income for the year.
ASC 720-15: What Qualifies as a Start-Up Cost?
This guide clarifies accounting for pre-operational expenses under ASC 720-15, detailing how to properly classify costs for accurate financial reporting.
In-Plan Roth Rollovers: Taxes, Rules, and Process
Converting pre-tax retirement funds to Roth within your plan creates a current tax liability in exchange for future tax-free growth and withdrawals.
A Breakdown of Business Taxes in Florida
Beyond its lack of personal income tax, Florida has a specific tax framework for businesses. Learn how your entity type determines your state and local duties.
How Are Bonuses Taxed in Massachusetts?
Getting a bonus in Massachusetts? See how tax withholding on supplemental pay works and how it reconciles with your total annual income on your tax return.
How Are Employer Contributions to an HSA on a W-2?
Clarify how employer HSA contributions appear on your W-2. Learn about the tax implications and the necessary reporting steps for an accurate tax return.
Proper Accounting for Investments Under GAAP
Navigate the U.S. GAAP rules for investment accounting. Discover how an investment’s purpose determines its financial statement treatment and reporting.
What Is Considered a Residence for Tax Purposes?
A property’s definition as a “residence” changes depending on the tax rule being applied. Understand these key distinctions for federal and state tax filings.
Is FICA Taken Out of Pension Checks?
Clarify your tax obligations in retirement. This guide explains how pension income is treated for tax purposes and your options for handling payments.