Handling a Required Minimum Distribution in the Year of Death
When a retirement account owner dies, their final RMD must be handled correctly. Understand the specific rules and procedures beneficiaries must follow for this obligation.
Business and Accounting Technology
How Your Federal Income Tax Is Calculated
Discover the multi-step calculation behind your federal income tax, showing how total earnings are systematically reduced to find your final tax liability.
Tennessee Franchise and Excise Tax Explained
Understand the core principles of Tennessee’s Franchise and Excise tax. Our guide clarifies this two-part business privilege tax for liable entities.
Guaranteed Payments vs. Salary: Key Differences for Owners
Understand how your business entity dictates owner compensation. This guide clarifies the distinct tax and compliance rules for paying yourself correctly.
ASC 606-10-25: The 5-Step Revenue Recognition Model
Understand the U.S. GAAP framework for revenue recognition, focusing on the core principle of aligning reported income with the transfer of promised goods.
Is FICA Tax Deductible on Your Income Taxes?
Discover how the tax treatment of FICA payments varies. The ability to deduct this payroll tax is determined by your role in the compensation structure.
How Much Can I Contribute to a SEP if I Have a 401k?
For those with a 401(k) and self-employment income, the contribution rules for each plan are largely independent, creating a unique savings opportunity.
Greece Income Tax: Rates and Rules for Individuals
Understand how your personal income is taxed in Greece. Learn how residency status determines your liability and discover available credits and special regimes for foreigners.
Why Are Property Taxes So High in Florida?
Delve into the interplay between Florida’s state-level financial policies and local government needs that shapes how property taxes are calculated.
Why Are Municipal Bonds Losing Value?
Discover the economic forces that affect municipal bond prices, from shifts in the overall financial landscape to the specific health of the issuing government.
What Can W-2 Employees Write Off on Their Taxes?
For W-2 employees, deducting work expenses is no longer straightforward. This guide clarifies current federal tax limitations and available financial strategies.
How to File the Lifetime Gift Tax Exemption
Understand the reporting requirements for significant financial gifts and how this process integrates into your long-term estate and tax planning strategy.
IRS Rules for Irrevocable Trust Changes: What to Know
Modifying an irrevocable trust triggers specific IRS considerations. Understand the federal tax framework for making changes without disrupting the trust’s intended benefits.
Do You Pay Taxes on Deferred Compensation?
The tax treatment for deferred compensation is nuanced. Understand the critical timing differences for when taxes are due and the strict rules governing these plans.
Max 401k Contribution for 2024 With Catch Up Limits
Plan your 2024 retirement savings by understanding the different IRS limits that govern your 401k, including what you and your employer can contribute.
Can I Cash Out My HSA After Leaving My Job?
Understand the options for your Health Savings Account after a job change. Your funds are portable, but how you access them determines the tax consequences.
The General Ledger Audit Process and Preparation
Understand an auditor’s approach to reviewing your general ledger. Learn how effective preparation aligns with the examination process for reliable financial results.
What Is the FASB Definition of an Asset?
Discover the official FASB definition of an asset, a core principle that ensures consistency and clarity in how a company reports its economic resources.
Federal Estate Tax Rates and Exemptions for 2024
Get a clear overview of the current estate tax landscape. This guide explains how federal tax liability is determined and the role of state-level considerations.
U.S. Estate Tax for Non-Citizens: Federal Rules
Understand the distinct federal estate tax rules for non-U.S. citizens. This guide covers how domicile and asset location determine liability and planning options.