Business and Accounting Technology

Learn how Arkansas homeowners can secure the homestead tax credit, a direct reduction that lowers the final amount of their property tax bill.

Filing Form 3520 is a key compliance step for U.S. persons with foreign gifts or trusts. This guide clarifies the reporting process to avoid costly oversights.

Minnesota taxes capital gains as regular income, not at preferential rates. Learn how this system impacts your overall state tax and what adjustments may apply.

Exploring the legal obligation to pay federal income tax reveals the clear distinction between willful refusal and the inability to pay, and their different outcomes.

Navigate the tax deduction for business vehicles under 6,000 lbs. Understand how to select a calculation method and apply specific depreciation limits.

The way you make a charitable donation determines its impact on your MAGI. Learn how tax calculation mechanics affect this key eligibility figure.

Explore the financial mechanics of Indiana’s 529 tax credit. Learn how to correctly apply contributions from any state’s plan to reduce your tax liability.

Navigate the rules for residential energy credits using Form 5695. Understand the distinct credit types, their unique limits, and how to file correctly.

Life insurance payouts are typically income-tax-free for beneficiaries but can be subject to estate tax depending on the policy’s ownership structure.

Learn about a tax rule that allows an immediate deduction for certain prepaid business expenses, bypassing the standard need to capitalize the cost over time.

The PS Form 3877 firm mailing book creates a single, official proof of mailing for batch mailings. Learn the proper procedure for using this essential USPS tool.

When you gift stock to a child, the original purchase details and gift-date value are crucial for determining their future tax liability.

Learn how an asset’s true cost is calculated for tax purposes. This value goes beyond the purchase price and is key to determining your capital gains or losses.

Understand the nuanced IRS rules for nonprofits that distinguish between absolute prohibitions for insiders and substantiality tests for other private parties.

Understand how the IRS views life insurance dividends. While often a tax-free return of your premiums, certain gains or how you use them can create tax liability.

Explore the function of IRS statistical tables in determining time-based values for retirement planning and asset valuation for tax purposes.