What Is a Business Activity Code for Taxes?
Understand the role of your business activity code in tax filing. This IRS classification impacts financial analysis and can influence audit selection.
Investment and Financial Markets
Do General Contractors Charge Sales Tax?
Understanding sales tax on a contractor’s bill requires looking at how costs flow. Learn the logic behind how tax is applied and why your invoice looks the way it does.
How Does the Maryland Retirement Tax Elimination Act Work?
Understand the practical effects of Maryland’s expanded retirement income subtraction and how the law’s changes may reduce your state tax liability.
What Is the PFF Dividend Tax Treatment?
PFF distributions have a complex tax profile. This guide explains how its unique income composition impacts your tax liability in taxable and retirement accounts.
Peer Review Requirements for CPA Firms
This guide clarifies the CPA peer review framework, detailing a firm’s obligations and the procedural steps for a compliant and efficient process.
Pennsylvania Depreciation Rules for Businesses
Discover how Pennsylvania’s distinct approach to asset depreciation requires separate calculations from federal rules, affecting both yearly taxes and future gains.
Inherited Non-Qualified Annuity Distribution Rules
Inheriting a non-qualified annuity requires understanding its unique tax structure and navigating crucial, time-sensitive distribution decisions.
Is Social Security Back Pay Taxable?
A lump-sum Social Security payment can create unique tax challenges. Understand the method for attributing this income to prior years to ensure accurate reporting.
Does Tennessee Tax Food? State and Local Grocery Taxes
Tennessee’s sales tax on groceries isn’t a single rate. See how state and local taxes combine and why the type of food you buy changes the final amount.
Tax Consequences of Transferring a Life Insurance Policy
Transferring a life insurance policy has subtle financial consequences. Learn the key considerations to ensure the transaction aligns with your overall planning goals.
IRS Notice 2014-7: Income Exclusion for Care Providers
Learn how IRS Notice 2014-7 clarifies the tax treatment of certain state payments for in-home care, affecting what qualifies as excludable income.
How Many Months Taxes Are in Escrow at Closing?
Your initial property tax escrow deposit is based on tax due dates, your closing date, and a legally required cushion. Learn how these factors are combined.
What Is the SALT Marriage Penalty and How Does It Work?
Explore the mechanics of a federal tax provision that can cause married couples to pay more in taxes than they would as two single individuals.
Home Bakery Tax Deductions: What You Can Claim
Running a home bakery involves unique business costs. Understand how to properly track and report these expenses to accurately calculate your taxable income.
California Tax After Leaving: Rules and Requirements
Relocating from California involves more than a change of address. Learn how the state views your income and financial connections after you move away.
Is Retirement Income Taxable in Alabama?
Alabama’s tax-friendly reputation for retirees has important nuances. Learn how the state treats different income sources to better manage your finances.
Do Employers Have to Match 401k Contributions?
An employer 401k match is typically a voluntary benefit, but certain plans create an obligation. Learn the key rules that define how this popular perk works.
Tennessee Property Tax Exemption: How to Qualify
Learn the specific qualifications and application steps for Tennessee’s property tax relief programs to help reduce your annual tax burden.
ASC 842 Lease Termination Accounting Treatment
Understand the proper accounting treatment for lease terminations under ASC 842, from derecognizing balance sheet items to calculating the P&L impact.
Is Employer 401k Match Tax Deductible for Employee?
Your employer’s 401k match is not a tax deduction for you, but it isn’t taxed as income either. Learn how its tax treatment differs from your own contributions.