Can I File My S Corp With My Personal Taxes?
Understand the unique tax structure of an S Corp. Learn how your business’s financial results are reported separately yet impact your personal tax liability.
Investment and Financial Markets
Federal Form 1120-H: Instructions and Requirements
Clarifies the annual election to file Form 1120-H, detailing how it isolates and taxes an HOA’s non-membership income at a specific flat rate.
How to Apply for a TIN Number Online
Obtain your Taxpayer Identification Number from the IRS. This guide clarifies the distinct application requirements for businesses and eligible individuals.
LIFO to FIFO Conversion: Accounting and Tax Implications
A change from LIFO to FIFO inventory valuation involves key adjustments to financial statements and specific tax compliance steps for a smooth transition.
Am I Eligible to Contribute to a Roth IRA?
Determine if you qualify for a Roth IRA. This guide explains how your income, tax filing status, and other key factors affect your contribution eligibility.
Stepped Up Basis California: Rules for Inherited Assets
Learn how California’s property laws interact with federal rules to adjust the tax basis of inherited assets, impacting your final capital gains liability.
What Does Disregarded Entity Name Mean?
Understand the key distinction between a business’s legal name and the owner’s identity for tax purposes, clarifying how the IRS views your entity.
Max 401k Deduction and Contribution Limits
Understand the key rules governing 401k contributions to effectively manage your annual tax deduction and optimize your long-term retirement savings strategy.
ASC 720: Accounting for Other Expenses
Understand the principles of ASC 720, the U.S. GAAP guidance for handling costs that lack specific rules, including when to expense versus capitalize them.
Taxes on US Lottery Winnings for Foreigners
When a foreigner wins a U.S. lottery, the initial tax withholding isn’t the final amount. Your country and the ticket’s location determine your true tax obligation.
IRS Tax Code Section 107: The Minister’s Housing Allowance
IRS Section 107 allows ministers to exclude housing costs from income. Learn how this amount is determined and its distinct treatment for self-employment tax purposes.
Can an S Corp Be a Disregarded Entity?
While an S corp cannot be a disregarded entity, these tax statuses can interact. Clarify their relationship and the rules that govern S corp ownership scenarios.
If I Pay Cash for a Car, Is It Reported to the IRS?
Buying a car with a large sum of cash requires the dealer to file a report with the government. Learn about this standard financial compliance procedure.
1031 Debt Replacement Rules and Requirements
Understand how replacing debt is a critical component for a successful 1031 exchange and can create a taxable event if not structured correctly.
Loan to Shareholder vs. Distribution: Tax & Legal Risks
How a shareholder takes cash from a company dictates its tax treatment. Learn the formal requirements for a loan vs. a distribution to avoid costly reclassification.
Can Two People Own an LLC? How the Process Works
Starting an LLC with a partner? Learn the key structural and financial decisions required to build a solid foundation for your shared business venture.
Tax Consequences of an S Corp Installment Sale of Assets
Understand the multi-layered tax impact of an S corp installment sale, including how gain recognition flows between the entity and its shareholders over time.
Does New York Tax Social Security Benefits?
Learn how New York’s tax code differs from federal rules, allowing for a full subtraction of Social Security benefits on your state income tax return.
How to Calculate Stock Basis for Tax Purposes
Accurately determine capital gains and losses by understanding how your stock’s cost basis is established and adjusted over time for tax purposes.
Zero-Based Budgeting: Advantages and Disadvantages
Zero-based budgeting re-evaluates every expense from scratch. This guide examines its impact on resource allocation and the practical considerations for its use.