How Is Box 16 on a W2 Calculated for State Wages?
Learn why your W-2’s state wages may differ from federal wages. This guide explains how state-specific tax laws and employment scenarios affect this key figure.
Investment and Financial Markets
What Is IRS Form 8606 and Who Needs to File It?
Form 8606 is used to report nondeductible IRA contributions and track tax basis, ensuring correct tax treatment for distributions and Roth IRA conversions.
What Is Form 8850 for the Work Opportunity Tax Credit?
Learn how Form 8850 functions as the required pre-screening tool for employers to determine a new hire’s eligibility for the Work Opportunity Tax Credit.
How Do I Calculate My Oregon Kicker?
Determine your personal Oregon kicker amount. This guide clarifies the direct link between the state’s tax surplus and your prior year’s tax liability.
Are Estate Administration Expenses Deductible on Form 1041?
Learn the strategic considerations for deducting an estate’s administrative costs to ensure tax compliance and optimize the estate’s financial outcome.
What Is the Basic Exclusion Amount and How Does It Work?
Understand the key federal tax rule governing tax-free wealth transfers. Learn how this lifetime credit is applied to gifts, estates, and spousal planning.
Can You Withdraw From an HSA After 65?
At age 65, your Health Savings Account evolves into a more flexible retirement tool. Learn the key tax distinctions for using your funds in retirement.
How to Calculate Your S Corporation Shareholder Basis
Tracking your S Corp shareholder basis is essential. Learn how this dynamic calculation determines the tax consequences of your investment year after year.
How is Rental Property Taxed in South Carolina?
Understand the tax framework for SC rental properties, from how your property is valued to calculating and reporting your net rental income.
ASC 205-20: Accounting for Discontinued Operations
This guide to ASC 205-20 explains how to isolate the financial impact of a business disposal to provide a clearer view of continuing operations.
Do I Have to Take RMD From 401k if Still Working?
Working past age 73 may allow you to postpone 401(k) RMDs. Understand the specific eligibility rules and how this exception impacts your other retirement funds.
Do You Pay Social Security Tax on Retirement Income?
Clarify your tax obligations in retirement. This guide explains the distinction between taxes on employment earnings and taxes on your Social Security benefits.
What Are the 60-Day IRA Withdrawal Rules?
Moving IRA funds yourself starts a 60-day clock. Understand the specific rules for an indirect rollover to protect your retirement savings from taxes and penalties.
How to Create a 1099 for an Independent Contractor
Navigate the process of issuing Form 1099 to independent contractors. Our guide clarifies your business’s reporting duties for proper tax compliance.
Who Pays the Most in Federal Taxes in the US?
Explore the distribution of the U.S. federal tax burden. This analysis examines who pays more in total dollars versus as a percentage of their income.
ASC 808: Accounting for Collaborative Arrangements
Gain clarity on financial reporting for collaborative arrangements under ASC 808, focusing on activities with shared risks and commercial rewards.
What Is a Section 721(c) Partnership?
Understand the compliance framework for deferring gain when a U.S. person contributes appreciated assets to a partnership with a related foreign partner.
What Is the Gross Receipts Test for Small Businesses?
Understand the IRS gross receipts test, a key calculation determining if your business can access simplified accounting rules and bypass complex tax regulations.
IRS Form 8846: How to Claim the FICA Tip Credit
Navigate the requirements for the FICA tip credit using Form 8846. Learn how this general business credit applies to employer FICA taxes on qualifying tips.
How to Fill Out New York’s Form IT-2104
Complete New York’s Form IT-2104 correctly to ensure your tax withholding is accurate. This guide helps align your paycheck with your financial situation.