Step-Up in Basis on Joint Assets With a Non-Spouse: How It Works
Learn how the step-up in basis applies to jointly owned assets with a non-spouse, including allocation methods, valuation, and tax reporting considerations.
Investment and Financial Markets
Does 1099-NEC Count as Earned Income for IRA Contributions?
Understand how 1099-NEC income is classified for IRA contributions and the factors that determine whether it qualifies as earned income.
I Filed My Federal Tax With H and R Block. What About My State?
Learn how H&R Block handles state tax filing, including costs, payment options, refund timelines, and potential penalties for late submissions.
South Carolina Capital Gains Tax for Nonresidents: What to Know
Understand how South Carolina taxes capital gains for nonresidents, including tax rates, withholding rules, and filing requirements.
How to Use the Social Security Taxable Amount Worksheet
Learn how to calculate the taxable portion of your Social Security benefits using the IRS worksheet, including key income thresholds and filing considerations.
Are State Tax Stamps in Closing Costs Tax-Deductible?
Understand how state tax stamps factor into closing costs and whether they may be tax-deductible based on IRS guidelines and proper recordkeeping.
Single-Member LLC Rental Property: Schedule E or Schedule C?
Learn how tax classification impacts your single-member LLC rental property and determine whether Schedule E or Schedule C is the right choice for your situation.
Normal Distribution IRA: How It Differs From Required Minimum Distribution
Understand how normal distributions from an IRA work, how they compare to required minimum distributions, and what tax implications may apply.
Do Employers Always Pay 7.65% for FICA Taxes?
Understand when employers pay the standard 7.65% FICA tax, the exceptions that apply, and how self-employment affects tax responsibilities.
Does My Heat Pump Qualify for a Tax Credit?
Find out if your heat pump meets tax credit requirements, including efficiency standards, documentation needs, and potential factors that could affect eligibility.
Does a 14-Year-Old Have to File Taxes? Here’s What to Know
Understand when a 14-year-old may need to file taxes based on income type, dependency status, and IRS thresholds to ensure compliance.
Tax Benefits of Being a Volunteer Firefighter Explained
Discover how volunteer firefighters can benefit from tax-free stipends, deductions, and credits while meeting key recordkeeping requirements.
Why Your Social Security Number Does Not Match IRS Records
Learn why your Social Security number may not match IRS records, how to verify your information, and steps to update discrepancies to prevent delays.
Issue Date on Colorado Driver’s License: What to Do If It’s Missing
Learn why the issue date on your Colorado driver’s license matters for financial and tax purposes, and explore alternative ways to verify your information.
Gross vs Net Commission: Which One Should You Report for Taxes?
Understand the differences between gross and net commission and learn how to accurately report your earnings for tax purposes.
Section 453A(c) Information on K-1: How to Report It on Your Tax Return
Understand how to report Section 453A(c) information from a K-1 on your tax return, including income characterization and installment payment calculations.
How Does Lease Commission Amortization Work in Financial Accounting?
Learn how lease commission amortization is structured in financial accounting, including expense allocation, adjustments, and potential tax considerations.
What Is the ST124 Form and How Is It Used in Capital Improvements?
Learn how the ST-124 form supports tax-exempt capital improvements, who can use it, and the documentation needed for compliance.
What Is IT-204-LL and Who Needs to File It?
Learn who needs to file Form IT-204-LL, how to determine the filing fee, and the steps for submission to stay compliant with tax requirements.
How to Get Old 1099 Forms: Steps to Access Past Tax Records
Learn how to locate old 1099 forms through personal records, payers, or the IRS, ensuring accurate tax reporting and financial record-keeping.