What Are the 403(b) Contribution Deadlines?
Understand the distinct deadlines associated with 403(b) plans. Learn how the timing for personal and employer contributions differs for tax compliance.
Investment and Financial Markets
Inflation Reduction Act: Electric Vehicle Tax Credit
Navigate the EV tax credits from the Inflation Reduction Act. Learn how income, vehicle price, and battery sourcing rules determine your final savings.
The Tax Implications of AHYDO Payments
Understand the tax treatment of applicable high-yield discount obligations, where rules for issuers and holders diverge, affecting both corporate deductions and income character.
What Type of Corporation Is a Nonprofit?
Discover the legal identity of a nonprofit. It’s a corporation formed under state law, but its structure legally requires that all revenue serves a public mission.
LLC Partner Buyout Tax Implications
An LLC partner buyout creates different tax outcomes for the seller and buyers. The transaction’s structure is key to managing gain and future tax basis.
Reporting Alimony Income on Schedule 1 Line 13
The tax treatment of alimony depends on your agreement’s date. Understand your reporting obligations for Schedule 1 to ensure accurate tax filing.
What Is the Penalty for Claiming False Dependents?
Improperly claiming a tax dependent can result in financial penalties and legal action. Learn how intent determines the severity of the outcome.
How to Calculate Imputed Income for Payroll
Learn the essential methods for translating non-cash employee benefits into taxable wages, ensuring accurate payroll and tax reporting compliance.
International Tax Reform and the Two-Pillar Solution
A coordinated global framework is reshaping international corporate tax, changing where large MNEs pay tax and establishing a new floor for their contributions.
How to Calculate Cost Basis for Rental Property
Accurately calculating your rental property’s adjusted cost basis is key for correctly claiming depreciation and determining your taxable gain or loss at sale.
Is There Tax on Movie Tickets? How It Works
The tax on a movie ticket isn’t a single national rate. It’s set by local laws, which explains why the final price changes depending on where you are.
How Does the 457 Rollover Process Work?
Moving funds from a 457 plan involves critical choices based on your plan type and transfer method. Learn the process for a smooth, tax-free rollover.
How the Pakistan-US Tax Treaty Works
Explore the agreement that coordinates U.S. and Pakistani tax laws, clarifying tax responsibilities for cross-border income and investments.
What Is Form 8963 and Who Is Required to File It?
Understand the purpose of IRS Form 8963 and the process for reporting the annual health insurance provider fee as required by the Affordable Care Act.
What Happens If a 529 Is Not Used for College?
Discover the financial consequences and strategic alternatives available for a 529 plan when it’s no longer needed for higher education.
Can You Transfer Assets From One Trust to Another?
Transferring assets between trusts is a strategic tool for updating an estate plan. Learn about the legal and financial dynamics involved in this process.
How Much Are Required Minimum Distributions?
Your required minimum distribution is determined by your account balance, age, and specific IRS rules that apply to your personal situation.
Is There a 10 Penalty on Inherited IRA Distributions?
Inherited IRA distributions are exempt from the 10% penalty, but beneficiaries must navigate specific withdrawal timelines that determine their tax obligations.
What Happens to Property Tax Exemptions After Death?
When a homeowner dies, their property tax exemptions are not automatic for heirs. Understand the process for managing the property’s tax status and applying for new benefits.
What Is a Section 218 Agreement for Social Security?
Understand the purpose of a Section 218 Agreement and the considerations for state and local governments seeking to extend Social Security coverage to their employees.