26 USC 6651: Penalties for Failure to File or Pay Tax
Explore the rules governing penalties for late tax filing and payment, including how they are calculated and the established grounds for their removal.
Investment and Financial Markets
What Counts as Income in Retirement?
Understanding how different cash sources are treated for tax purposes is key to managing your finances in retirement. Explore the nuances beyond simple cash flow.
Advanced Tax Planning for High Net Worth Individuals
Go beyond standard deductions with sophisticated strategies that align your financial decisions with long-term wealth preservation and tax efficiency.
How to Deduct State Tax Expenses on Schedule A Line 1
Learn to navigate the rules for deducting state and local taxes on Schedule A. Understand the calculations and limitations to accurately report your deduction.
What Is the Section 184 Home Loan Program?
Learn the mechanics of the Section 184 home loan, a federal program designed to facilitate home financing for members of federally recognized tribes.
What Are Tax Reforms and How Do They Work?
Understand the deliberate process of altering a tax system, from the guiding principles driving change to the policy tools that shape government revenue.
Revenue Code 906: Foreign Tax Credit for Corporations
Learn how the foreign tax credit lets corporations offset U.S. tax on business income also taxed abroad, a key tool for preventing double taxation.
Do Churches Need a Federal Tax ID Number?
Explore the distinction between a church’s tax-exempt status and the practical need for a Federal Tax ID Number (EIN) for daily financial operations.
The Proposed California Wealth Tax Bill
Understand the legislative proposal for a California wealth tax, detailing how it would assess worldwide assets and apply to current and past residents.
Repair Regulation Elections for Business Income
Understand the IRS framework for classifying business property expenditures. Learn how to use annual elections to simplify tax compliance and reporting.
Where to Find Depreciation on a Tax Return?
Locate the depreciation expense on your tax return by understanding how the final figure flows from its initial calculation to your specific business schedule.
How to Prepare a Net Asset Roll Forward
Learn how a net asset roll forward connects the balance sheet and statement of activities, providing a crucial reconciliation for financial integrity.
What Is the At-Risk Recapture Tax Rule?
A decrease in your financial risk in an investment can trigger a tax liability by reversing the benefit of previously claimed loss deductions.
How the IRS Determines Your Marriage Status for Taxes
Your legal relationship status on a single day determines your federal tax obligations for the entire year. Explore the official criteria and financial implications.
Filing IRS Form 6252 for Installment Sale Income
Understand how to report gain from an installment sale. Our guide breaks down the key calculations and procedures for correctly filing IRS Form 6252.
Common Social Security Tax Questions Answered
Understand the complete tax picture for Social Security, from how contributions are calculated on earnings to how benefits may be treated as taxable income.
What Was the Standard Deduction for 2018?
Find the 2018 standard deduction amounts and learn how major tax law changes that year, including the removal of the personal exemption, affected its value.
Can You Deduct Assisted Living Expenses?
Assisted living costs may be tax-deductible. Learn the key distinctions the IRS makes regarding medical necessity and who can claim the expense on their return.
How Do You Use IRS Actuarial Tables for Valuations?
Understand the IRS-required method for calculating the present value of future assets for accurate gift and estate tax reporting.
FASB 114: Accounting for Impaired Loans
Explore the principles of FASB 114, the superseded accounting rule that established the framework for recognizing and measuring credit losses on impaired loans.