Self Employed 401k Contribution Limits
Understand the mechanics of a Solo 401(k) for the self-employed. This guide clarifies how your dual role as employee and employer affects your contribution limit.
Investment and Financial Markets
How to Reduce MAGI With Deductions and Tax Strategies
Learn how your MAGI impacts eligibility for tax credits and deductions, and discover how strategic financial choices can help you manage this key figure.
Is Miscellaneous Expense an Asset or an Expense?
Explore the accounting logic that separates assets from expenses. Learn why a cost’s future value and materiality are key to its classification.
What Are the Current NYC Property Tax Rates?
Understand the calculation behind your NYC property tax, from the city’s initial valuation to the final rate applied to your property’s taxable value.
What Is the 415(c) Limit on Annual Additions?
Explore the IRS 415(c) rule, the comprehensive annual limit on all retirement plan additions, including both employer and employee contributions.
Federal Dividend Tax Rates According to the IRS
Your dividend income is subject to federal tax, but the rate varies. Understand the key distinctions the IRS uses to determine your tax liability.
Do I Need a W2 for Every Job to File My Taxes?
Your work status determines the tax forms you need. Learn how to report income from multiple jobs to ensure you file your taxes accurately and completely.
Does Ohio Tax Military Retirement Pay?
Learn how Ohio treats military retirement and Survivor Benefit Plan income for state taxes and the specific steps needed to claim your full deduction.
Is It Legal to Backdate a Contract?
Backdating a contract can be a simple documentation tool or a fraudulent act. Understand the legal distinction and learn how to properly date past agreements.
Where to Send Your 83(b) Election to the IRS
Filing an 83(b) election is more than finding an IRS address. Understand the complete process to ensure your submission is compliant, timely, and verifiable.
What Is an Unearned Premium Refund?
Ending an insurance policy early may entitle you to a refund for unused coverage. Understand the factors that influence the final amount you receive.
How Do Estate Donations and Tax Deductions Work?
Understand how a planned charitable gift functions within an estate, from its legal establishment to its ultimate effect on the estate’s tax obligations.
What Does 1098-T Box 1 Mean for Your Taxes?
The amount in your 1098-T Box 1 is a key starting point for tax filing. Learn how to adjust this figure to accurately claim education tax credits.
What Is Equitable Subordination in Bankruptcy?
Equitable subordination is a bankruptcy principle that adjusts claim priority to remedy harm caused by a creditor’s inequitable conduct.
Creating Tax Efficient Retirement Strategies
A thoughtful approach to structuring and accessing retirement assets can significantly lower your tax burden, maximizing your disposable income for the long term.
What Is a Schedule 14C Information Statement?
A Schedule 14C is an SEC statement informing shareholders of a corporate action approved by majority consent, bypassing the need for a formal vote or proxy.
Can My Parents Claim My Child as a Dependent?
In a shared household, claiming a child for tax purposes depends on a specific IRS hierarchy of rules, not simply who provides the most financial support.
Are Assisted Living Expenses Tax Deductible?
Assisted living costs may be deductible as a medical expense, but certain IRS tests must be met regarding the resident’s health and total expenses.
Restricted Stock Holding Period: When Does It Begin?
Understand how a key decision determines when your restricted stock holding period begins, directly impacting the tax treatment of your capital gains.
What Is a Collection Due Process Hearing?
Learn about the formal process that gives taxpayers the right to challenge an IRS collection action and negotiate a fair resolution with an impartial officer.