Prepaid Expenses Tax Treatment: When Can You Deduct Them?
The timing of tax deductions for prepaid business expenses is critical. Learn the principles that determine whether you can deduct costs now or must spread them out.
Investment and Financial Markets
What Is the 402(g) Contribution Limit?
Understand the aggregate limit for your employee retirement contributions to help you save effectively and avoid the financial consequences of excess deferrals.
A Breakdown of Utah Withholding Tax for Employers
For Utah employers, this guide clarifies the procedural requirements for managing employee state income tax withholding and ensuring compliance.
401k RMD Table: Calculating Your Annual Withdrawal
Navigate mandatory 401k withdrawals with confidence. This guide clarifies the process for determining your required annual distribution amount accurately.
Deducting Rental Property Maintenance Expenses
Gain clarity on how your rental property expenditures are treated for tax purposes. Make informed financial decisions on upkeep and long-term investments.
Do You Have to Report Stock Losses on Taxes?
Reporting stock losses is not mandatory, but it’s a valuable strategy for managing your tax liability. Understand the process to do it correctly.
Cost of Goods Sold vs. Operating Expenses
Understand how separating production costs from operational expenses provides a clearer view of a company’s financial performance and efficiency.
How to Get California Innocent Spouse Relief
Held responsible for a spouse’s California tax debt? Understand the FTB’s relief options and how state community property laws can affect your claim.
Roth Conversion Alternatives: What Are Your Options?
Secure tax-advantaged retirement funds without the upfront tax hit of a conversion. Explore different financial vehicles and methods for tax-efficient growth.
How to Decrease Taxable Income: Proven Strategies
Understand the key financial decisions that can reduce your tax burden. Explore effective approaches for personal, investment, and business tax planning.
Does Colorado Tax IRA Distributions?
Learn Colorado’s tax rules for IRA withdrawals. A key state deduction, based on age, can reduce or even eliminate your tax liability on retirement income.
What to Do With a Form 1041 Schedule K-1
Receiving a Schedule K-1 means a trust or estate has passed income to you. Learn how this document impacts your personal tax return filing.
Using an Annuity to Fund a Qualified Retirement Plan
Holding an annuity in a retirement plan is done for its insurance guarantees, not tax benefits. Learn the key operational rules and fiduciary considerations.
Inherited IRA Minimum Distribution Requirements
Inheriting an IRA creates specific withdrawal obligations. Learn how your beneficiary status dictates your required distribution schedule to ensure compliance.
Does a Trust Fund Earn Interest and How Is It Taxed?
Examine the financial mechanics of a trust, including how its assets generate returns and the important tax rules for the trust and its beneficiaries.
Section 446 and Permissible Accounting Methods
Explore the tax code’s framework for accounting methods, from the rules governing selection to the specific procedures required to make a change.
Establishing a Business Purpose With IRS Notice 87 16
Explore the IRS framework that allows S corps and partnerships to adopt a fiscal tax year by demonstrating a legitimate, non-tax business purpose.
How to Do a Roth Conversion: A Step-by-Step Process
See how to correctly move funds to a Roth IRA. This guide explains the critical tax implications and procedural details before, during, and after a conversion.
Does Kentucky Tax Social Security Benefits?
Understand how Kentucky’s tax treatment of Social Security and other retirement income differs from federal regulations for accurate state tax planning.
How the RV Depreciation Schedule Works
Understand the financial lifecycle of an RV. This guide covers how market value declines for owners and how depreciation works as a tax deduction.