Capital Asset Defined: What Is and Isn’t Included
The tax classification of property depends on its use. Explore the principles that distinguish a capital asset from business property or inventory.
Investment and Financial Markets
The Rhode Island Child Tax Rebate Explained
A guide to the 2022 Rhode Island Child Tax Rebate, explaining how the state used 2021 tax data to automatically issue financial relief to families.
Section 3406 a: What Is Backup Withholding?
Backup withholding under Section 3406a is a tax collection process, not a penalty. Understand the circumstances that require it and how to resolve them.
ERISA Section 406: Prohibited Transactions Explained
Explore the legal framework of ERISA Section 406, which defines a fiduciary’s duty to avoid conflicts of interest in transactions involving plan assets.
Is VA Disability Considered a Pension?
Clarify the distinction between VA financial support for service-related conditions and a separate, needs-based benefit for wartime veterans.
What Is IRS Form 7202 and Who Can Claim the Credit?
Self-employed individuals can translate time taken for COVID-related sick or family leave into a valuable tax credit by filing IRS Form 7202.
How Much Can You Withdraw From a 529 Plan Per Year?
Accessing your 529 plan funds requires careful planning. Learn the guidelines for matching withdrawals to expenses to protect your plan’s tax advantages.
Colorado Pension and Annuity Exclusion Rules
Colorado retirees can reduce their state taxable income with the pension exclusion. Understand how age and Social Security benefits impact your total deduction.
What Are the Projected 2026 Federal Tax Brackets?
Federal tax rules are scheduled to revert to a previous structure in 2026. See projections for the updated tax rates and learn how this may affect your finances.
What to Do If Your W-2 Is Stolen
When a W-2 is compromised, a measured response is required. Learn the process for securing your personal data and correctly filing your tax return with the IRS.
How the IRS Metal Roof Tax Credit Works
Navigate the IRS rules for the metal roof tax credit. Learn about material qualifications, cost limits, and the documentation needed to claim it.
When Is an Auditor’s Consent Letter Required?
Navigate the requirements for including an auditor’s report in public filings. Understand the consent letter’s critical role in SEC regulatory compliance.
8895 Tax Form for Sick and Family Leave Credits
Guidance for self-employed individuals on using Form 8895 to translate past COVID-related leave into a refundable tax credit.
Do You Have to Report Venmo on Your Taxes?
Recent IRS updates affect tax reporting for payment apps. Understand your actual obligations for income received via Venmo for the 2023 tax year.
Is Alimony an Itemized Deduction on Your Taxes?
Alimony is not an itemized deduction. Discover how tax laws, based on your agreement’s date, define its deductibility and impact on your taxable income.
Accounting for the ASC 606 Significant Financing Component
Learn how ASC 606 addresses the time value of money in contracts by adjusting the transaction price to separate financing effects from revenue.
What Is Amortised Cost and How Is It Calculated?
Gain insight into the accounting method for valuing financial instruments, showing how their carrying amount is adjusted over time to reflect cash flows.
What to Know About Form 1098 for Your Taxes
The Form 1098 series reports certain major payments you made. Learn to interpret these documents and use them to correctly identify potential tax savings.
The Annual Lease Value Table for Employer-Provided Autos
Providing a company car creates a taxable benefit. Understand the employer’s compliance steps for calculating and reporting its value on an employee’s W-2.
Form 1042-S Income Codes: What Do They Mean?
Learn how two-digit income codes on Form 1042-S classify your U.S. source payments, clarifying their purpose and impact on your tax withholding.