Can an Irrevocable Trust Be Changed?
While intended to be permanent, an irrevocable trust may be altered. Understand the conditions and legal processes for modifying a trust’s terms or structure.
Investment and Financial Markets
Can Real Property Become Personal Property?
Explore the legal and physical actions that can change an item’s classification from a permanent part of a property to a separate, movable asset.
How Do 529 Plans Work? Rules for Contributions & Withdrawals
Understand how a 529 plan works, from initial setup and contribution strategies to the rules governing tax-free growth and qualified withdrawals.
What Is the Diverted Profits Tax and How Does It Work?
Learn how the Diverted Profits Tax operates as a mechanism to prompt changes in a multinational’s corporation tax and transfer pricing arrangements.
Can You Buy Plan B With Your Health Savings Account?
Understand how your Health Savings Account can be used for over-the-counter health products and the necessary steps to ensure your purchase is eligible.
How Does IRS Voluntary Compliance Work?
Explore how the U.S. tax system balances self-assessment with enforcement and provides structured pathways for taxpayers to formally correct their tax record.
OECD Pillar 1 and 2 Summary: The Rules Explained
A clear explanation of the two-part global tax reform. Learn how new rules shift taxing rights to market jurisdictions and establish a worldwide minimum tax.
What Is the Standard Deduction If Claimed as a Dependent?
The standard deduction for a dependent is not a set number. It’s calculated based on your income using specific IRS rules to ensure an accurate return.
What Are the Capital Gains Tax Rules for Collectibles?
The profit from selling personal assets like art or coins follows a distinct set of capital gains tax rules that differ from standard investments.
When Do I Have to Start Taking Money Out of My IRA?
Once you reach a certain age, the IRS requires withdrawals from most IRAs. Understand the framework for these distributions to properly manage your retirement savings.
Oregon Credit for Taxes Paid to Another State
Oregon provides a tax credit for income also taxed by another state. This overview clarifies how the credit is limited and what you need to claim it properly.
Massachusetts Car Sales Tax: What You Need to Know
Get a clear overview of the 6.25% Massachusetts car sales tax. Understand how the final tax is determined and what is required for a smooth RMV transaction.
Revenue vs. Margin: Key Differences for Financial Health
Total sales figures alone don’t reveal financial health. Analyzing profitability provides a more complete and accurate measure of a company’s stability.
Rev. Proc. 2020-24 for Amending Partnership Returns
Rev. Proc. 2020-24 offered a temporary safe harbor for BBA partnerships, providing a direct method for amending returns as an alternative to the AAR process.
What Is Tax Equivalence and How Do You Calculate It?
Go beyond surface-level yields. Learn how to evaluate an investment’s true after-tax return to make more informed financial decisions.
How Do Discretionary Trust Distributions Work?
Follow the path of a discretionary trust distribution, from the standards guiding the trustee’s decision to the ultimate financial impact on the beneficiary.
How to Use Your RMD to Donate to Charity
Integrate your charitable giving with your retirement strategy. Learn the requirements for donating your RMD to a cause you support in a tax-efficient way.
Are Municipal Bonds Taxable in California?
For California investors, the tax-free status of municipal bonds isn’t always straightforward. Understand how a bond’s origin and other factors impact your tax bill.
How to Calculate the NC Tax on a Car Purchase
Understand the key factors determining North Carolina’s car tax. Learn how your purchase price, trade-in, and residency affect the Highway Use Tax you will pay.
How to Get the American Opportunity Tax Credit
Understand the process for claiming the American Opportunity Tax Credit, a key tax benefit for offsetting higher education expenses for eligible students.