Can I Use Commuter Benefits for Gas?
Explore the distinction between using pre-tax funds for mass transit versus personal vehicle costs, clarifying how these benefits apply to your daily commute.
Investment and Financial Markets
How to Calculate the Profitability Index
Assess the financial viability of a project by quantifying its value relative to its cost. Learn to apply this key financial ratio for better decisions.
What Are Capital Adjustments and How Do They Work?
Learn how an owner’s capital account changes with business activity and why this impacts both internal accounting records and the owner’s personal tax basis.
IRS Form 3520: Filing Requirements and Instructions
Filing Form 3520 is a key compliance step for U.S. persons with foreign gifts or trusts. This guide clarifies the reporting process to avoid costly oversights.
What Is the Depreciable Life of an RV for Taxes?
For tax purposes, depreciating an RV requires understanding its assigned asset life and the financial considerations that arise when the vehicle is sold.
How Long Does the EITC Audit Process Take?
An EITC audit follows a predictable timeline. Understand the IRS review period, factors that affect its length, and the steps after you receive a determination.
How to Claim the Insulation Tax Credit
Reduce your tax bill with the federal credit for home insulation. This guide clarifies the eligibility rules and the process for proper tax filing.
Investment and Tax: What You Need to Know
Understand how your investment activity connects to your tax responsibilities. This guide covers the core principles for managing your financial outcome.
Rev Proc 2024-9: Key Tax Inflation Adjustments
IRS Rev. Proc. 2024-9 provides the official inflation adjustments for the 2024 tax year. Understand how these updated financial thresholds will affect your return.
What Is Form 990-T for Unrelated Business Income Tax?
Learn how tax-exempt organizations distinguish between exempt functions and unrelated business activities that can create a tax liability and require Form 990-T.
How to Change a Partnership to a Sole Proprietorship
Understand the procedural framework for converting a partnership into a sole proprietorship, ensuring a compliant and seamless operational transition.
Your Most Common 401k Questions Answered
Understand the key decisions that shape your retirement savings. Get clear answers on managing your 401k throughout your career and beyond.
Minnesota Capital Gains Tax: Rules and Rates
Minnesota taxes capital gains as regular income, not at preferential rates. Learn how this system impacts your overall state tax and what adjustments may apply.
What Was the Small Business Jobs Act of 2010?
Examine the 2010 law that provided financial support to small businesses and set precedents for key provisions that are still relevant in today’s tax code.
What Is a Qualified Spousal Trust (QDOT)?
A Qualified Domestic Trust (QDOT) helps preserve the marital deduction for a non-citizen spouse by structuring asset transfers to defer federal estate tax.
What Is a Treasury Account and How Does It Work?
Learn the essentials of owning a personal Treasury account to purchase and manage government securities directly, bypassing the need for a broker.
How the Amortization of Points Works
Understand the tax treatment for mortgage points. Learn if you can deduct them upfront or must spread the deduction over the term of your home loan.
What Are the Form 8865 Filing Requirements?
Clarify your U.S. tax reporting responsibilities for a foreign partnership. This guide helps you determine if you have a Form 8865 filing obligation.
Revenue Ruling 2023-2 Denies Step-Up in Basis for Trusts
An analysis of Revenue Ruling 2023-2, which denies a basis step-up for assets in specific grantor trusts, clarifying their capital gains tax treatment.
Accounting for the ASC 740 Valuation Allowance
Examine the key judgments and evidence-based analysis required by ASC 740 to determine if a valuation allowance is needed for deferred tax assets.