Investment and Financial Markets

Understand the tax implications of receiving funds from an irrevocable trust, where the tax outcome is determined by the source of the distribution.

For partners paying business expenses personally, specific tax rules determine how these costs are deducted. Learn the correct approach for your situation.

Explore the tax implications of selling an inherited home. The tax owed is often determined by the property’s value at death, not the home sale exclusion.

Exploring the legal obligation to pay federal income tax reveals the clear distinction between willful refusal and the inability to pay, and their different outcomes.

Navigate the tax deduction for business vehicles under 6,000 lbs. Understand how to select a calculation method and apply specific depreciation limits.

The answer to whether you can be penalized for being uninsured depends on where you live. Understand the current requirements and potential financial implications.

Explore how Item 303 requires management to provide a narrative analysis that contextualizes financial data and discusses known trends and uncertainties.

Explore the 45X credit, a federal incentive for U.S. producers of clean energy components and critical minerals to bolster domestic supply chains.

The way you make a charitable donation determines its impact on your MAGI. Learn how tax calculation mechanics affect this key eligibility figure.

A child’s investment income may be taxed at their parents’ higher rate. Understand the specific rules and reporting requirements to ensure tax compliance.

This guide explains the fundamentals of the Social Security tax, clarifying how it is calculated, who is responsible for paying it, and how it applies to income.

Understand the IRS framework for employers to resolve past employment tax underpayments, enabling a formal correction to be made without incurring interest.

Learn how bankruptcy law defines a debtor’s estate. This overview explains the process of identifying which assets form the foundation of a bankruptcy case.

Explore the financial mechanics of Indiana’s 529 tax credit. Learn how to correctly apply contributions from any state’s plan to reduce your tax liability.

Understand the tax compliance process for royalty payments, covering the steps for both payers issuing a 1099-MISC and recipients reporting the income.

An IRS-prepared Substitute for Return does not start the typical time limit for assessment. Understand how this impacts the collection process and your options.

Understand how backup withholding serves as an IRS tax collection tool for certain 1099 payments and how to correctly account for it on your tax filings.

Understand the intersecting rules governing meal reimbursement for business travel and the steps required to ensure you are properly compensated.