US-Mexico Tax Treaty Summary: Key Provisions
Clarify your tax responsibilities between the U.S. and Mexico. This summary explains how the treaty allocates taxing rights to prevent double taxation.
Investment and Financial Markets
Converting a Partnership to a Corporation
Restructuring a partnership into a corporation requires careful navigation of the transaction’s tax effects and the new entity’s ongoing compliance obligations.
What Is a Schedule 3 Tax Form for Your Form 1040?
Understand how IRS Schedule 3 works with your Form 1040. This supplemental form is used to properly claim specific tax credits and report other payments.
Suspended Passive Losses on a Rental Converted to Personal Use
When a rental becomes a personal home, prior losses are not immediately deductible. Discover how they carry forward to increase your cost basis upon a future sale.
How to Calculate Your Maximum IRA Deduction
Learn how factors like your income and workplace retirement plan coverage determine your eligibility for the maximum Traditional IRA deduction and its tax benefits.
How to Determine the Cost Basis of Your Home
Go beyond the purchase price to find your home’s true cost basis. This figure is key to calculating your capital gain and ensuring an accurate tax filing when you sell.
What Are the NY 529 Maximum Contribution Limits?
Explore the contribution rules for New York’s 529 plan, from the overall account balance cap to the annual guidelines shaped by state and federal tax laws.
401(k) vs. IRA Fees: Which Account Is Cheaper?
Learn the key structural differences in how 401(k) and IRA fees are calculated to better understand the long-term impact on your retirement savings.
Cost Basis vs. Account Balance: Why They Are Different
Learn why an asset’s original cost differs from its current market value. Understanding this distinction is key for tracking performance and calculating taxes.
Partial IRA Rollover: Rules, Steps, and Tax Reporting
Learn how to correctly execute a partial IRA rollover. Our guide details the critical interaction between retirement account rules and your annual tax filing.
How Carried Interest in Real Estate Works
Understand the core profit-sharing model in real estate deals, explaining how sponsor compensation is structured to align with investor outcomes.
What Is Carried Interest in Real Estate?
Delve into the financial structure of a sponsor’s profit share, a key incentive that aligns their success with investor outcomes through prioritized distributions.
Do You Pay Income Taxes on an Annuity?
The tax treatment of an annuity is determined by how it was funded and the way you take distributions. Explore the key principles for managing your tax liability.
Why Did My Tax Return Go Down When I Added Another W2?
Your tax refund can drop with a second W-2 because each job’s payroll calculates tax with incomplete information. Learn how this affects your final return.
How to Apply the Simplified Hedge Accounting Approach
A procedural guide to a simplified U.S. GAAP approach for interest rate swaps, helping to ensure compliance and mitigate earnings volatility.
ASC 326-30: Purchased Credit-Deteriorated Assets
Understand the specific accounting for purchased credit-deteriorated assets, including the initial allowance “gross-up” and its impact on amortized cost and income.
Form 8912: Credit to Holders of Tax Credit Bonds
Understand the role of Form 8912 in converting your tax credit bond holdings into a direct reduction of your overall tax liability.
How to File Schedule SE for the 2020 Tax Year
This guide provides a procedural overview of the 2020 Schedule SE, clarifying the tax calculation, the available deduction, and year-specific adjustments.
What Is Section 1059? Extraordinary Dividend Rules
Understand IRC Section 1059, a rule that adjusts a corporate shareholder’s stock basis to offset the tax benefit of receiving an extraordinary dividend.
H.R. 7024: Key Tax Changes for Businesses and Families
Understand the financial implications of H.R. 7024. This bipartisan bill introduces retroactive tax adjustments for companies and enhances benefits for families.