Box 4 on Your W-2: Social Security Tax Explained
Understand the Social Security tax withheld in Box 4 of your W-2. Learn how the annual wage limit impacts this figure and what it means for your tax filing.
Investment and Financial Markets
Major Restaurant Tax Credits You Can Claim
Understand the process for claiming federal tax credits that can lower your restaurant’s tax liability, from required forms to final filing.
What Is the Sales Tax Rate in Las Vegas?
Get a clear breakdown of the sales tax in Las Vegas. This guide explains the combined rate, how it applies to purchases, and its role in funding the community.
Does Virginia Tax Social Security Benefits?
Learn how Virginia’s tax treatment of Social Security income differs from federal rules and how state-level subtractions can reduce your tax liability.
Section 198: Expensing Environmental Remediation Costs
Explore how Section 198 alters the tax treatment of environmental cleanup costs, from initial property qualification to the financial impact of a future sale.
Can an S Corporation Have a Solo 401k?
For S Corp owners, a Solo 401k is possible. Understand how contributions are based on W-2 wages, not profit distributions, to properly fund your retirement.
Tax Disclosures: What They Are and When You Need to File
Understand the role of tax disclosures in maintaining compliance and how to properly report specific tax positions or financial holdings to the IRS.
What Are Consumables in Business? Accounting & Tax Rules
Learn how the financial and tax treatment of everyday business supplies directly impacts your financial statements and overall tax obligations.
How Does the Russian VAT System Work?
Explore the fundamental mechanics of the Russian VAT system, from determining tax liability to fulfilling key compliance and reporting requirements.
What Is the Annuity 5-Year Rule for an Inheritance?
Inheriting an annuity requires understanding your distribution options. Learn how different choices for accessing funds affect your tax liability and timeline.
The Core Ethical Principles of the GAO Yellow Book
The GAO Yellow Book provides a foundation for public trust by outlining the ethical mindset and structured process auditors must use to ensure their independence.
Rental Income Tax Rules in California
Effective management of a California rental property requires a clear understanding of your full tax obligations, from defining income to state and federal filing.
How Do I Know Which Tax Form to Use?
Understand the connection between your financial activities and your tax return. This guide helps you identify the correct documents based on your life events.
Answering Question 15 on Form 8867 Correctly
For tax preparers, fulfilling due diligence on Form 8867 requires understanding the nuanced “knowledge” standard and how to apply it to client information.
Mortgage 1099 vs. 1098: Which Tax Form Do You Need?
Clarify which tax forms your mortgage lender sends and why. This guide explains the documents for interest deductions and less common financial events.
Can You Combine Multiple IRA Accounts?
Consolidating IRAs can simplify your retirement finances. Explore the guidelines for account transfers and how to navigate the potential tax considerations.
Do Roth IRAs Have a Required Minimum Distribution?
A primary Roth IRA benefit is avoiding required distributions, but this advantage doesn’t automatically apply to those who inherit the account.
What Are the Section 58 Loss Limitations for AMT?
Learn how certain investment and business losses are treated differently for the AMT, requiring a unique calculation that impacts your current and future taxes.
What Does Box 14a on Your W2 Form Mean?
Understand the employer-provided information in Box 14a of your W-2 and how these amounts can influence your overall tax liability or deductions.
Filing a Late Portability Election With Rev. Proc. 2023-10
Rev. Proc. 2023-10 provides a simplified method for certain estates to make a late portability election, preserving a deceased spouse’s tax exemption.