How a Housing Allowance Is Reported on a W-2
Understand how the tax treatment of a housing allowance directly governs how the amount is presented on an employee’s annual W-2 statement.
Investment and Financial Markets
RMD Not Taken in Year of Death: What to Do
This guide provides a clear path for beneficiaries to follow when a final RMD is missed, ensuring tax compliance and proper account settlement.
What Percentage Should I Withhold for Taxes in Arizona?
Find the right Arizona tax withholding percentage for your financial situation to help balance your take-home pay and your annual state tax obligation.
Automatic Allocation of GST Exemption: Traps to Avoid
Understand the interplay between trust structures and default GST exemption rules to prevent the inadvertent exhaustion of this critical tax benefit.
How the Gifting Stock to Charity Tax Deduction Works
Giving appreciated stock to charity can provide a greater tax benefit than cash. Learn the key financial and reporting rules to do it correctly.
What Is Georgia’s State Income Tax Rate for 2024?
Understand Georgia’s new flat income tax for 2024. Learn how the single rate applies and the key calculations needed to determine your actual state tax bill.
Can Long Term Losses Offset Short Term Gains?
Your investment holding periods have a significant impact on your taxes. Explore the mechanics of how capital losses can reduce gains across categories.
The Difference Between Incurred and Accrued Expenses
Gain clarity on the principles of expense recognition. Learn how the timing of recording costs impacts the accuracy of your company’s financial statements.
1041 Charitable Deduction Rules for Trusts and Estates
Understand the specific tax framework for fiduciary charitable giving, including how income sourcing and calculation adjustments affect the final deduction.
If You Make $72,000 a Year, How Much Is Taxed?
Earning $72,000? Your final tax bill depends on more than just tax brackets. Learn how personal circumstances shape your actual take-home pay.
Foreign Disregarded Entity Tax & Reporting Requirements
U.S. owners of a foreign entity must reconcile its legal status abroad with its pass-through tax treatment and specific reporting duties in the United States.
What Is the Right of Offset in Banking?
Understand the legal basis for a bank’s right of offset, a process rooted in the mutual debt relationship between a bank and its customer.
Types of Careers in Accounting and Their Paths
Discover the framework of an accounting career. This guide covers the different professional paths, key qualifications, and essential skills for advancement.
What Is a Reversal of an Impairment Loss?
Learn the financial reporting standards for reversing an asset impairment loss, including the specific calculation ceiling and important non-reversal rules.
How Much Tax Do You Pay on an Annuity Withdrawal?
The tax on an annuity withdrawal is based on more than just your income bracket. Learn how contributions, earnings, and timing impact your final tax liability.
Why Do Companies Have Different Fiscal Years?
Discover how a company’s choice of a fiscal year provides a more accurate financial picture by aligning reporting with its specific business model and rhythm.
Can a Business Refuse a Tax-Exempt Sale?
Navigating requests for tax-exempt sales requires understanding your rights and responsibilities. Explore key considerations for businesses to ensure compliance and avoid liability.
Can Capital Losses Offset Interest Income?
Investment losses can reduce taxable income from interest, but tax rules dictate a specific sequence and annual limits for how these losses are applied.
Common W2 Box 14 Codes and What They Mean
Understand the employer-specific entries in W-2 Box 14. This guide clarifies these non-standard amounts and their role in your annual tax filing.
What Does Reclass Mean in Accounting?
Learn how reclassification adjusts financial data by moving a value to its proper account, a key process for ensuring accurate and useful reporting.