Are Shareholders Responsible for Company Debt?
While shareholder assets are generally protected from business debt, this legal shield is not absolute. Learn the circumstances that can make an owner liable.
Investment and Financial Markets
How to Deduct Credit Card Processing Fees
Learn the tax principles and practical steps for deducting credit card processing fees to ensure your business accurately claims this common expense.
What Is the Michigan Retirement Tax & How Does It Work?
Understand how Michigan’s evolving retirement tax rules apply to you. Your birth year and recent legislative changes determine your potential state deduction.
How Does a Prototype 401k Plan Work?
A prototype 401k plan combines an IRS-vetted template with an employer’s key decisions, offering a streamlined yet customizable retirement solution.
How to Apply for the Employee Retention Tax Credit
Navigate the complexities of the ERTC with clear guidance on amending past payroll tax filings to properly claim this valuable refundable credit.
Why Am I Only Getting $200 Back in Taxes?
A small tax refund isn’t a problem, but a sign of accuracy. Understand the simple balance between what you paid and what you owed throughout the year.
Should You Convert a Traditional IRA to a Roth IRA?
Converting to a Roth IRA means paying taxes now for future benefits. Explore how your tax projections, time horizon, and financial goals determine if it’s the right move.
Is Your VA Pension Considered Taxable Income?
Learn how VA pension benefits are treated for tax purposes and how they differ from other, often taxable, forms of military compensation.
When Do You Start Depreciating an Asset?
The start date for asset depreciation is based on its readiness for use, not its purchase date. This timing is key for accurate first-year tax reporting.
Is Partnership Income Subject to Self Employment Tax?
A partner’s self-employment tax liability is based on their level of involvement, not just their title. Learn how to determine your tax obligations.
What Is IRS Form 43 and Who Needs to File It?
Understand the role of IRS Form 43 in establishing a fiduciary relationship to properly manage tax communications for an estate, trust, or other entity.
IRS Form 8849 Instructions for Excise Tax Refunds
Understand the process for claiming an excise tax refund with detailed instructions for correctly preparing and submitting IRS Form 8849.
Is CRDP Taxable? Federal and State Tax Rules
Learn how federal and state laws impact the taxability of your CRDP. This guide clarifies how your restored military retirement pay is treated for taxes.
Does My Teenager Have to File Taxes?
Understand the specific income rules for dependents to determine if your teen must file a tax return or if it would be financially advantageous to do so.
Where Does Tax Return Money Come From?
A tax refund isn’t a gift, but the result of a simple calculation. Learn how your tax payments and credits stack up against your total tax liability.
What Is a Qualified Tuition Program (529 Plan)?
Understand how a Qualified Tuition Program (529 plan) provides a tax-advantaged structure for saving and paying for diverse educational pursuits.
What Was the Medical Device Excise Tax?
An overview of the former medical device excise tax, covering its origins in the ACA, its operational mechanics, and its permanent repeal.
ASU 2017-01: Clarifying the Definition of a Business
Understand the evaluation model from ASU 2017-01 to correctly classify acquisitions and navigate the distinct accounting outcomes for each.
What Is Included in Ordinary Income?
Gain a clear understanding of what constitutes ordinary income, why it is treated differently from other financial gains, and how this affects your taxes.
Calculating Partial Year Depreciation
Determine the proper depreciation deduction for assets not in service for the full tax year. Learn the principles for prorating in the year of purchase or disposal.