Can I Claim My 30-Year-Old Son as a Dependent?
Learn if you can claim an adult child as a dependent. Eligibility is determined by specific IRS rules regarding their income and the support you provide.
Investment and Financial Markets
Do You Have to Pay Taxes on a Boat?
A boat’s tax implications extend beyond the sale price, affecting your finances during ownership and even after you sell the vessel.
How Overseas Per Diem Rates Work for Business Travel
Explore how daily allowances for foreign business travel are structured and applied to simplify expense management and ensure financial compliance.
Is Child Support Taxable in Pennsylvania?
Explore how Pennsylvania and federal tax laws treat child support, clarifying its impact on your income, deductions, and related tax benefits.
Can I Use a 529 to Pay for Private Elementary School?
Using a 529 for private K-12 tuition involves more than the federal allowance. Understand how state rules and expense definitions affect your savings.
TEFRA vs. BBA Partnership: What Are the Differences?
Understand how new IRS audit rules impact partnerships by shifting tax liability to the entity level and centralizing decision-making authority.
How to Calculate Estimated Tax Payments
Translate your projected earnings into accurate quarterly tax payments. This guide explains the framework for staying current with your federal tax obligations.
ASC 815: Accounting for Derivatives and Hedging
Navigate the U.S. GAAP standard for complex financial instruments. Learn how to measure and report these instruments to align with risk management objectives.
What Are Guaranteed Payments on a Schedule K-1?
Understand the unique tax and financial nature of guaranteed payments on a K-1, clarifying their purpose separate from your share of partnership profits.
The 162(m) Limitation on Executive Compensation
Understand the strategic tax considerations of the $1 million deductibility cap on executive compensation created by Internal Revenue Code Section 162(m).
How to Use an LLC for Rental Property
An LLC can shield personal assets from rental property liabilities, but only if managed correctly. Learn the operational discipline required to maintain this legal protection.
How to Calculate Property Depreciation?
Real estate depreciation can lower your taxable income. Our guide clarifies the complete process, from initial property valuation to annual tax filing.
IRC 2031: Definition and Valuation of Gross Estate
Discover the framework for valuing a decedent’s total property for federal estate tax, including the standard principles and elective valuation strategies.
Minister Tax Deductions and Unique Tax Rules
Understand the dual tax status of ministers, which creates distinct rules for handling income, benefits, and self-employment tax obligations.
What Are Superfund Chemical Excise Taxes?
An overview of the reinstated Superfund chemical taxes, clarifying the financial and procedural responsibilities for manufacturers, producers, and importers.
IRS Form 4480: Filing Information Returns Electronically
Navigate the IRS electronic filing system for information returns. This guide explains the process and the use of Form 4480 as a required transmittal.
415 Safe Harbor Compensation vs. W-2 Compensation
The definition of compensation for retirement plans is a technical choice, distinct from W-2 wages, that is critical for correct plan administration.
How to Amend a Tax Return After Filing
Learn the official process for correcting a previously filed tax return. This guide clarifies how to make adjustments and ensure your tax record is accurate.
Can a 529 Plan Be Used for a Master’s Degree?
A 529 plan can fund your master’s degree. Understand the key requirements for institutions and expenses to ensure your withdrawals remain tax-free.
What Are the Common 401k Rollover Fees?
A 401k rollover has financial implications beyond the transfer itself. Learn to evaluate both immediate fees and long-term costs to protect your retirement assets.