What Is Cost Basis in Crypto and How Do You Calculate It?
Understanding your crypto’s cost basis is fundamental for tax reporting. Learn how to establish and track this value across all your transactions.
Investment and Financial Markets
What is the Filing Threshold for Form 1116?
Understand when you can claim the Foreign Tax Credit without Form 1116 and when filing the form is a strategic choice for your tax situation.
What Is Schedule K-3 for Form 1065?
Understand how Schedule K-3 translates a partnership’s international activity into the specific tax data partners need for their foreign tax credit calculations.
Is Deferred Comp an IRA? Key Differences Explained
Deferred compensation and IRAs are not the same. Understand their key distinctions in asset security, tax rules, and flexibility for your retirement plan.
Revenue Ruling 83-46: Taxing Royalties for Services
Under Rev. Rul. 83-46, a royalty for services is taxed as income upon receipt, creating a basis that impacts future depletion and gain or loss.
Section 248 Election for Corporate Organizational Costs
Understand the tax framework for corporate formation costs. The Section 248 election determines the method and timing for recovering these expenditures.
What Is the PTC Tax Credit and Who Is Eligible?
The Premium Tax Credit can lower your Marketplace health insurance costs. Learn how your household income determines the final credit you receive at tax time.
What Is HR 5376, The Inflation Reduction Act?
A look at the Inflation Reduction Act (HR 5376), detailing its approach to lowering consumer costs and reshaping U.S. energy and tax policy.
Regulation S-X: Financial Statement Requirements
Discover how Regulation S-X establishes the uniform structure and content for financial statements in SEC filings, ensuring comparable data for investors.
Is a Loan an Expense?
A loan itself is not a direct expense. Understand the financial distinction between the money you borrow and the actual cost associated with borrowing it.
Section 743(b) vs. 734(b): Key Differences in Adjustments
Clarify partnership tax basis adjustments under a 754 election. Learn when a 743(b) personal adjustment applies versus a 734(b) common partnership adjustment.
Filing Form 8843 for 2023: Who Must File and How
Learn how certain non-resident aliens use Form 8843 to document time in the U.S., a key step in substantiating their tax status for the 2023 year.
Key Principles of Accounting for Construction Costs
Explore the accounting principles unique to construction, from structuring project costs to translating ongoing progress into accurate financial statements.
How to Claim the Non-Filer Child Tax Credit
Even without a tax filing requirement, you can still claim the Child Tax Credit. This guide explains the process for receiving your payment from the IRS.
What is the Best State to Start a Business for Tax Purposes?
Choosing a state for your business involves more than headline tax rates. Learn how your operations and legal setup influence your total financial obligations.
Prepaid Insurance Tax Treatment: A Simple Breakdown
Understand the specific IRS criteria that determine if your prepaid insurance premium is fully deductible in the year of payment or must be prorated.
Do You Get a Property Tax Refund When You Sell Your House?
Sellers often receive money back for prepaid property taxes from different sources. Learn how these payments are calculated and issued as part of the sale.
How the IRA Electric Vehicle Tax Credit Works
Navigate the federal clean vehicle credit system. This guide clarifies how buyer income and vehicle details translate into savings at purchase or on a tax return.
How Does Selling Stocks at a Loss Affect Taxes?
Selling stocks at a loss can be a strategic tool to manage your tax liability. Learn the process for offsetting gains and the rules for deducting losses.
What Is a 953(d) Election and How Do You Make One?
Learn how a foreign insurance company can elect for U.S. domestic tax treatment, a strategic choice that alters tax obligations for the entity and its shareholders.