How to Calculate the Foreign Tax Credit
Understand how to properly account for foreign income taxes on your U.S. return to prevent double taxation and correctly calculate your available credit.
Investment and Financial Markets
What Is a Total Tax Deficiency and What Does It Mean?
A total tax deficiency notice is more than an overdue bill. Understand the formal assessment process and the structured options available to taxpayers.
Are 529 Contributions Tax Deductible in Iowa?
Iowa provides a state income tax deduction for contributions to a 529 plan. Explore the specific requirements and tax implications for Iowa residents.
Can I Claim My Married Child as a Dependent?
Learn if you can claim a married child as a dependent. The answer depends on specific IRS rules, primarily why they file a joint return and who pays for support.
Debt Modification vs. Extinguishment: Accounting Treatment
Understand the financial thresholds that distinguish a debt modification from an extinguishment and the distinct accounting procedures required for each classification.
What Is Considered a Half-Time Student?
Your college enrollment status has significant financial implications. Find out how the half-time student classification is determined and why it matters.
Ohio’s LLC Tax Rate and Business Tax Obligations
Understand your Ohio LLC’s tax obligations. Your company’s tax liability is shaped by its federal structure and specific business activities within the state.
What Is an Estimated Tax Payment and Who Must Pay It?
For income not subject to withholding, the tax system requires a pay-as-you-go approach. Learn the principles of estimated tax to manage your liability.
Missouri Tax Reform: An Overview of the Changes
Explore Missouri’s new tax structure, which lowers personal and business tax obligations through a multi-year plan tied to state revenue performance.
IRS Notice 2018-13 and the Section 965 Transition Tax
Gain clarity on the Section 965 transition tax with an analysis of IRS Notice 2018-13, the key guidance for applying post-TCJA international tax rules.
How to Calculate Your S Corporation Shareholder Basis
Tracking your S Corp shareholder basis is essential. Learn how this dynamic calculation determines the tax consequences of your investment year after year.
Do You Pay Taxes on Land You Own?
Owning land involves distinct tax events. Learn how recurring property taxes and capital gains from a sale are calculated and discover potential tax savings.
How is Rental Property Taxed in South Carolina?
Understand the tax framework for SC rental properties, from how your property is valued to calculating and reporting your net rental income.
ASC 205-20: Accounting for Discontinued Operations
This guide to ASC 205-20 explains how to isolate the financial impact of a business disposal to provide a clearer view of continuing operations.
Do I Have to Take RMD From 401k if Still Working?
Working past age 73 may allow you to postpone 401(k) RMDs. Understand the specific eligibility rules and how this exception impacts your other retirement funds.
Do You Get All Your Federal Taxes Back?
A tax refund isn’t the same as recovering all federal taxes paid. This guide explains the final calculation and the circumstances that allow for a full income tax refund.
Do You Pay Social Security Tax on Retirement Income?
Clarify your tax obligations in retirement. This guide explains the distinction between taxes on employment earnings and taxes on your Social Security benefits.
What Are the Requirements for Company Statutory Books?
Explore the legal requirements for a company’s statutory books, the official records that document corporate ownership, management, and governance.
What Is a 2241 Form and How to File It?
Learn about the 2241 petition, a federal writ of habeas corpus used to challenge the execution of a sentence or conditions of confinement.
Shifting Income From Parents to a Child’s Lower Tax Bracket
Understand the structured approaches and key tax regulations for reducing a family’s tax bill by utilizing a child’s lower marginal rate.