How to Calculate Real Estate Depreciation
Learn the principles behind real estate depreciation to accurately determine your annual tax deduction and understand its long-term financial impact.
Investment and Financial Markets
AU312: Defining Audit Risk and Materiality
Explore the essential framework auditors use to balance risk and materiality, guiding the scope and evaluation of a financial statement audit.
How Much in Deductions Do You Need to Itemize?
Learn how to determine if your specific expenses can offer a greater tax benefit than the government’s fixed deduction amount for your filing status.
Pre or Post-Tax 401k: Which Contribution Is Better?
Explore the strategic trade-offs of your 401(k) contribution, a choice that determines when you pay taxes and shapes your long-term financial flexibility.
What Is the Illinois Lottery Tax on Winnings?
An Illinois Lottery prize has significant tax implications. Learn how winnings are treated as income and the procedural steps for proper tax reporting.
How Much Are 1031 Accommodator Fees?
Understand the full financial picture of 1031 accommodator fees, including how pricing models, interest-sharing, and tax treatment affect your total cost.
What Is the Allowance for Loan and Lease Losses?
Understand the valuation reserve financial institutions use to absorb estimated credit losses and how this calculation impacts financial reporting.
Are Raffle Prizes Taxable to Employees?
An employee prize is generally considered taxable compensation. Understand how the IRS views these awards and the specific financial duties required of employers.
Net Investment Income Tax: Who Pays and How It’s Calculated
Understand the 3.8% Net Investment Income Tax. This guide clarifies how your total income level and specific types of investment earnings determine your liability.
What Is a Statutory Rate vs. an Effective Tax Rate?
The tax rate set by law is often just a starting point. Learn the difference between this official rate and the actual percentage of income you pay.
What Is Ordinary Income Tax and How Is It Calculated?
Learn the mechanics behind your ordinary income tax. This guide explains the process of turning gross earnings into a final, calculated tax liability.
Does Taxable Income Include Capital Gains?
While profits from assets are taxable, they are not treated like your salary. Understand the factors that determine your tax liability on investment gains.
Gift Tax From Foreign Parents: Reporting Requirements
Understand the key U.S. compliance rules for receiving a gift from a parent living abroad. Learn why reporting, not taxes, is often the primary concern.
Line 37 on Form 1040: What Is Adjusted Gross Income?
Adjusted Gross Income is a key figure on your tax return. Understand how it’s calculated and its role in determining your eligibility for tax credits and deductions.
Taxes on Price is Right Prizes: How Do They Work?
Learn the financial realities of game show winnings. This guide explains the process and obligations that turn a “free” prize into taxable income.
How 401k After-Tax Contributions Work
Learn the mechanics of contributing to a 401k after reaching standard limits and the strategy to convert those funds for greater tax-free growth.
The 59.5 Rule: Exceptions to the Withdrawal Penalty
Early distributions from a retirement account don’t always mean a 10% penalty. Learn the specific circumstances that provide an exception to the IRS 59.5 rule.
What Is the Maximum Allowable Donation for Taxes?
Your maximum tax deduction for charitable giving is determined by your income, the type of donation, and specific substantiation rules.
What Is a Phantom Stock Plan and How Does It Work?
Discover how phantom stock aligns employee interests with company value through cash-based awards, offering a non-dilutive alternative to traditional equity.
What Is an IRS Letter 147C and How to Request One?
Understand the function of IRS Letter 147C for EIN verification and the specific process for requesting this official document from the IRS.