What Happens to a 529 if Your Child Joins the Military?
When your child joins the military, their 529 plan has several valuable uses. Understand your options to preserve and repurpose your educational savings.
Investment and Financial Markets
How to Claim the Home Office Deduction on Your Taxes
For self-employed taxpayers, the home office deduction is a valuable tax benefit. Learn the key requirements and procedures to claim it correctly on your return.
How Cooperative Taxation Works for Businesses and Members
Understand the cooperative tax model, a unique structure designed to pass income to members, resulting in a single, integrated level of taxation.
How Does the Louisiana 529 Plan Tax Deduction Work?
Navigate the rules for Louisiana’s 529 plan tax deduction. Learn how contributions reduce your state tax liability and the long-term impact of withdrawals.
What Is an IRS Full Pay 120-Day Agreement?
Understand the IRS full pay agreement, a short-term extension to resolve your tax liability without the setup fees of a formal installment plan.
The SALT Cap Workaround for Pass-Through Entities
Understand the tax strategy allowing pass-through businesses to deduct state taxes without the $10,000 personal limit, providing a valuable federal tax benefit.
What Is the Bonus Tax Rate in Massachusetts?
A Massachusetts bonus isn’t taxed at a special rate. Learn the key difference between upfront withholding and the actual tax you’ll owe on your annual return.
List of Non-Refundable Tax Credits to Reduce Your Tax
Learn how non-refundable credits reduce your tax liability dollar-for-dollar and understand the limits on how they are applied to your final tax bill.
Notice 2022-36: IRS Tax Penalty Relief Explained
Explore the provisions of IRS Notice 2022-36, a relief measure that automatically waived certain late-filing penalties for 2019 and 2020 tax returns.
What Is Federal Form 5471 and Who Must File?
Understand your IRS reporting obligations as a U.S. person with foreign corporate holdings. This guide clarifies Form 5471’s complex rules and requirements.
ASC 842 Summary: Key Principles of Lease Accounting
Understand the core principles of ASC 842 lease accounting. This summary explains how the standard brings leases onto the balance sheet and affects financial statements.
IRC 2011: Claiming the Foreign Tax Credit
Learn the complete compliance process for the Foreign Tax Credit to properly mitigate double taxation on income earned abroad.
Can I Contribute to Two 403b Accounts?
Navigating multiple 403(b) accounts means understanding how your total annual retirement savings are calculated across all your workplace plans.
What Is the Allowance for Sampling Risk?
Learn how auditors use a calculated margin for error to manage uncertainty and draw reliable conclusions about financial data from a limited sample.
What Is Revenue Code 516 and Does It Still Exist?
Learn why “Revenue Code 516” is a frequent point of confusion and find the correct federal tax provision or state statute you may be seeking.
Deductions in Revenue Code Sections 170-174
Understand a diverse set of tax code provisions that impact both individual and corporate financial strategies, including recent legislative changes.
When Do I Have to File Federal Income Taxes?
Your federal tax filing requirement depends on more than just income. Learn the factors that determine if you must file and when it might be beneficial.
What Is the Military Residency Relief Act?
Understand the federal law that allows military servicemembers and their spouses to maintain a single state of legal residence for income tax purposes.
Colorado Innovative Motor Vehicle Credit: How to Qualify
Navigate the requirements for Colorado’s innovative motor vehicle tax credit. This guide clarifies the process for securing your state-level financial benefit.
What Is the Recurring Item Exception for Taxes?
Learn how the recurring item exception allows accrual taxpayers to deduct certain expenses before they are paid, creating a more accurate match of income and costs.