Are Expenses Liabilities? A Key Accounting Distinction
A business cost is not a debt, but incurring one can create the other. Clarify this key distinction and its impact on your financial statements.
Investment and Financial Markets
Indiana Homestead Exemption: How to Qualify and File
This guide clarifies the process for Indiana homeowners to claim the homestead exemption and other deductions to lower their annual property tax assessment.
What Is a GPOA Trust and How Does It Work?
Understand how a GPOA trust works as an estate planning tool that balances significant beneficiary control with the strategic deferral of estate taxes.
Is Domestic Partner Health Insurance Taxable?
Understand how federal tax law treats health benefits for domestic partners differently than for spouses, impacting take-home pay and employer reporting.
Why Are ETFs More Tax Efficient Than Mutual Funds?
An ETF’s unique structure for handling investor redemptions minimizes taxable events, giving you greater control over capital gains than a mutual fund.
Michigan R&D Tax Credit: How to Qualify and Claim
A procedural guide to the Michigan R&D tax credit, detailing how to align research activities with state criteria and properly file for the incentive.
Legacy IRA QCD: Rules for Charitable Donations
For beneficiaries, an inherited IRA presents a unique pathway for philanthropy. Understand how this strategy can satisfy RMDs and reduce your taxable income.
Do You Have to Pay Taxes on a Real Estate Sale?
Selling a property involves specific tax considerations. Learn how ownership history, property use, and your financial basis determine your capital gains liability.
ASU 2020-01: Clarifying Accounting for Equity Securities
ASU 2020-01 clarifies the prospective accounting required when an equity investment’s measurement basis changes or for certain related derivatives.
Filing Schedule D (Form 1040): What You Need to Know
Translate your investment activities into the correct tax figures. This overview details how to properly report capital gains and losses to ensure an accurate Form 1040.
Revenue Code 118: Tax Treatment of Capital Contributions
Learn how to determine if a corporate capital contribution is taxable income. IRC 118 rules vary based on the contributor and impact the asset’s tax basis.
The Reconciliation Process for Tax Legislation
A look at the legislative procedure tied to the federal budget that allows for major tax policy changes to be passed with a simple majority in the Senate.
How Does Company Reimbursement for Mileage Work?
Learn the process for company mileage reimbursement and the record-keeping required to ensure payments are properly classified and non-taxable.
Form W-2P: Reporting Pension and Annuity Income
Form W-2P is the key link between your pension or annuity payments and your tax return. Learn how to interpret this form for accurate income reporting.
What Taxes Does Washington Not Have?
Explore Washington’s unconventional tax system. Learn how the state funds its services and what its unique approach to revenue means for residents and businesses.
How Farmer Estimated Tax Payments Work
Understand the special IRS provisions for farmer estimated taxes, which replace quarterly payments with a single annual deadline and unique calculation methods.
Tax Deduction Rules for Corporation Donations
Corporate charitable giving involves specific tax rules. Learn how the type of donation and your business structure influence the deduction’s value and reporting.
What Happened to the 1040 Short Form for Taxes?
The IRS consolidated tax filing by replacing the 1040-A and 1040-EZ. Learn how the modern Form 1040 system provides a tailored approach for all filers.
What Is a Pickup Contribution for Tax Purposes?
Learn how mandatory contributions to a government retirement plan are legally re-characterized as pre-tax funds, deferring your current federal income tax.
What Is a 2503(c) Trust and How Does It Work?
Explore the 2503(c) trust, a financial instrument for making tax-efficient gifts to minors within a specific legal and administrative framework.