Does Bank Interest Count as Taxable Income?
Understand the tax obligations for bank interest, including how the IRS classifies this income and what is required for proper reporting.
Investment and Financial Markets
Difference Between Cash and Accrual Basis of Accounting
Choosing how to record transactions is a foundational decision. Discover how the timing of recognizing revenue and expenses shapes your company’s financial story.
Are Subscriptions Subject to Sales Tax?
Determining sales tax for subscriptions depends on key variables, including the type of product offered and the geography of your customer base.
What Are the Current IRA Deduction Limits?
Understand how income, filing status, and workplace retirement access combine to determine the tax deductibility of your IRA contributions for the 2024 tax year.
What Was the IRC 2057 Family Business Deduction?
Explore the complex rules of a repealed family business tax deduction and understand how today’s estate tax strategies have evolved to address the same goals.
How to Claim the Energy Storage Tax Credit
Navigate the federal tax credit for battery storage systems. Understand the key financial considerations and procedural steps to successfully claim this incentive.
Do You Need to Attach W-2 to 1040?
The procedure for handling your W-2 with a Form 1040 is determined by your filing method. Understand the correct steps to ensure your return is accepted.
Are Lobbying Expenses Tax Deductible?
Gain clarity on the tax treatment of lobbying costs. Learn the guiding principles for nondeductibility and the key details for accurate business tax accounting.
Can You Write Off a Coffee Machine for a Home Office?
Understand the tax requirements for deducting a home office coffee machine. This guide covers how work status and business use determine eligibility for a write-off.
What Tax Deadlines Does IRC 7508A Postpone?
Following a federally declared disaster, IRC 7508A allows the IRS to postpone tax deadlines. Understand the extent of this relief and how it is administered.
What Are My Tax Liabilities on a W-2?
Your W-2 details the tax you’ve already paid, but your final tax liability is determined on your return. Learn how these numbers connect to your refund or balance due.
Do You Need to Issue a 1099 for Gifts?
Understand the key tax differences between giving a gift and making a payment. Learn a donor’s responsibilities for proper tax reporting.
New Mexico Severance Tax: Rates, Credits, and Filing
Understand the framework of New Mexico’s severance tax, detailing how taxable value is calculated and how state credits can reduce final tax liability.
Who Is Eligible for the Georgia Surplus Tax Refund?
Understand the rules for the Georgia surplus tax refund. Your eligibility and refund amount are based on your prior-year tax liability and filing status.
What Is the Minimum Required Distribution?
Understand the principles governing mandatory withdrawals from your retirement accounts and how they function within your overall financial plan.
At What Age Is Social Security No Longer Taxable?
Managing the tax on Social Security has little to do with age. Learn how your overall income is calculated and how it impacts the taxability of your benefits.
Rev Proc 2022-19: How to Fix a Late S Corp Election
Rev Proc 2022-19 offers a simplified IRS mechanism for correcting certain late entity elections, allowing for retroactive S Corp status without a formal ruling.
How Does 401(k) Profit Sharing Work?
Understand how discretionary profit sharing enhances a 401(k), from the employer’s contribution process to the rules governing your ownership of the funds.
How to Claim the Smoking Cessation Tax Deduction
The costs of quitting smoking can provide a tax benefit. Explore how to claim a deduction or use pre-tax health accounts for eligible cessation expenses.
Should I Use My Tax Credit for Health Insurance?
Deciding how to use your health insurance tax credit involves balancing your monthly budget against your year-end tax outcome. Explore the key financial considerations.