What Are Good Tax Shelters for Reducing Taxable Income?
Explore legitimate methods for reducing taxable income. Learn how the strategic use of various savings, investment, and business structures can lower your tax bill.
Investment and Financial Markets
SOP 98-2: Accounting for Internal-Use Software Costs
Clarifies the accounting framework for internal-use software, guiding the decision to capitalize or expense costs from development through to cloud arrangements.
How Can I Write Off My Car for Business?
Understand the framework for correctly deducting vehicle costs. This guide covers how to classify your mileage and satisfy IRS compliance for business use.
Can I Switch From a W2 Employee to a 1099 Contractor?
Understand the legal distinction between a W2 employee and a 1099 contractor. Your classification is determined by control, not preference, and impacts your taxes.
Is the IRA 70 1/2 Rule Still in Effect?
The long-standing 70 1/2 rule for IRA withdrawals has changed. Learn the current age requirements to ensure proper management of your retirement distributions.
What Is Rents on 1099-MISC? Reporting Requirements
Learn the IRS reporting obligations for rent paid through a business. Understand the payer’s role and requirements for issuing a Form 1099-MISC for rents.
How Do Corporations Avoid Paying Taxes?
Explore how corporations legally lower their tax bills by utilizing provisions within the complex U.S. and global tax codes designed to influence business activity.
How to Calculate and Report a Sale of Equipment
The sale of business equipment requires a careful financial assessment to determine the correct tax treatment for any resulting gain or loss.
What Is the Maximum Number of S Corp Shareholders?
Maintaining S corp status depends on specific shareholder rules. Learn how ownership is counted, including key family provisions, to ensure tax compliance.
Public Law 86-272 Explained for Businesses
Understand the federal limits on state income tax for interstate commerce and how modern digital activities can forfeit these long-standing protections.
AU-C Section 315: Identifying and Assessing Risk
Learn how auditors apply AU-C 315 to synthesize information about a company and its operations, forming a basis for assessing financial statement risk.
Annualized Income Installment Method for Individuals
Align your estimated tax payments with your irregular income flow. This method helps you accurately pay what you owe throughout the year to avoid penalties.
How to Get Help With Filing Back Taxes
Addressing unfiled taxes is a straightforward process. Find a clear framework for navigating your obligations and reaching a resolution with the IRS.
The Difference Between a Charge-Off and a Write-Off
Understand the distinction between a general asset write-off and a charge-off, an accounting term specifically applied to delinquent consumer debt.
Rev. Proc. 2022-39: Simplified Method for Disclosures
Executors and surviving spouses have a simplified IRS method for making a late portability election to preserve the deceased spouse’s unused estate tax exemption.
How to Handle 1099-NEC Mileage Reimbursement
For businesses and contractors, the structure of a mileage reimbursement plan dictates its tax treatment, 1099-NEC reporting, and the ability to deduct expenses.
What Are Generally Accepted Accounting Principles (GAAP)?
Understand the framework governing U.S. financial reporting, a system designed to ensure statements are consistent, comparable, and reliable for all users.
Famous Inventory Fraud Cases and Their Red Flags
Explore how and why inventory is intentionally misstated on financial records, and learn to spot the analytical and operational clues left behind.
An Overview of the US Model Tax Treaty
Learn how the U.S. Model Tax Treaty provides a framework for allocating taxing rights between countries to prevent double taxation on international income.
What Is the Ohio IT 40P Payment Voucher?
Understand the Ohio IT 40P payment voucher, used to remit an income tax balance or make required quarterly estimated payments to the Dept. of Taxation.