“The accompanying notes are an integral part of these statements” is a phrase you will see at the bottom of the financial statements. This means that reading the notes in conjunction with the fin ...
Pensions, annuities, qualified plans, unqualified plans, periodic payments, lump sum distributions, rollovers – all have their own special treatment for tax purposes. Find out which rules apply in ...
How your residential rental income is taxed depends on the type of property you rent out, your personal use of the property, whether the property is considered a dwelling unit used as a home, and your ...
For U.S. federal income tax purposes, there are exchanges of property that are not taxable, and the gain or loss on the exchange does not have to be recognized. The tax effect is postponed until the ...
As a U.S. citizen or resident, you are subject to U.S. federal income tax on your worldwide income. But if you had earned income in a foreign country, you may be able to exclude that income for U.S. ...
Using a pre-defined chart of accounts that you find in a bookkeeping or accounting software package may work fine for your business. Or you may find that you need to adapt or accommodate the chart of ...
If you have a high deductible health coverage plan and are not on Medicare, a Health Savings Account (HSA) may be an option to help you pay medical expenses. You can claim a tax deduction for contrib ...
If you are an employee and you have travel and entertainment expenses associated with your job, you may be able to take a tax deduction. You will need to separate out any personal portion of your tra ...
If you paid someone to come to your home to care for your child or other dependent, or you took them to a daycare facility so you could work or look for work, you may be able to take the credit for ch ...
When you suffer a loss caused by theft, vandalism, fire, storm, or similar causes, or a car, boat, or other type of accident, you may be able to take an itemized deduction on your U.S. federal income ...