What Is Book Cost? Calculation, Adjustments, and Tax Impact
Learn how book cost is determined for investments and business assets, from initial calculations and later adjustments to the impact it has at tax time.
How to Record Capital Contributions by Entity Type: Basis and Stock
Learn how to record capital contributions across different business entities, from cash and property transfers to sweat equity, loans, and tax basis.
Do I Need to Attach 1099-INT to My Tax Return?
Learn how to handle a 1099-INT on your tax return, from reporting interest correctly on Form 1040 to dealing with missing, late, or mismatched forms.
Can I Get a Tax Refund If My Only Income Is Social Security?
Learn how a tax refund works when your only income is Social Security, from withholding and refundable credits to filing, deadlines, and state rules.
What Is 1099-R Distribution Code 7D and Is It Taxable?
Learn how 1099-R distribution code 7D applies to non-qualified annuity and life insurance payouts, from taxable amounts and related taxes to reporting.
How IRC 384 Limits Preacquisition Losses and Built-In Gains
Learn how the Section 384 limitation on preacquisition losses works, from the deals it reaches and the losses and gains it covers to its role at closing.
1099-R Code R: Recharacterization Reporting on Forms 1040 and 8606
Learn how a 1099-R with Code R is handled on your return, from what the code signals about a recharacterized IRA contribution to the reporting it requires.
Is OASDI the Same as FICA? Rates, Wage Cap, and SECA
Learn whether OASDI is the same as FICA, from what each acronym covers and how they show up on your paycheck to wage caps and self-employment rules.
Joint Ownership of Annuities: Titling, Tax Costs, and Death Rules
Learn how annuity joint ownership works, from titling and shared control through tax treatment during life to what happens when a co-owner dies.
Single Member LLC W-2: S-Corp Election and Reasonable Pay
Learn how a single member LLC W-2 works through an S-corp election, from reasonable pay and payroll duties to tax return changes and planning trade-offs.