Prorated Taxes at Closing: Credits, Escrow, and Deductions
Learn how prorated taxes at closing work, from how the split is calculated and shown on the Closing Disclosure to escrow, deductions, and surprise bills.
Where Does Margin Interest Go on Your 1040? Form 4952 and Schedule A
Learn how to report margin interest on a 1040, from the investment interest calculation to itemized deductions and situations that limit the deduction.
How to Set Up a Private Trust: Drafting, Funding, and Taxes
Learn how to set up a private trust, from choosing the right structure and drafting the document to funding it with your assets and handling the tax consequences.
IRS Form 5329 Instructions: Penalties, Exceptions, and Missed RMDs
Learn how IRS Form 5329 instructions work, from penalties on retirement and savings accounts to the exceptions, waivers, and filing steps involved.
Is Inventory Valued at Cost or Retail? GAAP vs. IRS
Learn how inventory is valued at cost rather than retail under GAAP and IRS rules, from cost components through write-downs to small business shortcuts.
Renting Below Fair Market Value to Family: Loss Cap and Gift Tax
Learn how renting below fair market value to family affects your taxes, from deduction limits and passive loss rules to gift tax and tenant obligations.
How to Remove a State Tax Lien from Your Credit Report
Learn how to remove a state tax lien from your credit report, from resolving the debt with the state to clearing specialty reports and public records.
Car Salesman Tax Deductions: Mileage, Home Office, and QBI
Learn how car salesman tax deductions work, from employment classification and vehicle or home office write-offs to self-employment tax and recordkeeping.
Form 990 Late Filing Penalties for Nonprofits
Learn how Form 990 late filing penalties work for nonprofits, from how the fines and interest accrue to personal liability, revocation risk, and IRS relief.
Who Pays Property Taxes When Selling a House: Proration and Escrow
Learn how property taxes are divided when selling a house, from proration and escrow at closing to deduction rules and bills that surface after the sale.