Are Lemon Law Settlements Taxable? Refunds, 1099s, and Fees
Learn whether lemon law settlements are taxable, from the vehicle refund through damages and attorney fees to reporting income and fixing a bad 1099.
Form 1042 Late Filing Penalty: Amounts, Interest, and Relief
Learn how the Form 1042 late filing penalty works, from the charges that stack alongside it and personal liability for officers to options for relief.
Hurricane Ida Tax Relief: Casualty Losses and Retirement Withdrawals
Learn how Hurricane Ida tax relief works, from casualty loss deductions on property damage to retirement withdrawals and insurance reimbursements.
How to Transfer Money From an S-Corp to a Personal Account
Learn how to transfer money from an S-corp to a personal account, from paying yourself a salary and taking distributions to documenting each withdrawal.
LT Debt-to-Equity Ratio: Formula, Interpretation, and Pitfalls
Learn how the long-term debt to equity ratio works, from pulling the inputs off the balance sheet to interpreting results and avoiding common pitfalls.
Do Limited Partners Get a 1099 or a Schedule K-1?
Learn whether limited partners get a 1099 or a K-1, from how the K-1 reports your share to passive loss limits, self-employment tax, and correcting errors.
Unrecorded Expense Adjusting Entry: Amount, Recording, and Reversal
Learn how an unrecorded expense adjusting entry works, from identifying the cost through recording it, clearing the accrual at payment, and tax treatment.
When Do You Need Audited Accounts: Thresholds, Triggers, Options
Learn when you need audited accounts, from regulatory and funding rules that mandate them to contractual and strategic situations where an audit is expected or wise.
Can I Claim My 22-Year-Old as a Dependent on Taxes?
Learn how claiming your 22-year-old as a dependent works, from the student and support tests to the tax benefits, tradeoffs, and divorced-parent rules.
What Do Gross Wages Mean? Calculation, W-2, and Net Pay
Learn what gross wages mean, from what counts as pay and how to calculate it to how it differs from W-2 figures, take-home pay, and adjusted gross income.