What is the tax impact of calculating depreciation?

June 30, 2024 No Comments

A: Depreciation is a method used to allocate the cost of tangible assets or fixed assets over the assets’ useful life. In other words, it allocates a portion of that cost to periods in which the tangible assets helped generate revenues or sales. By charting the

What is the tax impact of calculating depreciation?

July 7, 2024 No Comments

What taxes are due on money won gambling in Las Vegas?

June 30, 2024 No Comments

A: Every year, thousands of people travel to gambling hot spots such as the Nevada cities of Las Vegas and Reno with the hope of winning big in a casino. While most of these dreamers’ wallets are thinner on the return trip than when they arrived, a

What taxes are due on money won gambling in Las Vegas?

July 7, 2024 No Comments

When am I considered “married” for tax purposes?

June 30, 2024 No Comments

A: You are generally considered married for tax purposes as long as you were married as of the last day of the year, regardless of whether your marriage license has been issued. Your last name is a non-issue, as many married couples file jointly even

When am I considered “married” for tax purposes?

July 7, 2024 No Comments

Where do deferred tax liabilities come from?

June 30, 2024 No Comments

A: A deferred tax liability is the result of differences in the way a company does its financial accounting for reporting purposes according to generally accepted accounting principles (GAAP) versus tax accounting. The deferred tax liability represents an obligation to pay taxes in the future.

Where do deferred tax liabilities come from?

July 7, 2024 No Comments

Who needs to fill out IRS Form Schedule B?

June 30, 2024 No Comments

A: Taxpayers who receive more than $1,500 in taxable interest and/or ordinary dividends during the year are required to fill out IRS Form Schedule B, which accompanies IRS form 1040. Schedule B requires the taxpayer to provide the name of each payer (such as an investment firm or

Who needs to fill out IRS Form Schedule B?

July 7, 2024 No Comments

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