Robby

Prepaid expenses are a common occurrence in business accounting, and prepaid insurance is a specific type of prepaid expense that can have a significant impact on a company’s financial statements. Understanding how prepaid insurance affects net income is crucial for accurate financial reporting and decision-making. This article delves into the nature of prepaid expenses, the … Read more

Inheritance, the transfer of assets from a deceased individual to their beneficiaries, can be a significant financial event. While inheritances are generally not considered taxable income at the federal level, there are certain circumstances and state-specific regulations that may result in tax implications. This guide will delve into the intricacies of inheritance taxation, exploring the … Read more

Understanding Tax Withholding and Refunds Tax withholding refers to the process where your employer deducts a portion of your paycheck to cover your estimated federal income tax liability. This amount is then sent to the Internal Revenue Service (IRS) on your behalf. When you file your tax return, you calculate your actual tax liability based … Read more

Bank audits are a crucial part of the financial industry, ensuring the integrity and stability of banks and protecting the interests of depositors and investors. Banks are subject to regular audits by both internal and external auditors to assess their financial health, compliance with regulations, and adherence to best practices. Who Can Conduct a Bank … Read more

401(k) plans are employer-sponsored retirement savings accounts that offer tax advantages. Withdrawals from a 401(k) account are generally subject to income tax and may be subject to a 10% early withdrawal penalty if taken before age 59½. However, there are exceptions to these rules, and the frequency of withdrawals you can make from your 401(k) … Read more

Irrevocable trusts are legal arrangements that provide asset protection and estate planning benefits. However, concerns may arise regarding the potential for the Internal Revenue Service (IRS) to seize assets held within an irrevocable trust. This article analyzes the interplay between irrevocable trusts and the IRS’s authority to levy assets, providing insights into the circumstances under … Read more

Capital gains taxes are levied on profits earned from the sale of capital assets, such as stocks, bonds, real estate, and other investments. The amount of tax you owe depends on several factors, including the type of asset sold, the length of time you held the asset, and your taxable income. This article will provide … Read more

Yes, non-filers can get the Child Tax Credit (CTC) through the IRS Non-filer tool. Eligibility for Non-Filers To be eligible for the CTC as a non-filer, you must meet the following criteria: You have a qualifying child who is under 18 years old and has a Social Security number. You are not required to file … Read more

Filing taxes can be a daunting task, especially if you’re self-employed or own a business. One common question that arises is whether or not you can deduct gas receipts on your taxes. The answer is yes, but there are specific requirements that must be met. In this article, we’ll delve into the details of gas … Read more

Understanding IRS Levies The Internal Revenue Service (IRS) possesses the authority to seize assets, including wages, bank accounts, vehicles, real estate, and other personal property, to satisfy unpaid tax debts. This action, known as a levy, allows the IRS to legally take possession of your assets to recover the owed taxes. IRS Levies vs. Credit … Read more