A restricted fund is a set-aside account that holds money that can only be used for specific purposes. Restricted funds assure donors that their contributions will be used as they...
Posted by Rosovich & Associates, Inc. on 06/29/2022
What is a foreign tax credit?A foreign tax credit is a United States tax credit that is used to offset income tax paid abroad. United States citizens and resident aliens who pay income...
Posted by Rosovich & Associates, Inc. on 05/31/2022
Donations to qualified charities are tax-deductible and can reduce your taxable income, which can help you reduce your tax bill. You may need to itemize your tax deductions in detail...
Posted by Pat Raskob on 04/17/2022
Accumulated earnings and profits (E&P) are the earnings accumulated by a company after the payment of dividends to shareholders. It measures a company's ability to pay cash...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 04/09/2022
Buying a home is a huge financial responsibility. But it's a worthwhile investment. One smart way to kill two birds with one stone is to deduct your mortgage points from your taxes,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 02/28/2022
A 401(k) work plan helps you save a considerable amount each year in retirement, but there are annual limits for your contributions and those of your employer. Whether you choose a...
Cash balance plans are defined benefit retirement savings plans that allow business owners to make large deductible contributions each year and build up deferred retirement savings....
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 11/04/2021
Since lending is a risky endeavor, lenders are usually interested in lending money to people with good credit history. It is not surprising as good credit implies that someone will...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 10/19/2021
Small businesses enjoy a variety of tax benefits, including corporate deductions. One of these possible tax deductions concerns business vehicles. Some businesses require vehicles...
Posted by Taxes Made EZ Inc on 10/19/2021