Reconciliation is the method of verifying the accuracy and consistency of your financial statements.Reconciliation also helps identify and explain any discrepancies that may arise...
A flexible spending account, or FSA, is a pre-tax expense account that many employers offer for employees' benefit. These bills allow you to pay necessary expenses without paying...
Airbnb and a series of other home-sharing firms are fantastic ways to bring in extra income. You might have a spare room to let, lease out your house when on vacation, or even have...
Most taxpayers will likely agree that the US tax code is complicated and difficult to understand. It is, therefore, evident that some common tax myths have arisen over the years. And...
IRS Form 8949 is a tax form used primarily to report sales and trade of capital goods. Form 8949 is filed alongside Schedule D of the income tax form.What is IRS Form 8949?Form 8949...
One of the primary reasons people buy annuities is the favorable tax treatment. However, even if annuity comes with tax benefits, it does not rule out the drawbacks. As a result, one...
An Insight into Personal Use propertyUncle Sam defines personal use property as an asset or property used solely for private purposes and does not serve as an investment or business...
What is a private activity bond (PAB)?PABs are tax-exempt bonds distributed by or on behalf of a state or local authority to provide special financial benefits for eligible projects....
Here are some FAQ related to taxes:What Income am I to Pay taxes on?Uncle Sam’s definition of income is money, services, and properties. All income can be taxed, except there...
Posted by Don Bell Law on 02/17/2021