Constructive Receipt, Explained: Why Income You Haven't Touched Is Already Taxable
IRS rules tax income when it is available, not when you cash the check — December bonuses and uncashed checks count for this year.
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Tax
Tax strategies, planning, and compliance for individuals and businesses
Form 4562, Explained: How Small Businesses Report Section 179, Bonus and MACRS Depreciation, Listed Property, and Amortization
Form 4562 reports Section 179, bonus and MACRS depreciation across six parts — expense first, bonus second, MACRS on the rest.
Phantom Income, Explained: How the IRS Taxes Money You Never Received — K-1 Allocations, 1099-C Debt, and OID
Phantom income is taxable income with no matching cash — K-1 allocations, forgiven debt, OID. The IRS taxes the gain; plan liquidity to pay it.
Schedule C vs. Schedule E vs. Schedule F: Where Sole Proprietors, Landlords, and Farmers Each Report Income
Schedule C is for businesses, Schedule E for rentals and K-1s, Schedule F for farms — and the wrong schedule can cost 15.3% in self-employment tax.
Tax-Basis Financial Statements, Explained: The Cheaper OCBOA Alternative to GAAP, What Your Lender Gives Up, and When a Compilation Is Enough
Tax-basis statements measure your books by IRS rules, not GAAP — 20 to 30 percent cheaper, but lenders lose comparability and deferred-tax visibility.
The 52-53 Week Fiscal Year, Explained: The Section 441 Election, the Extra 53rd Week, and When Retailers Need IRS Approval
A 52-53 week year ends on the same weekday under Section 441, with a 53rd week every 5-6 years. Adopt it on your first return; later switches need IRS approval.
Clergy Taxes, Explained: Housing Allowances, Dual Tax Status, and the Form 4361 Exemption
Ministers are employees for income tax but self-employed for Social Security: housing allowances escape income tax yet still owe SECA tax.
Correspondence vs. Office vs. Field Audit: What Changes When Your IRS Exam Moves From Mail to In-Person
About 4 in 5 IRS audits are letters you answer by mail; office and field exams meet in person — and Section 7521 lets you record the interview.
The Flat-Tax Wave: Which States Are Cutting or Eliminating Income Tax and What It Means for Business Owners
Eight US states adopted flat taxes since 2021, with more cuts for 2026 — pass-through owners should re-run estimates, PTET elections, and nexus exposure.
Form 1040-SR, Explained: The Large-Print Senior Tax Return, Who Can File It, and the 65-and-Older Standard Deduction Boost
Form 1040-SR is the large-print IRS return for filers 65 and older, with a built-in chart for the $2,000-plus senior standard deduction boost.
Listed Property, Explained: The Over-50% Business-Use Test, Mileage-Log Rules, and Section 280F Luxury-Car Limits
Vehicles and cameras lose accelerated depreciation unless business use tops 50% — and only a contemporaneous mileage log proves it. The tests, caps, and forms.
Tax Lien and Tax Deed Investing, Explained: Interest Rates, Redemption Periods, and the Taxes on Your Returns
Tax lien certificates pay state-set rates up to 24%, but auctions bid most winners to single digits — and the IRS taxes the interest as ordinary income.