Tax Resources for Accountants and Small Businesses (U.S.)
What Is Modified Adjusted Gross Income (MAGI)? Modified Adjusted Gross Income (MAGI) is an IRS-defined calculation used to determine eligibility for several federal tax benefits. Although MAGI is based on Adjusted Gross Income (AGI),...
What is an IRS “B” Notice? A “B” Notice is a backup-withholding alert you must send when you receive a CP2100 or CP2100A notice from the IRS. It means the name and taxpayer identification number...
This article summarizes the official IRS and U.S. Treasury rules for recovering the cost of business property under Section 179 and Section 168(k) (bonus depreciation) for tax years beginning in 2025. All information below...
This page provides a month-by-month directory of official IRS Revenue Ruling PDFs that publish the Applicable Federal Rates (AFR) and related tax reference rates. For a detailed explanation of how AFR works, what short-,...
The IRS 2025 mileage rates establish new deduction amounts for business, medical, and charitable driving. For 2025, the rate is 70 cents per business mile, with updated limits for depreciation and vehicle valuation under...
Like Share Print Form 1040, U.S. Individual Income Tax Return Annual income tax return filed by citizens or residents of the United States. Instructions for Form 1040 Forms and Schedules for Form 1040 2013...
The Fair Labor Standards Act (FLSA) is a cornerstone of U.S. labor law that establishes nationwide rules on minimum wage, overtime pay, recordkeeping, and child labor. It was enacted in 1938 and is administered...
Applicable Federal Rate (AFR) – Explanation and IRS Monthly Updates The Applicable Federal Rate (AFR) is the minimum interest rate that the Internal Revenue Service (IRS) allows for private loans and other financial transactions...
The Applicable Federal Rate (AFR) is updated every month by the Internal Revenue Service (IRS). For 2025, AFR levels reflect the continuing adjustment of federal interest rates in response to broader economic trends and...
The Fair Labor Standards Act (FLSA) continues to evolve. In 2024–2025, the U.S. Department of Labor (DOL) issued new regulations on overtime pay and salary thresholds for exempt employees, followed by significant court rulings...
This article explains the official Health Savings Account (HSA) and Flexible Spending Account (FSA) contribution limits for tax year 2025. All figures are based on official IRS publications and related government sources. Health Savings...
This article explains Form 1099-K using only official guidance from the Internal Revenue Service (IRS). It is designed for U.S. small businesses, online sellers, accountants, and platforms that process payments for goods and services....
If you’ve received a CP 2100 Notice from the IRS, don’t panic — but don’t ignore it either. The notice means the IRS found a name and taxpayer identification number (TIN) mismatch or a...
Authority: U.S. Department of the Treasury – Financial Crimes Enforcement Network (FinCEN) Law: Corporate Transparency Act (CTA) Effective: January 1, 2024 (with amendments published March 21, 2025) What is BOI reporting Beneficial Ownership Information...
Authority: Internal Revenue Service (IRS), U.S. Department of the Treasury Official source: https://www.irs.gov/filing/e-file-information-returns Overview Beginning January 1, 2024, the Internal Revenue Service (IRS) requires that any person or business filing 10 or more information...
A complete overview of Wyoming sales and use tax rules for construction contractors, based on official guidance from the Wyoming Department of Revenue (DOR) and Wyoming Statutes Title 39. Introduction The construction industry in...
The cash conversion cycle (CCC) measures how long it takes for a business to turn the money invested in inventory and receivables into cash from sales. It is a practical indicator of working capital...
Article explains what does gross rate means in advertising and how to calculate it.
Based on official IRS publications and announcements (updated November 2025). Overview The One Big Beautiful Bill Act (OBBBA), enacted in 2025, introduced several tax provisions administered by the Internal Revenue Service (IRS). The Act...
Download the official IRS Form 1040 for 2025 Download Free Federal Income Tax Form 1040 (Excel Spreadsheet) From Excel1040.com – The original, fully functional Excel-based Form 1040 spreadsheet. Includes built-in IRS calculations, all 2025...