The first section of IRS Publication 590 provides a lengthy discussion of traditional IRAs. The contributions you make to a traditional IRA can be tax-deductible, although there are some exceptions and annual limitations. For example, for 2024 the IRS allows you to claim a deduction for up to...
IRS Publication 527, Residential Rental Property, is a document published by the Internal Revenue Service (IRS) that provides tax information for individuals who own residential properties that arerented out for income. Typically, all income earned from rental properties is reported to the IRS, thoug...
IRS Publication 571 describes various elements of 403(b) plans, including rules about contributions, rollovers, and distributions. A 403(b) account, like a 401(k), is a tax-advantaged retirement account offered by an employer: in this case, public schools and tax-exempt organizations. Be su...
IRS Publication 538 is a document published by theInternal Revenue Service(IRS) that details the various commonly recognizedaccounting methodsand periods, who they apply to, and how to abide by them. The IRS requires taxpayers to use a consistent and standardized accounting approach when rep...