2022–2023 Standard and Itemized Deductions
An introduction to the standard and itemized deductions that all taxpayers should know, as well as the established rates for 2022 and 2023.
2022 – 2023 Income Tax Brackets
An introduction to income tax brackets that all taxpayers should know, as well as the established rates for 2022 and 2023.
Double Entry Bookkeeping Made Simple(ish)
An introduction to the system of double-entry bookkeeping. Including a glimpse into how dual entries help maintain balance sheet equilibrium.
Proportional and Incremental Methods for Recording Lump Sum Security Sales
The Proportional and Incremental methods are two ways companies can allocate the lump sum total earned on a sale of multiple securities. This is a clear explanation with a step-by-step example.
Medical Expenses Checklist
Qualifying medical expenses paid out of pocket can be deducted on taxes for taxpayers who itemize their deductions. With dozens of potential expenses to consider, we offer a starting point in the checklist below. Here, you will find some of the most commonly identified expenses as listed in the IRS Publication 502.
Keep It Personal – Classify Your Online Payments Properly or Face the 1099-K
The 1099-K originates in business transactions performed using online payment systems like PayPal. The situation changed for everyone starting January 2022, eliminating a potential tax loophole for small businesses and creating substantial more risk for personal use.
Tracking Education Expenses
The government recognizes several different tax breaks for students and parents that might save you thousands of dollars. That could add up rather quickly.
Record Your Charitable Donations
In an attempt to extend additional tax breaks for people who contributed to charity during the past year when so many needed the help, the IRS is offering higher than usual tax deductions for some taxpayers.
Living Economics: The Three Main Benefits of Trade
While the benefits (and costs) of trade are numerous, economists tend to prioritize three key “gains” that the economy receives from domestic and global trade. Read more to learn about specialization, absolute advantage, and comparative advantage
Living Economics: Marginal Cost and Utility on the Production Possibility Frontier (PPF)
The PPF is a model or graph demonstrating the trade-off involved in shifting production between two products where all resources are already in use. This article incorporates clear charts and examples to demonstrate how the PPF works.