I am a CPA specializing in helping busy business owners decrease the amount of time and energy they need to manage their accounting system. It’s tax preparation season, and like most business owners, ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

What if a husband and wife own a home together that increases in value by $500,000. When one spouse dies and the other owns the property themselves, do they receive a step-up in basis? Or do they only ...

The concept of basis is simple, but calculating basis for S corporation stock takes much of many CPA tax practitioners’ time and energy. Why is this the case? Basis measures the amount that the ...

When individuals contribute assets to form a partnership, they must calculate each partner's basis in the partnership using two separate methods. Outside basis, or book basis, tracks each partner's ...

Cost basis is the original purchase price of an asset. Tracking cost basis is key to tax-efficient investing. Many, or all, of the products featured on this page are from our advertising partners who ...

Inheriting an asset grants a step-up in basis, setting cost basis to FMV at death, reducing capital gains tax. Controversy surrounds step-up in basis, as it significantly lowers taxes on inherited ...

Melissa Horton is a financial literacy professional. She has 10+ years of experience in the financial services and planning industry. Ebony Howard is a certified public accountant and a QuickBooks ...

Accrual basis accounting is typically the preferred method, but cash basis accounting may work for very small businesses. Many, or all, of the products featured on this page are from our advertising ...

If you’ve been following the news about inflation over the past two years, chances are you’ve heard the term “basis points.” It’s a term that’s typically used in the financial industry, so it remains ...

Let’s start with a little dose of reality: There are areas of the tax law so complex, so convoluted, that try as you might, you will never attain a mastery of the material. You could spend the ...