Category: Bookkeeping

The interest is excluded from federal income tax, but it may still be subject to state or local income taxes, depending on the bond’s issuer and the taxpayer’s state of residence. This exclusion does not apply to interest on private activity bonds unless they meet specific statutory requirements. The tax-free nature of municipal bond interest… Continue reading What Is Gross Income? Definition, Formula, Calculation, and Example

A cloud-based solution that makes it easy for accounting firms to manage client work, collaborate with staff, and hit their deadlines. It’s one of the most common concepts clients struggle to understand, and one you’re often asked to explain. There is also such a thing as negative brand equity, which is when people will pay… Continue reading How Do You Calculate a Company’s Equity?