Carroll Tax Firm, Inc.

No, but if you put that money into a bank account that earns interest then you'll report the interest income. If you stuff that money in yo

If a client pays you more than $600, they are supposed to file a 1099-MISC with the IRS. Now maybe that 1099-MISC never made it to you bec

Maybe. If your kid is under age 13 and his participation during team practices/games is meant to allow you to work, then you could deduct u

"Can I deduct the new roof I put on my house?" Yes, this credit ("deduction") was reinstated recently for 2019 and 2018 after not being all

Depends on the type of retirement account, how much you took out, and if you're considered a first-time homebuyer. A 401K withdrawal will

Depends on whether you're married or sharing the house expenses or buying alone. If you bought the house alone, and the local property taxe

Yes, if you turn age 70.5 in 2020 or later, then your RMD age is now 72. You can also contribute to your traditional IRA now, if you're sti

Income tax is owed on net profit; which is sale proceeds minus expenses. Amazon had a few expense categories that were very large.

A personal use day is any day that you're using the property or anyone else is using the property for less than a fair rental price. (Or yo

For fiscal year 2018, the federal government relied on federal income taxes as 51% of its total revenue of $3.3T. Payroll taxes, which are

Does my child need to file an income tax return if they only had a summer job? Your child will need to file a federal income tax return (10

Will my retirement payments be taxed in my employer's state if I move to another state? No, retirement plan payments will be taxed in the s

Yes, but only the following products: solar electric property, solar water heaters, geothermal heat pumps, and small wind turbines.

Generally, a business activity will be considered a hobby when it doesn't look like you intend to make a profit. The IRS will look at the "

Yes, but their taxable income must be less than $4,200 in 2019 and you must pay for more than 50% of their total support. In this test, "

Income earned by a deceased family member from January 1st through the day of their death will be reported on their final individual income

The easy answer is "it depends". And you won't know until December 31st when you've tallied a year's worth of expenses and mileage. An older

Yes, but that part of your house must be used exclusively & regularly for your own business. You can either deduct $5 per square foot of you

Not to a traditional IRA unless you're rolling over from another retirement account into the traditional IRA. You can contribute to a Roth

In 2019, cash/check donations are limited to 60% of your adjusted gross income [AGI]. Non-cash [property] donations are limited to 50% of yo