Carroll Tax Firm

Instead of being able to take a current-year, full deduction for a business or income-producing purchase, some purchases require...

When you wholesale real estate you have contracted with a real estate owner to buy their property at a price, but this contract allows...

Your tax will depend on several factors that determine if you are in the flipping business (as a dealer) or the investment business. ...

Maybe; if you bought it for almost nothing and it's value has increased a lot. If married, then you can exclude $500,000 of gains for the...

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...

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...

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...

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

That depends on whether you're married or sharing the house expenses or buying alone. If you bought the house alone, and the local...

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

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

Your child will need to file a federal income tax return (1040) if their yearly income is over $12,200. In Connecticut, a single person...

There's a different maximum credit depending on what product is purchased. You'll get a credit of 30% of your yearly expenses for energy...

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...

Yes, but their taxable income must be less than $4,400 in 2022 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...

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...

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...

In 2022, cash/check donations are limited to 60% of your adjusted gross income [AGI]. Non-cash [property] donations are limited to 50% of...