Dennis C. Carroll, Esq.
How does the IRS catch your cash-only side business?
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...
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Dennis C. Carroll, Esq.
Feb 3, 20201 min
Can I deduct fees paid for my kid's sports team?
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...
Dennis C. Carroll, Esq.
Jan 21, 20201 min
I withdrew money from my retirement to buy a house, how will this affect my taxes?
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...
Dennis C. Carroll, Esq.
Jan 17, 20201 min
Does buying a house change my income tax return?
That depends on whether you're married or sharing the house expenses or buying alone. If you bought the house alone, and the local...
![Did the required minimum distribution [RMD] age for retirement accounts change, again?](https://static.wixstatic.com/media/nsplsh_6c686c744d47646f686338~mv2_d_5066_3648_s_4_2.jpg/v1/fill/w_3760,h_1644,fp_0.50_0.50,q_90,enc_auto/nsplsh_6c686c744d47646f686338~mv2_d_5066_3648_s_4_2.jpg)
Dennis C. Carroll, Esq.
Jan 14, 20201 min
Did the required minimum distribution [RMD] age for retirement accounts change, again?
Yes, if you turn age 72 in 2023 or later, then your RMD age is now 73. You can also contribute to your traditional IRA now, if you're...
Dennis C. Carroll, Esq.
Dec 27, 20191 min
Why do I have to pay income taxes but Amazon doesn't?
Income tax is owed on net profit; which is sale proceeds minus expenses. Amazon had a few expense categories that were very large....
Dennis C. Carroll, Esq.
Dec 26, 20192 min
How many personal days can I use in my rental property before it affects my tax return?
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
Dennis C. Carroll, Esq.
Dec 20, 20191 min
How much does the government really need my income taxes?
For fiscal year 2018, the federal government relied on federal income taxes as 51% of its total revenue of $3.3T. Payroll taxes, which...
Dennis C. Carroll, Esq.
Dec 12, 20191 min
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 (1040) if their yearly income is over $12,200. In Connecticut, a single person...
Dennis C. Carroll, Esq.
Dec 12, 20191 min
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 state where you are a resident. Generally, you are a resident of the place that you...
Dennis C. Carroll, Esq.
Dec 10, 20191 min
What are the tax credits for putting energy efficient products in/on my house?
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...
Dennis C. Carroll, Esq.
Dec 9, 20191 min
When does the IRS consider a business activity a hobby?
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...
Dennis C. Carroll, Esq.
Dec 6, 20191 min
Can I claim my parent or adult child as a dependent?
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,...
Dennis C. Carroll, Esq.
Dec 4, 20191 min
How do I file taxes for a deceased family member?
Income earned by a deceased family member from January 1st through the day of their death will be reported on their final individual...
Dennis C. Carroll, Esq.
Dec 2, 20191 min
Should I take the standard mileage deduction or actual expenses for the business use of my car?
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...
Dennis C. Carroll, Esq.
Nov 27, 20191 min
Can I deduct the part of my house where I work (my home office)?
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...
Dennis C. Carroll, Esq.
Nov 26, 20191 min
Can I contribute to my retirement account after age 72?
Yes, starting in 2020, there is no age limit when contributing to your retirement accounts. You must still be working, however. Any...
Dennis C. Carroll, Esq.
Nov 21, 20191 min
What are my charitable donation limits?
In 2022, cash/check donations are limited to 60% of your adjusted gross income [AGI]. Non-cash [property] donations are limited to 50% of...
Dennis C. Carroll, Esq.
Nov 18, 20191 min
What do I do with retirement accounts from old jobs?
If the client needs all or some of the money now, then we see how much more income tax they'd pay with this new money.
If the client doesn'
Dennis C. Carroll, Esq.
Nov 15, 20191 min
How much money can I gift to someone?
A lot of clients ask:
How much money can I gift to someone?
Answer:
In 2019 & 2020, you can gift $15K, to one person, without filing a gift
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