Dennis Carroll
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 income
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Dennis Carroll
- Dec 2, 2019
- 1 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 older
Dennis Carroll
- Nov 27, 2019
- 1 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 you
Dennis Carroll
- Nov 26, 2019
- 1 min
Can I contribute to my retirement account after age 72?
Not to a traditional IRA unless you're rolling over from another retirement account into the traditional IRA.
You can contribute to a Roth
Dennis Carroll
- Nov 21, 2019
- 1 min
What are my charitable donation limits?
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
Dennis Carroll
- Nov 18, 2019
- 1 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 Carroll
- Nov 15, 2019
- 1 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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