I had a business that failed in 2007. I do not owe any federal taxes for the business. How do I file my personal taxes? What income do I list on my 1040? Do I split the grand total of the partnership business income and list it as my income on my 1040, or do I use Schedule K or K-1 for the amounts to enter on my personal 1040?

November 10th, 2023

When someone claims a child as a dependent, does the Earned Income Credit (EIC) automatically go to that person as well? My understanding is that claiming a dependent and the EIC are two separate things independent of each other.

June 10th, 2023

My wife and I filed a joint tax return yesterday and chose the 6 to 8 day return option. We signed the documents at an H&R Block office. Is it too late to make a change to our filing?

May 11th, 2024

How can a small business owner deduct the premiums of a cash value insurance policy that acts as his retirement plan?

January 22nd, 2024

My spouse runs a daycare out of our home. A large percentage of our front and back yard are used regularly for our daycare (outside playground etc.). We installed a sprinkler system at our residence this year. Can I write off any percentage of the cost of the system for the daycare business? Is it treated the same as the interior part of the house, where you have to determine the percentage of the house used for the daycare, and you can write off property taxes at that percentage etc.? Can I write off a percentage of the sprinkler system, or would it fall into a 'Maintenance and repair' portion of a tax write off for Business expenses?

July 11th, 2024