I opened an auto repair garage in August 2010, spending approximately $20,000 on equipment, tools, licenses, incorporation, and normal operating costs, but could not conduct official business until after the new year due to a power issue. The business is an LLC partnership. Do we need to file taxes for 2010, and is there a way to write off these expenses to reinvest in the business?

August 3rd, 2023

I am unemployed but receive child support for 3 children. Can I file for income taxes?

November 30th, 2024

We have a 26-year-old daughter on disability. Her food stamps, Medicare, and social security do not meet all of her expenses. If we pay her car payments, car insurance, uncovered medical bills, and other miscellaneous expenses, can we claim her on our income tax as long as this equals or exceeds her government aid?

December 31st, 2023

How are the $300,000 legal fees and $25,000 expenses taxed, and how can I minimize the tax consequences? How is the lease for my office space reported on my income tax returns, and what are the tax differences between leasing and buying the building? Should I pay off my mortgage, sell my house, and buy a new one, or just buy the new house after selling the old one? Do my jewelry-making activities constitute a trade or business, and should I establish a separate business for tax benefits? Does using my car primarily for transporting jewelry affect my tax deductions? Is it tax-wise to invest $15,000 in new jewelry-making equipment?

May 5th, 2024

I am divorced and was wondering if I can file Head of Household using my son and can his father file child tax credit?

September 4th, 2023