asked
I hired a contractor to remodel my kitchen for $11,500, but he left after receiving all but $1,000 and did poor work. I had to hire another contractor to redo almost everything, costing me $6,988. Can I claim a loss on my federal income tax for this, and how should I handle future repairs like the tile floor that needs replacement for $3,400?
December 27th, 2024
Can I lease a car through my business?
May 20th, 2024
I owned a home up until May 2016 and was a full-time student from September 2013 to the spring of 2016. Am I able to file taxes for these years even if I didn't have an income? I am located in South Carolina.
January 11th, 2023
We started a small business, loaned it money, and infused our own money to start it. After it became an LLC a few years ago, we asked if loan repayment to us is considered personal income. No interest was charged. Is there a tax code or case law that substantiates that loan repayments are not considered income?
July 25th, 2024
Expensing the 59(e) costs does not lower the tax liability and only increases the AMT tax which already is in a C/Forward position. This asset was sold in 2013, and his income will be over $1M mostly at cap gain rate and 2014 and later his annual income will be passive income and retirement income in the $200K range. Will the AMT carryforward credit be usable or wasted?
November 27th, 2023
I claimed 9 all year and made $18,850.00. How much earned income will I receive?
November 10th, 2023