Is the $10,000 start-up deduction allowed under IRC Section 195(b)(1) subject to disallowance in the future if the IRS determines that the activity was 'not for profit'? Or, is this deduction, in effect, a 'freebee' for the first year of an activity and not subject to disallowance with all of the negative ramifications such as additional tax, interest, and penalty related to an adjusted return for the year the deduction was claimed?

January 30th, 2023

I am moving to Texas in July for work, but my husband will stay in Louisiana for work. If we file joint tax returns, how do we file state taxes since I will be in Texas and he will be in Louisiana? I am wondering if I will still have to pay Louisiana taxes since it will be a joint return.

April 23rd, 2023

Do I have to file state taxes if I am going to get a refund for $9?

November 27th, 2023

I earned income in 2009 but went on Long-Term Disability (LTD) in July 2009, meaning I had no income in 2010. My spouse had to close his business due to previous year losses and is now receiving SSI pending his disability claim. We have over $5,000 to $6,000 in medical bills and one dependent child who is a full-time student. How should we file our taxes, and do we need to file?

November 5th, 2024

Is there a way to avoid the mandatory 20% withholding from my lump sum disbursement from my retirement?

November 28th, 2024