asked
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
Can I write off the Gas Guzzler tax I paid when I purchased my new vehicle?
February 4th, 2023
I received a tax assessment from North Carolina for 2010 income taxes (NCDOR) due to an IRS audit. The issue was related to the write-off of my home office, and the amount has increased to $1,700 with penalties and interest. I only worked in NC in 2007 and have since moved to Texas. What should I do with this assessment, and what are the potential consequences of ignoring it?
January 10th, 2023