Carroll Tax Firm

If a client pays you more than $600, they are supposed to file a 1099-MISC with the IRS. Now maybe that 1099-MISC never made it to you...

Maybe. If your kid is under age 13 and his participation during team practices/games is meant to allow you to work, then you could...

That depends on the type of retirement account, how much you took out, and if you're considered a first-time homebuyer. A 401K withdrawal...

That depends on whether you're married or sharing the house expenses or buying alone. If you bought the house alone, and the local...

Yes, if you turn age 72 in 2023 or later, then your RMD age is now 73. You can also contribute to your traditional IRA now, if you're...

Income tax is owed on net profit; which is sale proceeds minus expenses. Amazon had a few expense categories that were very large....

A personal use day is any day that you're using the property or anyone else is using the property for less than a fair rental price. (Or yo

For fiscal year 2018, the federal government relied on federal income taxes as 51% of its total revenue of $3.3T. Payroll taxes, which...

Your child will need to file a federal income tax return (1040) if their yearly income is over $12,200. In Connecticut, a single person...

No, retirement plan payments will be taxed in the state where you are a resident. Generally, you are a resident of the place that you...

There's a different maximum credit depending on what product is purchased. You'll get a credit of 30% of your yearly expenses for energy...

Generally, a business activity will be considered a hobby when it doesn't look like you intend to make a profit. The IRS will look at...

Yes, but their taxable income must be less than $4,400 in 2022 and you must pay for more than 50% of their total support. In this test,...

Income earned by a deceased family member from January 1st through the day of their death will be reported on their final individual...

The easy answer is "it depends". And you won't know until December 31st when you've tallied a year's worth of expenses and mileage. An...

Yes, but that part of your house must be used exclusively & regularly for your own business. You can either deduct $5 per square foot of...

Yes, starting in 2020, there is no age limit when contributing to your retirement accounts. You must still be working, however. Any...

In 2022, cash/check donations are limited to 60% of your adjusted gross income [AGI]. Non-cash [property] donations are limited to 50% of...

If the client needs all or some of the money now, then we see how much more income tax they'd pay with this new money. If the client doesn'

A lot of clients ask: How much money can I gift to someone? Answer: In 2019 & 2020, you can gift $15K, to one person, without filing a gift