science
How far back can you claim startup costs?
For example, if you are investigating the purchase of a business, you need to know how far back you can deduct these costs. Typically, you can go back one...
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science
When did my daughter move back in with Me?
Four months ago, my 33-year-old daughter moved back in with me (with her dog!!!) after breaking up with her long-term boyfriend, whom she lived with in an...
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culture
When a trustee dies does the trust become irrevocable?
A revocable trust becomes irrevocable at the death of the person that created the trust. Typically, this person is the trustor, the trustee, and the initi...
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arts
What happens when buyer financing falls through?
The buyer must be able to obtain a mortgage for the property, usually within a specific period of time of signing the contract. Sometimes a condition can ...
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education
Do I have to report Schedule C?
If you are self-employed, it’s likely you need to fill out an IRS Schedule C to report how much money you made or lost in your business. This form, headli...
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local updates
What happens to my tax return if I get a 1099c?
According to the IRS, nearly any debt you owe that is canceled, forgiven or discharged becomes taxable income to you. You’ll receive a Form 1099-C, “Cance...
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business
How can I amend my federal tax return?
First, fill out an amended federal income tax return, Form 1040X. Then, get the proper form from your state and use the information from Form 1040X to hel...
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business
Is California a good place for rental property?
As an investor, the rent yield and ROI in California is still positive. The economic recovery might be rocky, and California cities remain some of the bes...
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technology insights
Can a taxpayer claim an elderly parent as a dependent?
If you choose to claim an exemption for your parent, you must also ensure that you are not an eligible dependent to another taxpayer. This restriction is ...
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environment
What was the death benefit for my mother?
If your mother worked long enough to qualify for Social Security benefits, a death benefit of $255 is available to one specified family member as of 2011....
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