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I am selling books. It has been about 6 years. I keep doing it because: (1) I believe in spreading a message through books; and (2) I believe that one day, it is going to be a successful business. It is a very competitive business to be in and it is hard to make money.
I read that taxpayers...
Regarding the business that I am a sole proprietor in, how can I show that it has a business motive and is not a hobby? It has sustained losses several years in a row, but it is selling some products. However, the costs exceed the income by a couple thousand dollars per year.
My LLC has three...
NJ
Can I deduct from and offset income that I receive as an employee of a company based on any of the following:
Losses from rental property. I believe the answer to this sub-question is “yes,” provided I am not real estate professional, am actively involved in running the rental properties...
I walked into Block Advisors and spoke with a tax professional. He said we could get benefits by providing care to an elderly parent, and we might be able to claim a blind person as a dependent if we provide more than half of his support and thereby get a tax exemption. I told him I read that...
Historically, I have calculated my taxable income is calculated by subtracting the following below-the-line (itemized) deductions from my AGI:
1. Property taxes on a main home and any non-business or rental property in the year it was paid (§ 164);
2. Cash and other gifts to charity (§ 170);
3...
NJ
I understand that for the 2017 tax year and earlier, a taxpayer could claim a disabled person as a dependent and receive a tax exemption if the disabled person:
Receives more than one-half of his/her total support from the taxpayer;
Is either a US citizen, a resident of the US, Canada, or...
In the past, I believe I was able to deduct unreimbursed employee expenses and tax preparation fees, subject to a “2% limit” based on their total minus 2% of my AGI. Is this no longer a below-the line deduction for individuals who itemize their deductions?
New Jersey
I am en employee of a company and also run a home business on the side. I purchased a laptop that I use for both my employment and my home business. I have not been reimbursed the cost of the laptop. Would it be better to deduct the cost of the laptop from the salary I receive from...
What is the name of your state (only U.S. law)? NY
I just found another company using my trademark. I started using mine in commerce in 2011. The first I noticed them using the trademark was last month, when I found them on an internet search. Neither I nor they have registered the trademark...
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