Please provide suitable answers for each question asked below!

Questions will be asked by the client to each member of the team for advice and general information about taxes, etc.

a. Examples of questions are as follows:

i. Know the different filing statuses (never know where I will go with this)

ii. Standard deduction for a dependent

iii. Treatment of alimony (have a friend who is divorced)

iv. Social Security benefits (my mother just started receiving payments this year, so asking on her behalf)

v. Scholarships

vi. Compensation for injuries and sickness (damages from personal injury)

vii. Should I contribute to my HSA or FSA? What is the difference between the two?

viii. Are there any advantages of contributing towards a Section 529 plan?

ix. I am thinking of investing in a new business venture next year, and the other partners determined that it would cost $55,000 for investigation expenses. I have never been in this line of business before, so just wondering what the tax consequences are for this.

x. We are thinking of making our basement a VRBO (Vacation Rental By Owner) next year but wanted to know how that all worked in regard to taxes. At best it will be rented out next year for three or four weeks, and hopefully, bring in rent revenue of $10,000 or so.

xi. Can you give any advice on 401Ks or other retirement plans and how they could help lower my taxes