I am a freelance writer who had a client that went bankrupt in 2011, owing me over $4,000. Can I claim a loss?

If you use the cash method of accounting, you normally report income when you receive payment. You cannot take a bad debt deduction for amounts owed to you that you have not received and cannot collect if you never included those amounts in income.

OMG HELP: HOW DO I DO TAXES?

"Doing taxes" means filing a tax return. The IRS may or may not know everything about you regarding your income and expenses, so you have to tell them. You tell them by filing a tax return. I recommend spending a little $$$ so a tax preparer can do your return the right way. You only get one chance in life, why not do it right.

Can I claim my 20 year old daughter as a dependent if she studied a semester abroad?

A child who is away at school, whether college, trade school, technical school or boarding school, is regarded by the IRS as living with you for the purposes of tax filing. If your child meets the other criteria to be qualified as a dependent child on your tax return and is attending school away from home, you can claim the child as a dependent and receive the dependency tax exemption.