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About Richard Fritzler
(Top Expert on this page)

Expertise
I am in the business of tax planning for business owners. Our company helps business owners structure so that they can be reduce the taxes that they owe, making them far more profitable.

Experience
Since 1986 I have been helping successful business owners reduce taxes, protect assets, and limit their liability. The company is Owelesstax, incorporated at www.owelesstax.com


Organizations
National Small Business Owners Association.
Nevada Association of Listed Resident Agents.
Citizens Legal Association
The Business Owners Institute

Publications
Contributing author to "The Corporate Standard Newsletter".
I am also a writer for an email newsletter about business
Googlegroups/Successfulbusiness
I am also an Expert in the areas of Tax Law, Retirement Planning, and Estate tax issues.

   

You are here:  Experts > Real Estate > Tax Planning: U.S. > Tax Planning

SubjectDate AskedExpert

Taxes6/25/2008Mike Wellman
  Q: Well this may come as a surprise, but I'm trying to help my ex-husband file his taxes for the past ...
  A: If he owes no tax, he will owe no penalties. If he does, he will have a failure to file penalty of ...
C-Corporation set-up6/24/2008Richard Fritzler
  Q: I want to set-up a c-corp for my commissions. I currently am salaried and do other work for the ...
  A: Nope, you are intelligently choosing to do business as a Real Corporation. As long as you live by ...
I need tax planning help6/14/2008Richard Fritzler
  Q: I plan to form a C Corp or some type of a inenity for my self employment i need help deciding on ...
  A: Hurray, you are one of the first people to actually consider a Real Corporation, as your primary ...
Charity deductions4/6/2008Richard Fritzler
  Q: I have a sub s corp. I wrote a few checks (donations) to my church. Can that be deducted from my ...
  A: The Sub-s doesn't pay any taxes, and therefore can't take these deductions. The Sub-s would ...
per diem2/18/2008Richard Fritzler
  Q: My past employer utilized a per diem structure by which he paid an average of the IRS designated ...
  A: There is no "Minimum" / "Maximum" rate. The IRS has two rate schedules, the "Hi-low" schedule and ...
income limits eligible deductions from real estate2/17/2008Richard Fritzler
  Q: I just had my taxes done and was told that I couldn't deduct any of the expenses i had related to ...
  A: I can't state loudly enough "If you are going to be successful in business, DO THAT BUSINESS as all ...
switching2/16/2008Richard Fritzler
  Q: How do you go about swithching n llc to a c corporation
  A: Let me congratulate you on making the informed decision to get out of the LLC and into business with ...
Clergy Deductable Expenses2/15/2008Richard Fritzler
  Q: I am an ordained but unpaid clergy member of a 501(c)(3) church. While I do not receive clergy ...
  A: prescript: as I reread this answer it seemed less friendly than I intended. Please believe that I do ...
Help with tax for small biz2/9/2008Richard Fritzler
  Q: I am lost on this particular issue, and need some advice. For the past five years, I have owned ...
  A: I usually like to reserve the word idiot for those that are intentionally incompetent, people who ...
2-family, single utility meters2/7/2008Richard Fritzler
  Q: Bought a 2 family 2007. It has one gas, water, electric meter. The much larger unit is our home. ...
  A: Only if it part of the agreement you have with the tenant. If you have a tenant already and have ...
Form LLC Or Corp?2/6/2008Richard Fritzler
  Q: I am an independent contractor with a sales company, and I am wondering if I formed an LLC or(?), ...
  A: The Corporation pays it's own tax, which does separate your income from your husbands. The ...
Social Security Income1/8/2008Mike Wellman
  Q: I am still employed and my spouse is not. She is eligable to take her social security benefit. My ...
  A: Your earnings will not affect her social security benefits. Her SS should be reported and portion of ...
Rental property & mortgage interest exp under joint co-owners12/19/2007Mike Wellman
  Q: This might be a more complex question but I need to find a right answer. If a rental property has ...
  A: In order to deduct mortgage interest, the following conditions must be met: (1) You must own (or ...
Real Estate Agency12/17/2007Mike Wellman
  Q: Good Afternoon Mr. Wellman, I recently earned my real estate license and will do it on the side ...
  A: An LLC will provide no significant tax benefits and will just add to your paperwork. A single member ...
Sub contractors12/6/2007Richard Fritzler
  Q: I am a sole proprietor of a software engineering company. I've never used subcontractors before, but ...
  A: The money that you pay others to help in your business is deductible, whether they are employees, or ...
Tax Planning12/5/2007Mike Wellman
  Q: Mike, I recently made an early withdrawl of about $30K from my 401K to start a home business and I ...
  A: First of all, the withdrawal will be subject to an immediate penalty of about $3,000. The tax ...
SEP12/2/2007Richard Fritzler
  Q: I MAX OUT ON MY ROTH EVERY YEAR. I JUST WENT FROM A SOLE PROPRIETOR TO AN LLC. SHOULD I TRY TO MAX ...
  A: Follow up to the question below: In your rating you said "he gave me just enough to bate me and try ...
Best tax Structure for startup11/15/2007Mike Wellman
  Q: I am currently starting an online business. I do not plan on being a "big" business, but I am still ...
  A: A single member LLC is disregarded for federal income purposes. It is treated as a sole prop. so ...
S-Corp Benefits11/6/2007Richard Fritzler
  Q: I currently own a business and taxed as a sole proprietor. My profits are about $150,000 and my ...
  A: Well, as you are now, the taxes are horrendous, that is true, and a Sub-S corporate structure would ...
Small Real Estate Investment, Requires C-corp?11/3/2007Richard Fritzler
  Q: My husband and I are thinking to start a real estate investment business. We are looking to start ...
  A: I am also amazed at how confusing the accounting dogma tries to make it. At first glance it would ...
1099 form11/3/2007Richard Fritzler
  Q: I am currently employed and use the W2, but I want to switch to another company to be a loan ...
  A: As a payrolled employee, your employer pays 1/2 of social security and medicare (7.65%) they pay all ...
Tax Deductions (Assessments)10/22/2007Mike Wellman
  Q: Hey Mike, I was wondering if Homeowners' Association dues or special assessments paid for my ...
  A: Home owner's association dues are not deductible on your Schedule A as an itemized deduction but are ...
Just starting selling CD's10/18/2007Mike Wellman
  Q: My partner and I are just about to release our first CD. It will be available on the web as well as ...
  A: Since you are partners, you cannot be a sole proprietor. You are a partnership. You need to get an ...
avoiding taxes10/12/2007Mike Wellman
  Q: I am join owner of a house with my brothers. My brother is going to give me my share in cash - ...
  A: If you are being paid $300,000 for your share of the house, you would not have any interest in the ...
avoiding taxes10/12/2007Mike Wellman
  Q: I am join owner of a house with my brothers. My brother is going to give me my share in cash - ...
  A: Gifts are not taxable to the receiver. Your brother will have to file a gift tax return however. He ...
Taxes10/3/2007Richard Fritzler
  Q: I am president of a c-corp and owner of 49% of the stock.My mother is the other owner at 51%.We take ...
  A: Leave the money in the corporation!!! If that is all you did you would reduce the taxes ...
The right form of business structure for a part-time business9/20/2007Richard Fritzler
  Q: Fritzler, I am planning on setting up a part-time home-based business that involves the following: ...
  A: Your list does not include one (1) very critical bit of information that is really the lynch pin for ...
tax plans9/11/2007Richard Fritzler
  Q: fritzler! i have a question about tax planning. now, my annual salary is 48,835. we get paid every ...
  A: Using your withholding as a forced savings plan is poor tax planning. You are giving an interest ...
filing income taxes9/6/2007Mike Wellman
  Q: this year my life has changed quite a bit and my wife and i have never filled a joint return before. ...
  A: I am sorry perhaps I didn't understand the question. I thought you were asking what to do if you had ...
Paying quarterly contractor taxes9/4/2007Mike Wellman
  Q: I am a contractor and thus have to use 1099-R forms for filling out my taxes. I have recently been ...
  A: There is a 10% penalty on the amount underpaid. As long as you have paid in at least 100% of last ...
Paying quarterly contractor taxes9/4/2007Mike Wellman
  Q: I am a contractor and thus have to use 1099-R forms for filling out my taxes. I have recently been ...
  A: Since you have no withholding you will need to to make estimated tax payments using the 1040-ES ...
filing income taxes9/4/2007Mike Wellman
  Q: this year my life has changed quite a bit and my wife and i have never filled a joint return before. ...
  A: I have many people come to me who have not filed in a few years and they are terrified of the ...
Personal Holding Company8/23/2007Richard Fritzler
  Q: What is a personal holding company? If I incorporate myself for insurance purposes, will I be ...
  A: A PHC is any corporation that receives 60% or more passive income AND the 5 largest stockholders own ...
Tax on sale of house8/18/2007Richard Fritzler
  Q: My mother is 86 years old. She lives with my sister. Sometime within the next two years I am sure ...
  A: She would be taxed at 5% on the part of the gain that stayed below the 25% tax rate ceiling for her. ...
Tax on sale of house8/17/2007Richard Fritzler
  Q: My mother is 86 years old. She lives with my sister. Sometime within the next two years I am sure ...
  A: Okay, Alabama. Assuming that she is eligible for the $250k exemption from Federal gain taxes on her ...
Tax on sale of house8/17/2007Richard Fritzler
  Q: My mother is 86 years old. She lives with my sister. Sometime within the next two years I am sure ...
  A: What State are we talking about? A "Structured Sale" would not reduce the overall tax, and If she ...
Tax on sale of house8/15/2007Richard Fritzler
  Q: My mother is 86 years old. She lives with my sister. Sometime within the next two years I am sure ...
  A: The big items: $250,000 of that sale would be exempt from Federal taxes, assuming that she has ...
Real Estate.8/1/2007Richard Fritzler
  Q: I have two questions: 1) What are the tax implications if I am a owner/occupier in one unit of ...
  A: 1. You still have to pay personal taxes on the rents received from the other units. Although because ...
inherited house7/19/2007Richard Fritzler
  Q: Do to an inheritance I now jointly own a Santa Barbara, California house with my two brothers, one ...
  A: All of the wranglings that you are considering are moot. Since you inherited property you already ...
extra income7/13/2007Richard Fritzler
  Q: I have just started a new job,and I have the opportunity to make lots of overtime pay. How can I put ...
  A: Your new employer is going to withhold all the taxes that are due on all the money (even the ...

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