| Subject | Date Asked | Expert |
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| Taxes on Savings Bonds | 11/5/2008 | Richard Stolp |
Q: If a person cashes in savings bonds and earns interest on them say about 15 to 20 dollars a yr. does ...
A: The official answer is below. Basically you should report the interest as part of your income - ...
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| irs lien | 10/27/2008 | Richard Stolp |
Q: in 2003 i was advised to file a chapter 7 bnky which my wife and i did. it involved taxes from ...
A: If 98 and 99 were forgiven - there is no balance due that can be collected on. I would call the IRS ...
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| irs lien | 10/27/2008 | Richard Stolp |
Q: in 2003 i was advised to file a chapter 7 bnky which my wife and i did. it involved taxes from ...
A: Sorry, I guess I don't understand. Are there more years than the 2000-2004 that you owe for? The ...
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| Income or sales tax | 10/25/2008 | Richard Stolp |
Q: I'm considering a move- Seattle or Portland. WA has no income tax, OR has no sales tax. I'm a recent ...
A: I would opt for the city with no income tax. But I think my math, if I was in my 20s, would include ...
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| irs lien | 10/24/2008 | Richard Stolp |
Q: in 2003 i was advised to file a chapter 7 bnky which my wife and i did. it involved taxes from ...
A: Bankruptcy is a very complicated subject. Without reading the results of your bankruptcy I can only ...
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| Tax Savings. | 10/22/2008 | Richard Stolp |
Q: I am Software engineer. I want to save tax. Please guide me what all options do I have. Thanks
A: There are many ways to "save tax." But there is no magic bullet when it comes to taxes, it's all ...
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| Tax Exemptions | 10/17/2008 | Richard Stolp |
Q: Hey Richard I have a question regarding W-4. I am trying to itemize my deductions on W-4 to get tax ...
A: Reading the IRS instructions is never easy. The easiest way to figure things out is to go to the ...
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| Self Employment Vs. S-Corp Taxes | 10/16/2008 | Richard Stolp |
Q: You're really going to wag your finger at me on this one...Here goes. I made a mistake, I believe. ...
A: The best answer is going to be from the IRS:800-829-1040. Ask them your question and follow their ...
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| Self Employment Vs. S-Corp Taxes | 10/16/2008 | Richard Stolp |
Q: You're really going to wag your finger at me on this one...Here goes. I made a mistake, I believe. ...
A: Your questions are really a bit too big to answer here. I would suggest that you hire a CPA that is ...
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| car tax | 10/13/2008 | Richard Stolp |
Q: Do you think that personal tax (such as car tax that is imposed in several states) is a better tax ...
A: OK, this isn't really a "collections" question, but I'm happy to give my opinion. My take on taxes ...
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| Small business taxes when showing a loss | 10/9/2008 | Richard Stolp |
Q: My friend has a small (used car dealership) business started in mid 2006. He filed an extension for ...
A: No, he will not receive any money back. As you say: How can he get money back if he didn't pay? ...
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| Freelance income | 9/8/2008 | Richard Stolp |
Q: Stolp, Since June of this year I have earned about $1000 by designing company logos on design ...
A: If your income is only adding $1000 a year to your wife's - then you don't have to worry - you are ...
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| Taxes | 6/25/2008 | Mike 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 ...
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| C-Corporation set-up | 6/24/2008 | Richard 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 ...
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| I need tax planning help | 6/14/2008 | Richard 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 ...
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| Charity deductions | 4/6/2008 | Richard 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 ...
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| per diem | 2/18/2008 | Richard 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 ...
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| income limits eligible deductions from real estate | 2/17/2008 | Richard 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 ...
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| switching | 2/16/2008 | Richard 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 ...
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| Clergy Deductable Expenses | 2/15/2008 | Richard 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 ...
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| Help with tax for small biz | 2/9/2008 | Richard 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 ...
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| 2-family, single utility meters | 2/7/2008 | Richard 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 ...
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| Form LLC Or Corp? | 2/6/2008 | Richard 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 ...
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| Social Security Income | 1/8/2008 | Mike 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 ...
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| Rental property & mortgage interest exp under joint co-owners | 12/19/2007 | Mike 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 ...
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| Real Estate Agency | 12/17/2007 | Mike 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 ...
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| Sub contractors | 12/6/2007 | Richard 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 ...
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| Tax Planning | 12/5/2007 | Mike 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 ...
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| SEP | 12/2/2007 | Richard 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 ...
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| Best tax Structure for startup | 11/15/2007 | Mike 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 ...
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| S-Corp Benefits | 11/6/2007 | Richard 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 ...
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| Small Real Estate Investment, Requires C-corp? | 11/3/2007 | Richard 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 ...
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| 1099 form | 11/3/2007 | Richard 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 ...
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| Tax Deductions (Assessments) | 10/22/2007 | Mike 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 ...
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| Just starting selling CD's | 10/18/2007 | Mike 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 ...
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| avoiding taxes | 10/12/2007 | Mike 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 ...
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| avoiding taxes | 10/12/2007 | Mike 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 ...
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| Taxes | 10/3/2007 | Richard 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 ...
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| The right form of business structure for a part-time business | 9/20/2007 | Richard 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 ...
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| tax plans | 9/11/2007 | Richard 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 ...
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