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Tax Planning/Questions Answered by Expert Richard Stolp
| Subject | Date Asked |
| prepaying a medical bill to maximize the medical tax deduction | 12/23/2011 |
| Q: For the last month, I have been trying to do something that appears to be unheard of in the medical ... A: My take on your situation: I would take the deduction if all the procedures were done in 2011 - even ... | |
| HOW TO FILE TAXES IN MY NEW STATE | 12/3/2011 |
| Q: HELP! I know this has got to be a cinch of a question for you, but I've relocated to Texas (from ... A: Rick, You will have to file the federal return on your 1099 income. I'm surprised the California ... | |
| HOW TO FILE TAXES IN MY NEW STATE | 11/30/2011 |
| Q: HELP! I know this has got to be a cinch of a question for you, but I've relocated to Texas (from ... A: Just file the way you always have. You will file the federal return the same with just a change of ... | |
| supporting a struggling musician? | 11/17/2011 |
| Q: For the past two years, I have been a benefactor of a struggling very talented musician. He himself ... A: You are out of my experience - you'll need a lawyer to set up your non-profit. And, since it would ... | |
| supporting a struggling musician? | 11/16/2011 |
| Q: For the past two years, I have been a benefactor of a struggling very talented musician. He himself ... A: A non profit would work for future "donations." You may wish to talk with an accountant, but my take ... | |
| Publication 590 & distributions | 8/4/2011 |
| Q: I have an inherited IRA from my father. He was 80 when he died so he was taking RMDs. Publication ... A: You will be treated as a beneficiary/individual. You will not be able to add to the IRA only take ... | |
| Self-Directed IRA | 7/11/2011 |
| Q: We made some bad loans from our self-directed IRAs. It's actually a little more complicated than ... A: You are a bit outside of my expertise - which is collections. But my experience says that anytime ... | |
| Taxes and Divorce | 6/23/2011 |
| Q: My wife and I will be getting a dissolution this Fall. We're thinking the courts will honor our ... A: I haven't read that part of the code in awhile. But I think you can file whatever way suits you. The ... | |
| IRA distributions | 4/5/2011 |
| Q: I have to start taking required distributions from my traditional IRA in a few years. I contributed ... A: There are a few possibilities. First when you take the distribution it usually says how much is ... | |
| Offer in Compromise | 3/21/2011 |
| Q: Richard, my combined family income is usually around $80k. I lost my job in 2010. Between severance, ... A: Here is what I recommend: If you can afford a payment plan the IRS will allow you to pay the ... | |
| Cost basis | 3/16/2011 |
| Q: could u briefly explain me what cost basis mean in tax planning. ANSWER: Hi Vijay, Sounds like a ... A: Sorry I don't know how it is a tax advantage. I do know that letting a stock dividend reinvest is a ... | |
| estimated tax | 3/7/2011 |
| Q: Is it possible to pay my estimated tax online by bank withdrawal. I use turbo tax, but would like to ... A: Oops, the IRS does very little online - except for efiling. No e-mail and, good idea, but no auto ... | |
| First time business tax | 3/3/2011 |
| Q: I have started a business (retail and Service) last June 2010. It is a Sole Proprietorships and i ... A: It really doesn't matter where the parts come from - only what you pay for them. You will need to ... | |
| Taxes: Withholding From Pay Check | 3/1/2011 |
| Q: Good Morning, My questions is in order not to owe California State taxes next year what should we ... A: Since your husband works by the hour you may not be able to get it exactly right. Here are two ... | |
| Death and taxes | 2/23/2011 |
| Q: My father died in December 2010. My mother is alive, but senile. My father's estate was worth ... A: You just need to file the 1040 for 2010 for them. Send in a copy of the death certificate along with ... | |
| Filing Status Questions | 2/21/2011 |
| Q: Stolp, Thank you for taking the time to read this. I have several questions for you, but I would ... A: Kei, Here is my take on your questions. You can file married joint for any year you were married. ... | |
| Injured spouse | 2/14/2011 |
| Q: My wife owes money to a government entity. She doesn't work. Last year we filed jointly and the ... A: If your wife owes for a student loan or state taxes or whatever you can file the injured spouse form ... | |
| Clarification Needed | 1/29/2011 |
| Q: Here’s my situation. About 10 years ago I started helping out an elderly couple who run a small ... A: I wouldn't expect the IRS to be sending you notices. The Social Security and Medicare taxes are all ... | |
| Clarification Needed | 1/27/2011 |
| Q: Here’s my situation. About 10 years ago I started helping out an elderly couple who run a small ... A: Congress sets the laws - but I would guess that they are trying to capture people with two incomes. ... | |
| Clarification Needed | 1/25/2011 |
| Q: Here’s my situation. About 10 years ago I started helping out an elderly couple who run a small ... A: Ok, here is my take on your situation. It's really not a question of who is telling the truth. In ... | |
| Allowences | 12/15/2010 |
| Q: Quick question I am 27 single with no kids. I have always claimed 0 with 0 allowances. I usually get ... A: Kevin, Good question. You can get to the end point a couple of ways. One way is that you could take ... | |
| itin | 9/7/2010 |
| Q: irs helpline people told me that i have been issued an itin. but i never received the confirmation ... A: I do not think your cousin in the UK will be able to help. The IRS will not give your information to ... | |
| itin | 9/5/2010 |
| Q: irs helpline people told me that i have been issued an itin. but i never received the confirmation ... A: That's a tough question. However, do you know your ITIN number? If you do not know your ITIN number ... | |
| itin | 9/3/2010 |
| Q: irs helpline people told me that i have been issued an itin. but i never received the confirmation ... A: The IRS will not give ITINs or any identification numbers over the phone. If you already know your ... | |
| Taxes | 6/9/2010 |
| Q: I answer questions for a website and I get half of the proceeds for each answer that is accepted by ... A: Here is my take on your options: Guess you'll have to ask the website if they give the IRS a 1099 or ... | |
| tax | 4/7/2010 |
| Q: If a person cannot afford to pay their taxes due in April and she was in a monthly tax payment plan ... A: If you haven't already, get in your 2009 taxes even if you can't afford to pay anything. The failure ... | |
| Insurance policies inheritance | 4/4/2010 |
| Q: My wife is getting some moneys from some insurance policies from here Dads late aunt's estate. Is ... A: This isn't really my area of expertise. It usually depends on whether you receive a 1099 for the ... | |
| Depreciation | 4/2/2010 |
| Q: I bought a house 3 years ago (still paying mortgage on it) and reported in my taxes as an investment ... A: You can start including depreciation on your next return and/or file an amended 2009 return and ... | |
| How Many Years Back To File | 4/2/2010 |
| Q: My boyfriend has not filed tax returns since 1995. Most of the years he would have received a refund ... A: What turned him around? Good work! I suggest he call the IRS 800-829-7650 and ask if they have any ... | |
| Girlfriend As An Exempt | 4/2/2010 |
| Q: I am in the process of filing several years worth of back tax returns. For the years 2006 - 2009 I ... A: First, you can always call the IRS (800-829-7650) and ask. Whether you file or not won't have ... | |
| tax | 3/23/2010 |
| Q: Last year I owed about 2,000 in taxes to the irs but could not pay it so they allowed me to enroll ... A: Sorry you are having such a tough time. I would call the IRS and tell them you can't afford to make ... | |
| TAX DEDUCTIONS | 3/19/2010 |
| Q: Rich Hi, Im trying to get the following tax deductions for my mom but they are not having any ... A: Sorry, can't help much from here. If you are using a program like TurboTax then it should be mostly ... | |
| Nonemployee compensation | 3/17/2010 |
| Q: My wife works for a company as a nonemployee through a job placement agency. So she is officially ... A: Yes, you are correct. You will accept the income on one side and declare all her business expenses ... | |
| Can I deduct unreimbursed insurance claims? | 3/15/2010 |
| Q: I am a single physical therapist in my LLC. I am wondering if there is somewhere on my 2009 taxes ... A: If you fill out the forms involved with having your own business - you can write off business ... | |
| Personal & Company tax filing extension | 3/10/2010 |
| Q: I may need to file an extension for me personally and for my company as well (LLC). My question is ... A: You will have to check with your state on the extension - each has its own rules, but I would guess ... | |
| $8,000 1st time homebuyer tax credit | 3/9/2010 |
| Q: I am considering buying a home but there is a good chance I could be moving in the next year and a ... A: You would need to purchase the house and close before the end of June. Its free money - no payback - ... | |
| Taxes | 3/6/2010 |
| Q: recently my mom and dad have become retired and have a small business ( 5 rent houses ) that is ... A: Luis, No easy answer for your question. Here are a couple of suggestions. Assuming they have had ... | |
| Military involuntary separation tax | 2/23/2010 |
| Q: I'd like to know what would be the tax deduction for involuntary separation pay for military ... A: It's hard to give you an exact number. The best way is to go to the IRS website: www.irs.gov and ... | |
| Profit & Loss On Businesses | 2/11/2010 |
| Q: My husband owns his own business and made a profit in 2009. I also own my own business, however in ... A: You each need to fill out a schedule C and show your income/loss. The forms help you claim all of ... | |
| Unemployment refund | 1/27/2010 |
| Q: All the FAQs address taxation, not my question. I'm in FL and was unemployed for all 2009. Can you ... A: Your answer depends on what the total unemployment amount was. The IRS exempts the first $2400 of ... | |
| Paying Taxes | 1/17/2010 |
| Q: I have a quick, and probably simple question for you. A close friend of mine wants me to do his ... A: I would start by downloading the 2008 version of TurboTax for small business. It has all the right ... | |
| Over-due taxes | 1/12/2010 |
| Q: I am an compulsive gambler. I currently am attending GA and so far so good. I have back taxes due ... A: Sounds like your recovery is on track. I would call the IRS and explain your situation. Here is what ... | |
| tax implications of real estate sale | 1/11/2010 |
| Q: My parents are selling their home and would like to give their 4 children an equal share of the ... A: If your parents give you over about $12000 then you'll have to pay the gift tax (check Turbotax or ... | |
| Need Information | 1/9/2010 |
| Q: I lost my job a few years ago and sometime worked as handyman; my wife worked two jobs as a ... A: I'm not quite sure what you mean. For you, showing less income means paying less taxes. Without ... | |
| tax deduction for wedding | 1/6/2010 |
| Q: I got married over the summer. We paid the church $1200. We had the ceremony and reception there. ... A: Oops, doesn't look like I'll be much help. Paying for the use of a facility is not the same as ... | |
| tax preparer liability | 12/23/2009 |
| Q: My question is: Is the tax preparer liable to pay any interest and/or penalties on their client's ... A: The IRS only gets in the mix if there is fraud - like a tax preparer falsifying a return to get a ... | |
| US income while living abroad | 12/14/2009 |
| Q: I have rental income from the US and am a US citizen. I will be living permenantly in Belize which ... A: Will that be your only income? If your rental income goes above just a few hundred then you should ... | |
| Medicaid and real estate tax | 11/23/2009 |
| Q: I am applying for Medicaid, and I live in Missouri. I inherited my house from my parents, and after ... A: You will have to call your county tax department and ask about the taxes. My experience says that ... | |
| Tax on a Company Car | 11/5/2009 |
| Q: I am provided a car by my company and understand that I must pay tax on personnel use. Question; is ... A: So, I assume you are in sales. I would ask the other sales people how they do it. My experience says ... | |
| capital gains | 10/30/2009 |
| Q: Mr. Stolp, My ex husband has recently refinanced our home so he could pay me off and put our home in ... A: You have two years to apply the profit from the sale of the house towards buying another house, but ... | |
| gift tax | 10/8/2009 |
| Q: My mother has some money she wants to give to me - about $400,000 - do I pay tax on this? If yes, ... A: You asked a lot of questions. Yes, your mother can give each of you the $12000. As far as filing ... | |
| gift tax | 10/8/2009 |
| Q: My mother has some money she wants to give to me - about $400,000 - do I pay tax on this? If yes, ... A: You would have to pay taxes on any amount from her that is over $12,000 annually. If you are a ... | |
| 1099 | 9/24/2009 |
| Q: We are short selling our house for 80k and we might get 1099. 193k is what we owe. Should we just ... A: Sorry, I was out of town for a few days. I really can't give advice on this big a decision - but ... | |
| Stock Loss Write Off on Taxes | 9/1/2009 |
| Q: I had a little under $8K invested in stock with a company I used to work for. Last year the company ... A: Assuming you actually owned the stock (not an option), then you can claim the loss on the stock ... | |
| Taxes when living outside of the US | 8/11/2009 |
| Q: Stolp: I am employed in California, but living in Colombia. I have not found a tax accountant that ... A: If I understand correctly you are living outside the US by choice, not because your employer ... | |
| tax lien | 8/1/2009 |
| Q: I have a small business ( Corporation) in Texas - I am the only employee. I owe 941 taxes for a ... A: Have you spoken with a representative with the IRS? An Offer in Compromise is usually only accepted ... | |
| Deferring collections | 8/1/2009 |
| Q: If the IRS has filed a tax lien on unpaid taxes and if you had entered into a repayment plan, but ... A: Usually the IRS only defers collections if you can't afford to pay. Is that your case? There are a ... | |
| sole proprietorship and loss | 6/22/2009 |
| Q: I'm thinking about quitting my job starting my own business. Just didn't want to work for the man ... A: Sorry, I'm an expert in collections not in starting a new business. You should be in conversation ... | |
| lost estimated tax payment | 6/18/2009 |
| Q: I sent off my 2nd quarter estimated tax payment via certified mail. It is now more than 3 days past ... A: I don't quite understand why you believe the payment was lost. Did the post office tell you it was ... | |
| Our income tax preparer | 6/8/2009 |
| Q: First off, thank you for your time. My husband and I, and my in-laws, have had the same tax ... A: I'm not sure there is really a question here, but I can give you my opinion. I also stopped using a ... | |
| Taxes While Overseas | 6/2/2009 |
| Q: Good Afternoon, Thank you for making yourself available for advice. I'll be teaching English in ... A: Each country has its own tax treaty with the US that states how taxes will be handled. Most of the ... | |
| W-4 Changes | 5/28/2009 |
| Q: This may be a stupid question but I feel I need an answer. I file married but with a single higher ... A: The best way to figure out if your W4 needs changing is whether you get a refund or not when you do ... | |
| Tax on rental property | 5/15/2009 |
| Q: My husband and are from AZ which is a community property state. I owned a condo before we got ... A: The only sure way to claim mortgage interest is to have it on your primary residence. If you can, I ... | |
| State Taxes | 5/11/2009 |
| Q: We ammended our 2008 federal taxes to reflect the first time home buyers credit, do we need to ... A: Sorry, I'm not familiar with each state's tax requirements - but I would not expect that an amended ... | |
| Taxes when you sell a home | 5/8/2009 |
| Q: my name is Jess. I own a home that I want to sell for $15,000 or $10,000 if I am able to sell it I ... A: I couldn't find the reference at www.irs.gov - I know it's there somewhere. My unconfirmed opinion ... | |
| Small business expenses | 4/7/2009 |
| Q: I am using schedule C to enter expenses for stock trading I did last year (my full time job for more ... A: I would deduct them as part of your home office expenses for your business. The IRS is mostly ... | |
| Letter of Abatement | 4/4/2009 |
| Q: I am 50 years old. I cashed out a IRA for $60,000 in Jan 2008. I have to pay the IRS $16,000. My ... A: Once the IRS has processed your 2008 return and you have paid your balance due, you can write and ... | |
| self directed i.r.a and mortgage(s) | 4/2/2009 |
| Q: I am 58.5 yrs. old and have an $90,000+/- 30 year fixed mortgage that is presently paid down to ... A: I would leave the IRA alone, your IRA can't hold a mortgage as an investment - it doesn't meet the ... | |
| capital gains taxes | 3/29/2009 |
| Q: My husband & I have operated our business for over 10 years on a piece of property that the state is ... A: You will have to pay capital gains on any amounts over the initial price you paid. So if you paid ... | |
| Assessment for road improvement | 3/27/2009 |
| Q: I understand that if I receive an assessment for improvements of the road where my home is located ... A: Sounds like you are splitting hairs or in this case roads. The regulations say maintenance of ... | |
| state sales tax lien | 3/24/2009 |
| Q: I live in WA state. We until recently had a small construction co that has gone under because of ... A: Marla, I'll give you the IRS perspective. First, sorry that your business turned sour. The IRS is ... | |
| Involuntary separation pay | 3/22/2009 |
| Q: Just a link about Military separation pay ... A: Your question isn't very clear. If you will be receiving another $45,700 on top of your current pay ... | |
| IRS Letter | 3/19/2009 |
| Q: I received a notice from the IRS regarding add'l tax, penalties and interest due from 2007. It ... A: You're on the right track. Send the IRS a copy - never send originals - of both the withdrawal and ... | |
| Rental Property - Opinion | 3/17/2009 |
| Q: I’m pretty decent at preparing my own taxes, but I would like an opinion on the following situation… ... A: Since you still use the property as a rental, I would continue to report it that way so you can ... | |
| no 1099 from contracting with a foreign company | 3/15/2009 |
| Q: Richard, I am currently contracting with a foreign company with no US office. They pay me by wire ... A: The regulations say that any income needs to be acknowledged on your tax return. Even if you don't ... | |
| deductions for a farm | 3/14/2009 |
| Q: I received a 1099-PATR dividend notice because I borrowed money from a cooperative to buy some ... A: Any income reported in boxes 1,2,3 & 5 will be taxable. Any 1099 income is also reported to the ... | |
| Trust Taxes | 3/12/2009 |
| Q: As concisely as possible,are Capital Gains Distributions from Mutual Funds considered "Income"? (I'm ... A: Yes, capital gains and interest both are taxable. In general, distributions from a trust are ... | |
| Less Federal taxes taken out.... | 3/7/2009 |
| Q: I was looking at my Husband check stubs...I saw where the company he works for, in the last few ... A: I have heard that one of our new Presidents initiatives will reduce federal wage taxes, but I wasn't ... | |
| tax question on 529 plans | 3/4/2009 |
| Q: Rich, Not sure if you can answer or not, but contributions to 529 College Savings Plans are not ... A: Edward, I have not come across a plan that is tax deductable, but I have not done research to see if ... | |
| independent contractor tax | 3/2/2009 |
| Q: I am a golf instructor that is an independent contractor. I have a simple software program to track ... A: Sorry this took me so long. You can visit the IRS website and read a bit about expenses on Schedule ... | |
| Tax deduction | 3/1/2009 |
| Q: Are street assessments deduction on Schedule A? A: The regulations say that "assessments for sidewalks or other improvements to your property" are not ... | |
| Taxes-Insolvency exclusion | 2/20/2009 |
| Q: I bought a home in FL as my primary residency 2 years ago. I have two mortgages in that house and ... A: Yes, you may have to pay the taxes on the forgiven debt on your Florida house. I would call the IRS ... | |
| wife and taxes | 2/18/2009 |
| Q: My wife filed for joint taxes, she gave me the papers to sign and everything we got about 5,000 ... A: What happens between a man and wife is usually not subject to regulation - at least from a tax ... | |
| Labor taxes | 2/17/2009 |
| Q: I plan on starting a small business. I plan to pay my employees a percentage of the monthly bill. ... A: I'm not sure what you mean by a monthly bill. Basically you have two ways to pay employees: as ... | |
| 1099 problem | 2/11/2009 |
| Q: I already filed and just recieved an other 1099. I did sign posting for this company last year end ... A: It doesn't make any difference if you filled out forms with the company or not. The company sends ... | |
| question about 2007 oklahoma state taxes | 2/9/2009 |
| Q: When I completed my taxes for 2007 I put off filing my state taxes and then never did send them off. ... A: I would file your 2007 state taxes as soon as possible. The state can't tell whether you paid your ... | |
| claiming? | 2/7/2009 |
| Q: I am married with two kids under the age of 5. Between my wife and I we make total around 70,000. ... A: Landon, You can tell if it's better to claim someone or not. If you get money back, a refund, when ... | |
| Taxes on Social Security Back Payments | 2/4/2009 |
| Q: I am 71. In December I withdrew my social security application, and paid back everything received ... A: I can't give a definite answer without knowing more about your income. In general, if Social ... | |
| self employed business loss or gain | 2/4/2009 |
| Q: Started a business with the start up money coming from car wreck pay off. Made only 6500 profit from ... A: Sorry you can only get a refund if you paid taxes. If you had paid quarterly estimated taxes on ... | |
| Filling Joint or Seperate | 2/3/2009 |
| Q: My Husband and I have always filed joint returns.. This year I had income from my 401K can we file ... A: You don't have to file separate returns just because you took some of your 401k. The IRS looks for ... | |
| defaulted student loan/401 k taxes | 2/2/2009 |
| Q: I have a two part question. My first is I was in default on a student loan. The IRS took my ... A: You have the right to fully understand your taxes. I recommend you call 800-829-7650 and ask the ... | |
| Taxes Owed when member leaves LLC | 2/2/2009 |
| Q: In 2008 I turned over my 50% membership/partnership in a 2 person LLC. Agreement drawn up by lawyer ... A: Sorry, you are outside my area of expertise. You should call the IRS and get their opinion: ... | |
| filing my taxes | 1/28/2009 |
| Q: I heard from some people that H&R Block is too expensive and they dont give you all the money you ... A: If you have a computer I would recommend buying a software program like TurboTax and doing the taxes ... | |
| W-4 Exemption Form | 1/27/2009 |
| Q: Richard I have just learned the company I work for will start giving unpaid leave 1 week off with no ... A: If you don't live paycheck to paycheck, then I would call the people you owe the medical bills to ... | |
| W-4 Exemption Form | 1/26/2009 |
| Q: Richard I have just learned the company I work for will start giving unpaid leave 1 week off with no ... A: From my experience I don't think missing a few weeks of work will greatly change the amount of tax ... | |
| taxes | 1/25/2009 |
| Q: Mr. Stolp, Is the earned income tax just for those with children? What is this f1040ez? Thanks ... A: The 1040EZ is an "easier" tax form to fill out - but if you have children you should use the longer ... | |
| Mother sold house | 1/23/2009 |
| Q: My wife's mother lived with her mother-in-law in a house they both owned. After her mother-in-law ... A: My guess is that there will be little or no tax due on the inheritance. My take is this: the ... | |
| OIC | 1/19/2009 |
| Q: Is it possible to do an OIC without help? If not what is a reasonable fee to pay someone for their ... A: The IRS will work with you if you can't afford to pay. The best thing to do is call (800-829-7650) ... | |
| Tax Credits | 1/19/2009 |
| Q: Stolp, I apologize if this is not in your area of interest and expertise, however I'll try. In Dec. ... A: Well, you are right, investing isn't my "expert" area. But, since you asked, I can give my ... | |
| Budget for taxes | 12/27/2008 |
| Q: We are starting a business and are in the process of registering it with the SEC to begin to raise ... A: Sorry, it's impossible for me to forecast a tax rate without a handle on your expenses and the cost ... | |
| How to figure taxes on winning a home | 12/24/2008 |
| Q: I am planning on entering a drawing here in California to win a home and car. I know that the ... A: The top tier on the tax table is 35%. It will be owed in the year you receive the winnings - so you ... | |
| Income Tax Return | 12/13/2008 |
| Q: Richard - My husband and I are in our mid twenties and we don't own a home. We both work and he ... A: Unfortunately, the IRS is sometimes slow and does loose paperwork. Sounds like they "found" your ... | |
| 1099 or W2 | 12/12/2008 |
| Q: My Fiance worked for 4 to 6 weeks at a company that who's headquarters is in MD, but he reported to ... A: If you don't have a paystub it may be difficult to figure out whether he was paid as a contractor ... | |
| BeatTheSystem | 12/10/2008 |
| Q: How do i volunteer myself out of the jurisdiction of the (District) United States to become an ... A: Looks like you'll have to change your mind. If you live in the US you cannot opt out of the system ... | |
| Sell Roth IRA at loss for tax benefits? | 12/6/2008 |
| Q: I'm considering closing my Roth IRA (I only have one) to take advantage of a possible long-term ... A: Probably off your rocker. You don't say how old you are or how big the Roth is, as you know, if ... | |
| tax on charged off debt | 11/30/2008 |
| Q: In approximately 1996 I defaulted on an unsecured loan. In 2000 a civil collection action for the ... A: Sorry for the late response, long Thanksgiving. Here is my take on your options. First, if you do ... | |
| withholding zero vs. three | 11/18/2008 |
| Q: I have an income of $120,000 (increased significantly over the year). Just changed my witholding ... A: Ok, here is my take. This is guess because of your growing income. If you are paid twice a month ... | |
| Taxes on Savings Bonds | 11/5/2008 |
| 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 - ... | |
| irs lien | 10/27/2008 |
| 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 ... | |
| irs lien | 10/27/2008 |
| 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 ... | |
| Income or sales tax | 10/25/2008 |
| 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 ... | |
| irs lien | 10/24/2008 |
| 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 ... | |
| Tax Savings. | 10/22/2008 |
| 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 ... | |
| Tax Exemptions | 10/17/2008 |
| 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 ... | |
| Self Employment Vs. S-Corp Taxes | 10/16/2008 |
| 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 ... | |
| Self Employment Vs. S-Corp Taxes | 10/16/2008 |
| 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 ... | |
| car tax | 10/13/2008 |
| 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 ... | |
| Small business taxes when showing a loss | 10/9/2008 |
| 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? ... | |
| Freelance income | 9/8/2008 |
| 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 ... | |
Tax Planning
Richard Stolp
Top Expert on this page
Expertise
My expertise is in collecting past due taxes and tax returns. Wage and bank levies, liens, Offer in Compromise, late filing. I spoke with over 20,000 people concerning their issues while I worked at the IRS (just retired).
Experience
Six plus years working for the the IRS in Collections. Worked with over 20,000 people on their IRS issues. Explained their options and usually worked out a solution while they were on the phone.
Publications
I have a tax related blog at: www.sallymae.typepad.com/collections
Education/Credentials
Masters Degree from Iowa State in Ames.
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