| Subject | Date Asked |
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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) ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 - ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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? ...
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| 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 ...
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