| Subject | Date Asked |
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| Self-Employment and Quarterly Tax Payments | 9/28/2009 |
Q: My last day at the corporation I work for will be 10/30/09. I will then be self-employed from 11/1 ...
A: If you have already capped out SS, than you are definitely due to convert from contractor as an ...
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| Self-Employment and Quarterly Tax Payments | 9/28/2009 |
Q: My last day at the corporation I work for will be 10/30/09. I will then be self-employed from 11/1 ...
A: That statement is made based upon the assumption of a January 1 start date. You are starting before ...
|
| Business Structure | 9/20/2009 |
Q: My wife (home maker) and I (retired corporate executive & professional engineer) are both Canadians. ...
A: You have a number of the facts correct. PHC, LLC can be taxed as a real corporation, taxes are ...
|
| Did my Accountant act irresponsibly in handling my Audit? | 6/11/2009 |
Q: "Hello, I was audited for tax years 2005 and 2006 and the matter was settled/resolved by my ...
A: I reread my answer, and I did not say that you could not, or should not, pursue legal vindication. ...
|
| Business in NC, moving to FL. | 6/10/2009 |
Q: My wife and I own a S-Corp manufacturing company and a LLC real estate investment company. Both are ...
A: In your case it may not be an all or none. Having a House in Florida is 1 facet of residence, have a ...
|
| LLC vs C-Corp for UK company branch in US | 6/8/2009 |
Q: I need to know which type of business I will need to set up for a online clothing order fulfillment ...
A: You've already gotten Generalized recommendations and Generally, General Statements are not very ...
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| LLC and Taxes | 3/24/2009 |
Q: I had an LLC created in November. I bought an existing franchise from the owner. I paid the ...
A: If your goal is to be treated as the better choice of operating as a real corporation. This will not ...
|
| Employment income issue | 3/23/2009 |
Q: I am negotiating a compensation package with a privately held commercial real estate company that ...
A: Business ownership is not calculated in dollars but in percentages of ownership. Each party can put ...
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| LLC and Taxes | 3/23/2009 |
Q: I had an LLC created in November. I bought an existing franchise from the owner. I paid the ...
A: To start, the LLC is a disregarded entity. IT is not recognized for tax purposes by the IRS. If you ...
|
| Tax issues with Buying a home from family. | 3/20/2009 |
Q: My mother wants to refinance her home and buy another home free and clear. She wants to sell the ...
A: She can't "Sell" it to you after the refi. It would trigger a "due on sale" clause. Where she would ...
|
| Business Loss | 3/20/2009 |
Q: Have a small business that quit operating in July of 2008 do to loss of contracts. The company that ...
A: Loss of future income is not a loss for tax purposes. It is only a reduction of income, which of ...
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| Profit Sharing and Tax Liabilities | 3/17/2009 |
Q: Our company is starting a profit sharing plan and we are uncertain of the amount of contribution we ...
A: I'm not real clear on the question, so I'm just taking a stab at it. Profit sharing has no ...
|
| non US citizen wants to start business in US | 3/17/2009 |
Q: i am an Indian national, wanting to diversify my equity derivatives trading business in to the US ...
A: The LLC does not comply with number 5 of your list. The LLC is considered a "Disregarded entity" by ...
|
| Sole Proprietor Business Loss | 1/5/2009 |
Q: I have a friend at work that starting a real estate side-business in 2008 and after a few months, ...
A: That's is about it. Sorry, I didn't intend to sound abrupt and you are correct, you understand the ...
|
| investment property | 1/4/2009 |
Q: I have three investment properties. If I sell all three and reinvest in one nice property, will it ...
A: It is NOT a "Wash". You could choose to make a 1031 exchange which would postpone the tax events. ...
|
| Business Failed | 12/31/2008 |
Q: I had a business license for my business (obtained last year) - providing psychotherapy services. My ...
A: The "Business License" has no effect on taxes. You are right now a sole proprietor, with or without ...
|
| S Corp and SE taxation | 12/30/2008 |
Q: I heard that Congress is thinking of changing the SCORP regs on SE. For example, a ...
A: You are very astute, a real corporation CAN be taxed at the PSC rate if the income is effectively ...
|
| S Corp and SE taxation | 12/30/2008 |
Q: I heard that Congress is thinking of changing the SCORP regs on SE. For example, a ...
A: Congress is not formally changing the rules. The IRS is "enhancing" how they apply the rules. As of ...
|
| Retirement taxes | 12/17/2008 |
Q: I usually can find answers to questions like these on google, but this time I've failed. I am ...
A: You have discovered the X-factor in all retirement planning. What will taxes be when I retire? All ...
|
| Year End Strategies to Trim Taxes | 12/16/2008 |
Q: I am a sole proprietor. I am taking advantage of the $3000 deduction that one can take since I lost ...
A: Before you bother with that-- you do understand the LLC is a "disregarded entity" by the IRS, it ...
|
| Year End Strategies to Trim Taxes | 12/15/2008 |
Q: I am a sole proprietor. I am taking advantage of the $3000 deduction that one can take since I lost ...
A: As a sole proprietor, you are in the worst position for tax reduction. You do realize that your ...
|
| C-Corporation set-up | 6/24/2008 |
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 help | 6/14/2008 |
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 deductions | 4/6/2008 |
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 diem | 2/18/2008 |
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 estate | 2/17/2008 |
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 ...
|
| switching | 2/16/2008 |
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 Expenses | 2/15/2008 |
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 biz | 2/9/2008 |
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 meters | 2/7/2008 |
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? | 2/6/2008 |
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 ...
|
| Sub contractors | 12/6/2007 |
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 ...
|
| SEP | 12/2/2007 |
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 ...
|
| S-Corp Benefits | 11/6/2007 |
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? | 11/3/2007 |
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 form | 11/3/2007 |
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 ...
|
| Taxes | 10/3/2007 |
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 business | 9/20/2007 |
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 plans | 9/11/2007 |
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 ...
|
| Personal Holding Company | 8/23/2007 |
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 house | 8/18/2007 |
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 house | 8/17/2007 |
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 house | 8/17/2007 |
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 house | 8/15/2007 |
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. | 8/1/2007 |
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 house | 7/19/2007 |
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 income | 7/13/2007 |
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 ...
|
| Sales Tax Question | 1/31/2007 |
Q: First of all, thank you for providing your expertise! I've been searching the internet and can't ...
A: For bookkeeping, note the sales as either taxable or non-taxable and on taxable sales separate the ...
|
| Set up shop in TN | 1/30/2007 |
Q: Richard, I read some of your past answers regarding real estate and LLCs. And it seems I'm getting ...
A: Absolutely, Tax relief is a corporation. Although, you may still receive those amounts in the ...
|
| day trading taxes | 1/19/2007 |
Q: Last year I start becoming more active in trading...I guess I'm slowly becoming a day trader. Can ...
A: Start here http://www.irs.gov/taxtopics/tc429.html You have 3 choices: Not claim to be a ...
|
| Profit Sharing | 1/16/2007 |
Q: I'm unclear on several points - In the first paragraph, what do you mean by "This does not reduce ...
A: 1. Correct contributions to 401(k)s do not reduce the obligation, by the Employer or Employee, to ...
|
| Profit Sharing | 1/16/2007 |
Q: My company is organized as a "C" corporation. We have a profit sharing plan that states a specific ...
A: If they are being paid as employees and not shareholders then yes the bonus is accounted for on the ...
|
| 1035 exchange | 1/15/2007 |
Q: Why is it that a 1035 exchange is reportable but not taxable? If you can put the answer in some ...
A: It is not taxable because there is no conversion to dollars, YET. It is reportable, because the IRS ...
|
| Small Business tax reporting | 1/10/2007 |
Q: I live in Maryland. In 2006, I obtained a federal i.d. number and formed an LLC(Articles of ...
A: In order to avoid the possibility of questions coming up later, you shold file a "Final" tax return, ...
|
| State taxes amd moving | 1/7/2007 |
Q: My family moved from California on 7-17-06 to North Carolina. I started NC work on 8-1-06, Had ...
A: As far as planning: plan to file a federal tax return along with a return in each state. You will be ...
|
| medical expense taxes | 12/27/2006 |
Q: I need to get two hearing aids, at a cost of $2000 ea. My HMO only pays $1,000 for both. I have a ...
A: Other than your insurance premium and your prepaid medical contribution. you would only be able to ...
|
| Small farm & greenhouse tax planning | 12/20/2006 |
Q: I really appreciate it! I have recently purchased a 13 acre fruit orchard w/ home through a 1031 ...
A: It always is best to do any business like a real business. It is also a good idea to separate ...
|
| company vehicle | 12/8/2006 |
Q: My company provides me with a vehicle, insurance, and gas. In return, they deduct $60/month from my ...
A: I can't imagine how your employer would weather an audit on this, since the IRS is very clear that ...
|
| How to reduce taxes on Profits | 11/29/2006 |
Q: Good day, I sold an investment property this year and made 20k over what I paid for the house. What ...
A: Unless you are a licensed real estate professional you cannot deduct your own time and efforts. You ...
|
| Real estate and incorporating | 11/27/2006 |
Q: My wife and I own several rental homes in Nevada (we live in California). Would we be better off ...
A: There are three aspects to this question so let me give you some insight on each. For tax ...
|
| best way to transfer LP for tax purpose | 5/31/2006 |
Q: I want to give my sister half of a limited partnership, since it consists of about 1,200 acres of ...
A: "Issue an interest" means a percentage ownership of the LP. From your explanation, it appears to be ...
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| what are the advantagews of LP | 5/26/2006 |
Q: If you have a bunch of land and timber and will cut some to the timber every seven years why would ...
A: Originally the Limited Partnership was intended to limit liability of the investors. Statutes ...
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| best way to transfer LP for tax purpose | 5/26/2006 |
Q: I want to give my sister half of a limited partnership, since it consists of about 1,200 acres of ...
A: If the property is titled to the LP, then you would need to issue an interest in the limited ...
|
| Like-kind exchange 1031 | 5/17/2006 |
Q: I am in the process of selling an oil company and I would like to reinvest some of the proceeds from ...
A: I'm going to be gone til tuesday of next week, so let me give you a real quick answer: Yes you can ...
|
| cash flow | 5/5/2006 |
Q: I'm a new LLC, less than 1 year in business. I have a business bank account that I have put in ALL ...
A: The IRS considers a Single Member LLC as a "Disregarded Entity". That means there are no tax rules ...
|
| Home Office Deduction„Employer Convenience | 2/8/2006 |
Q: Could you clarify the employer convenience stipulation for taking a home deduction? I am a full ...
A: You could. . . If you want to attach a schedule C to your personal tax return, and increase your ...
|
| Taxes and my small business | 2/7/2006 |
Q: 000 per year. The past 3 years or so I have had to owe taxes or break even and owe nothing. I was ...
A: The payroll taxes (social security and medicare) are Gross taxes, no deductions, no rebates. If you ...
|
| Investments/savings instruments that are taxed the least | 1/30/2006 |
Q: My fiance is a Doctor who will be completing her specialty training in about 2.5 years. Employment ...
A: Let me first apologize for the delay in you receiving this answer. The AllExperts.com Website has ...
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| LLC & Realestate | 1/30/2006 |
Q: Good day, I've started an LLC for property investment. I've placed my first property on the market ...
A: Let me first apologize for the delay in you receiving this answer. The AllExperts.com Website has ...
|
| Church/Pastor issues | 1/28/2006 |
Q: Fritzler, I am on the board of directors of the local church. Our pastor lives in a church-owned ...
A: Let me first apologize for the delay in you receiving this answer. The AllExperts.com Website has ...
|
| c-corp deductions | 11/25/2005 |
Q: i have a c-corp formed in colorado. i am in real estate and have all commissions run through the ...
A: A corporation pays tax on true net profits, and pays a nice low tax rate. If there is going to be ...
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| c-corp or s-corp | 10/19/2005 |
Q: Followup To Question - I am a financial advisor and am leaving a company to become an independent. ...
A: Well, you are choosing between a cheap corporate mill, and a cheap corporate mill that hsa a law ...
|
| tax advice | 10/15/2005 |
Q: I am a physician and recently started my own practice as P.C. I did not take salary for first few ...
A: As a professional corporation net profits would be taxed at a flat 35%. Which is not good. If you ...
|
| Taxes | 10/9/2005 |
Q: I will turn 65 next March. What is my income tax obligation on the sale of stocks sold short term ...
A: Before age 65 all short term gains are taxed at income tax rates. if your earned income pushes you ...
|
| Tax recommendations | 10/8/2005 |
Q: I became an independent contractor at the beginning of 2005 and thus have to pay all of my own ...
A: Well, a real corporation pays its own tax at the lowest possible rate, it also does not pay Social ...
|
| Tax Implications of Incorporation | 10/5/2005 |
Q: I am trying to start a small business, but I don't know whether I should start an S corp or an LLC. ...
A: No that's an issue of paying 50% in taxes or Just less than 50% in taxes. A sub-s can allow "some" ...
|
| Nevada Home Sale Father to Son | 10/4/2005 |
Q: In March 2004 we bought a house in LV ($191,000) and have rented it to our son and his wife. Now we ...
A: If you sell it at 192,800 (152,800 plus 44,000) you would have a wash sale. with no tax due, other ...
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| home office deduction | 9/22/2005 |
Q: I am a self-employed software consultant. Currently, I am working on a 6-month contract (1099 basis) ...
A: First I have included the brief from the IRS, then I'll go through the real value. Whether you are ...
|
| tax break on dividends | 9/9/2005 |
Q: I've been considering buying a Vanguard mutual fund which invests in dividend paying stocks. This ...
A: Many tax breaks have been extended past the sunset recently, such as the $100,000 179 deduction ...
|
| Deduction | 7/18/2005 |
Q: I am in the process of giving to a historical society a wood framed house that was built in the ...
A: A real estate appraiser would be your best source, they are licensed and qualified to give you a ...
|
| Small Business Loss Reporting | 6/28/2005 |
Q: Richard: Many thanks for your very complete response. I will take your advice, and try to make a ...
A: You do have a high potential for audit. Since you attach a schedule C to your personal tax return, ...
|
| Small Business Loss Reporting | 6/26/2005 |
Q: Richard: This, I am sure,is an easy one for you. I have a small retirement business (website ...
A: It is at the IRS' discretion to apply the 1 in 3, 2 in 5 rule. Effectively; the IRS can reclassify a ...
|
| tax obligation of beneficiaries | 6/24/2005 |
Q: Whoops... you raised another related issue. The signals from Congress suggest that a $3M or $3.5M ...
A: All we could do is speculate about possible rumors. Whatever happens in Congress later, the current ...
|
| LLC to C-Corporation | 6/12/2005 |
Q: I currently own a business that is formed as a Limited Liability Corporation in Georgia. I have one ...
A: You are on the path to doing business in the best way possible. Real corporations pay far lower ...
|
| S-Corp Taxation | 6/9/2005 |
Q: I am the office manager of a small S-Corp in Phoenix, AZ, and I was wondering if you would think it ...
A: An LLC is considered a disregarded entity by the IRS, if you chose to operate as an LLC the ...
|
| Tax exemptions | 6/8/2005 |
Q: If I claim my actual exemptions allowed instead of a "0", will I end up up owing at the end of the ...
A: It is quite possible that you would not owe at the end of the year. The "value" of exemptions is an ...
|
| Savings Bonds | 11/8/2004 |
Q: My mother died recently and we found Series E savings bonds in my name from the early 80's. Is ...
A: At this point you should be receiving a guaranteed interest rate of 4%. Not the worst return on an ...
|
| Protecting money from taxes | 10/20/2004 |
Q: I received a check to my name from the sale of a quarter share in a Real Estate partnership. The ...
A: you could. . . However, you will be required to complete a CTR (Cash transaction report) with ID ...
|
| taxes | 10/12/2004 |
Q: If i am receiving $6000 monthly as family support, my ex is the one who is allowed to deduct the ...
A: Being single, almost 1/2 of your income will be taxed federally at 25% the state takes an additional ...
|
| Salary vs. Profit | 10/12/2004 |
Q: I own an educational services S-Corp that brings in approx. $150,000/yr. We have 2 salaried ...
A: I'd like to address an unasked question first. You mention that the rest of your "employees" are ...
|
| How would you handle this | 10/11/2004 |
Q: I have recently gone to work for an event production company. Each employee is paid as an ...
A: As a sole proprietor, you are the highest taxed. You have very limited deductions, and phantom taxes ...
|
| 1099m | 9/14/2004 |
Q: My ex-employer keep giving me trouble, from early of this year, he sent me 1099 tax form, the amount ...
A: If he is wrong on the amount of the 1099, then you can address it with the IRS. They can track the ...
|
| Small business startup | 9/13/2004 |
Q: Richard, Thank you for your reply to my questions. To answer yours and clarify, we do intend to ...
A: You can attempt to depreciate the equipment personally, however, you may have severe limitations on ...
|
| Small business startup | 8/30/2004 |
Q: Richard, Myself, my roommate, and another friend are planning to start a small video production ...
A: The correct entity must be determined by answering some specific questions. Do you intend on ...
|
| Can I do 1031 exchange with a pre-construction contract ? | 8/29/2004 |
Q: I have a contract on a new oceanfront condo in FL. They building will be up in 18 months. As an ...
A: It is always better to get forgiveness than to get permission. I would say that you have a great ...
|
| Capital Gain | 8/27/2004 |
Q: I am in a position to sell some rental property in Las Vegas. Since I bought the home 9 years ago it ...
A: Gains for individuals are divided into two catagories, Long term and short term. Short term gains ...
|
| Tax explained | 8/12/2004 |
Q: I have recently entered into the 40% tax bracket and just want to find out exactly how this works ...
A: Your Federal tax rate is determined by your income, marital status, and deductions. You can check ...
|
| Fire Loss | 7/5/2004 |
Q: Last April a duplex which I owned burned down and was a total loss. I have had it and rented it ...
A: The rules on a "1031 exchange" is that you must declare the new property with 45 days of close, and ...
|
| Tax Deductions | 5/27/2004 |
Q: My husband and I have nothing to deduct so we take the standard deduction at the end of the year. ...
A: The art of balance. It is almost impossible to exactly hit that sweetspot of perfect payments. ...
|
| Gift tax | 5/24/2004 |
Q: If my parents gave my $15,000 to pay down on a home, will that have to be reported as income or a ...
A: When you go through the mortgage process, you will be required to fillout documents about the source ...
|
| selling mutual funds | 5/12/2004 |
Q: I would like to sell mutual funds to buy shares in a closed-end municipal bond fund. Do I have to ...
A: Taxable events are those that result in a conversion to cash. Normally, when you sell mutual funds, ...
|
| Corporation Voting | 5/6/2004 |
Q: When you form an C-Corp or S-Corp with 3 or 4 people and you have a President, VP, Secretary and ...
A: I guess the last response didn't get to you, sorry about that. There are different levels of ...
|
| corporations | 5/6/2004 |
Q: A friend and I are going to start a business. We are not sure if this should be a C Corp or S Corp. ...
A: Yes. The sub-S is a passthrough entity, it must dirstribute the tax liability to the owners. The ...
|
| Donating ESPP stock | 4/14/2004 |
Q: I have purchased stock in my company through an ESPP account. It seems that donating this stock to ...
A: It would be a write off, that you could take at fair market value, that really cost you less. BUT, ...
|
| Incorp. | 4/6/2004 |
Q: I live in Texas and I am the VP of a Mortgage Corporation in California. I am paid as a independent ...
A: Corporations have far lower tax rates. I think the $3000 figure is low. Social Security alone on ...
|
| Rental Improvement & Date of Service | 3/29/2004 |
Q: Completely remodelled rental condo beginning Nov.2003. Was not completed and put back into service ...
A: I assume you are on a "cash method" of accounting so all payment in 2003 would be noted in 2003. ...
|
| Loss in stock | 3/26/2004 |
Q: I have two stock certificates that I purchased over twenty years ago. I am unable to find them ...
A: Yes you can. And you can write off upto $3000 per year against ordinary income. Have you called a ...
|
| capitol gains when selling a primary residence | 3/25/2004 |
Q: if your selling your house and purchasing a larger house of greater expense will the capitol gains ...
A: Under normal circumstances the sale of one piece of real estate has no tax bearing on the purchase ...
|
| RMDs | 1/21/2004 |
Q: I have been retired for 1.5 years, i am over 70.5 and have withdrawn the required minimum ...
A: The reason that minimum distributions are required is that the IRS wants you to pay taxes on the ...
|
| ACQUISITIONS OF C CORPORATIONS | 1/21/2004 |
Q: WHY WOULD A COMPANY IN THE ASSET RECOVERY BUSINESS WHAT TO PURCHASE THE STOCK OF A C CORPORATION AND ...
A: Generally, a used corporation is a risky investment, since the corporation could have past ...
|
| How does the IRS know? | 5/14/2003 |
Q: I plan on starting my own proprietorship by running a mail order business on the internet. My ...
A: The IRS relies heavily on the federal tax return that you file. In addition, the IRS receives ...
|
| Inheriting an IRA | 5/13/2003 |
Q: First, I thank you for volunteering your expertise in helping others. I hope this question is ...
A: The distribution of the IRA would be handled by the administrator. You should contact the company ...
|
| tax postponement possible? | 5/11/2003 |
Q: I am planning to transfer a piece of real estate into a trust which I will have set up for my ...
A: I'll have to answer that question in two parts, so please bear with me. Two types of Trust: For ...
|
| Company SEP to Roth Ira | 5/7/2003 |
Q: Our small company provides each employee with his/her SEP which is totally funded by the company. ...
A: You can certainly roll over your any self directed retirement plan to a ROTH. Can you convert the ...
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| capitol gains when selling a rental | 4/26/2003 |
Q: We plan to sell our rental house in Texas. We are unsure whether to carry the loan ourselves or ...
A: Carrying the loan will not "Eliminate" the tax. It will spread the income over a few years, so that ...
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| protecting home from medicaid | 2/27/2003 |
Q: A while back, you responded to a question of mine. Trying to protect a house of my 92 y/o aunt in ...
A: Do you want to sell the house? My recommedation was to have the sister put a lein against it. That ...
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| Amount of tax to withold | 12/12/2002 |
Q: I recently inhereted an annuity from my mother. I am requesting a one lump sum payment, totalling ...
A: The federal tax rate for married income between 109,700 and 176,800 is 30%. You will have already ...
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| bunch of tax questions | 12/10/2002 |
Q: I have a BUNCH of questions. Thanks for your time trying to help me out. First of all lemme give you ...
A: Lets set some common ground so we can analyze your questions. Personally, Capital Gains (if long ...
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