You are here:
- Home
- Real Estate
- Tax Planning: U.S.
- Tax Planning
Tax Planning/Questions Answered by Expert Mike Wellman
| Subject | Date Asked |
| Can't pay my taxes | 9/20/2011 |
| Q: In 2010, I took $13,000 from my IRA account to live on since I lost my job. The taxes due are now ... A: No, the penalty for early withdrawal will be $255. You will owe taxes on it in addition. Without ... | |
| back taxes owed after getting refund from irs | 7/7/2009 |
| Q: I'll try to make a long story short here. A personal situation led to me not filing taxes from ... A: Here is the problem. If you have a refund for one year and a balance due for another, theoretically ... | |
| Independant contractor | 1/25/2009 |
| Q: Mr. Wellman, I am paid on a per basis. Get checks from one company when I turn in a deal. Basically ... A: You must report it. You use Schedule C, which is filed with your 1040. You should also ask them to ... | |
| Taxes | 6/25/2008 |
| 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 ... | |
| Social Security Income | 1/8/2008 |
| Q: I am still employed and my spouse is not. She is eligable to take her social security benefit. My ... A: Your earnings will not affect her social security benefits. Her SS should be reported and portion of ... | |
| Rental property & mortgage interest exp under joint co-owners | 12/19/2007 |
| Q: This might be a more complex question but I need to find a right answer. If a rental property has ... A: In order to deduct mortgage interest, the following conditions must be met: (1) You must own (or ... | |
| Real Estate Agency | 12/17/2007 |
| 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 ... | |
| Tax Planning | 12/5/2007 |
| 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 ... | |
| Best tax Structure for startup | 11/15/2007 |
| 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 ... | |
| Tax Deductions (Assessments) | 10/22/2007 |
| Q: Hey Mike, I was wondering if Homeowners' Association dues or special assessments paid for my ... A: Home owner's association dues are not deductible on your Schedule A as an itemized deduction but are ... | |
| Just starting selling CD's | 10/18/2007 |
| Q: My partner and I are just about to release our first CD. It will be available on the web as well as ... A: Since you are partners, you cannot be a sole proprietor. You are a partnership. You need to get an ... | |
| avoiding taxes | 10/12/2007 |
| Q: I am join owner of a house with my brothers. My brother is going to give me my share in cash - ... A: If you are being paid $300,000 for your share of the house, you would not have any interest in the ... | |
| avoiding taxes | 10/12/2007 |
| 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 ... | |
| filing income taxes | 9/6/2007 |
| Q: this year my life has changed quite a bit and my wife and i have never filled a joint return before. ... A: I am sorry perhaps I didn't understand the question. I thought you were asking what to do if you had ... | |
| Paying quarterly contractor taxes | 9/4/2007 |
| Q: I am a contractor and thus have to use 1099-R forms for filling out my taxes. I have recently been ... A: There is a 10% penalty on the amount underpaid. As long as you have paid in at least 100% of last ... | |
| Paying quarterly contractor taxes | 9/4/2007 |
| Q: I am a contractor and thus have to use 1099-R forms for filling out my taxes. I have recently been ... A: Since you have no withholding you will need to to make estimated tax payments using the 1040-ES ... | |
| filing income taxes | 9/4/2007 |
| Q: this year my life has changed quite a bit and my wife and i have never filled a joint return before. ... A: I have many people come to me who have not filed in a few years and they are terrified of the ... | |
Tax Planning
Mike Wellman
Top Expert on this page
Expertise
I was a former Manager with Price Waterhouse, now PricewaterhouseCoopers, the largest accounting firm in the world. I have had clients in almost every industry and of every size. I will only answer questions dealing with IRS problems such as delinquent tax returns, Offers in Compromise (Tax Settlement), IRS collection matters including installment agreements, liens, levies, seizures, audits, appeals, innocent spouse claims and injured spouse claims. All others will be rejected as "outside my expertise". Visit http://www.irsos.com for information on IRS problems.
Experience
Over 25 years experience in taxation specializing in IRS collections, examinations and appeals.
Publications
New York Times, Wall Street Journal, You Money Magazine
Education/Credentials
BBA, Baylor University.
Awards and Honors
My website http://www.IRSOS.com won the Knowledgeweb award for educational excellence for content.
©2012 About.com, a part of The New York Times Company. All rights reserved.