| Subject | Date Asked |
|
| 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 ...
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