Archive for the ‘Accounting’ Category
Saturday, March 6th, 2010
Boris asked: Hi,
To buy new house I took HELOC against my old house which I planned to sell shortly to pay off HELOC. I could not sell my old house so I am using it as rental property now. I want to convert HELOC into fixed rate secondary mortgage. If I convert HELOC into fixed rate mortgage, when I sell my rental property will the money from sale be transferred to my primary mortgage company without lump sum distribution to avoid tax penalty?
Thank you
Kathleen
Tags: Heloc, Mortgage Company, Sell House
Posted in Accounting | 1 Comment »
Saturday, March 6th, 2010
angeldust asked: If I should happen to owe an estimated tax penalty at the end of the year, would I be able to make payments, or does the IRS require the entire payment up front, by a due date? What happens a person does not have the entire amount to pay immediately for an estimated tax penalty? Surely this lovely country won’t throw a person in jail because they can’t shell out an extra 200 or 300 dollars.
Just curious.
Ramon
Tags: Due Date, Estimated Tax, Shell
Posted in Accounting | 2 Comments »
Saturday, March 6th, 2010
angeldust asked: I previously asked a question regarding the estimated tax penalty at the end of the year and if the IRS will allow a payment plan. My new question involves owing about $2035 in taxes (I am self employed). If I am not able to pay the full amount,would I be able to make payment arrangements with the IRS or I would only be able to do that with the penalty? I am sure I will be charged a penalty, as I will not be doing the quarterly payments. Thanks.
Eileen
Relevant Resources
Tags: Estimated Tax, Tax Irs, Tax Penalty
Posted in Accounting | 1 Comment »
Friday, March 5th, 2010
Jen B asked: I am wanting to put our house up for sale. My husband is leaving for basic training May 20th, 2008. It is February. Will we have to wait for his orders, to forgo the tax penalty that we would get for selling it before the two year mark? Or Can I put it up for sale now, and claim job change later? Any help on this issue would be great. Thanks!
Danielle
Tags: House Sale, Job Change, Military Orders
Posted in Accounting | 1 Comment »
Thursday, March 4th, 2010
jlatina24 asked: I have a tax question. I have a friend who received unemployment while she was working. She is scared because now by January 31st the 1099 will be sent to her. She will be receiving a 1099 but her question is on the penalty. Obviously one should not receive unemployment when they are employed. What will happen to her? She is afraid she may be arrested since this is a felony. Please help so I can help her throught this.
Thanks,
Jo
Relevant Resources
Tags: Felony, Tax Penalty, Tax Question
Posted in Accounting | 3 Comments »
Wednesday, March 3rd, 2010
jpayaso25 asked: I already have a loan but have run into to some tough times and now Im faced with having to get another loan. I have been told that I may get a tax penalty for the second loan , is this true ?
Jacqueline
Tags: 401k, Tax Penalty, Tough Times
Posted in Accounting | 2 Comments »
Tuesday, February 23rd, 2010
Tiff Tiff asked: I have purchased a foreclosed home for $80,000. I would like to sale it for 110,000. Would I have any tax penalty if I sell it in 1 year? I live in the state of Wisconsin.
Arlene
Tags: Foreclosed Home, State Of Wisconsin, Tax Penalty
Posted in Accounting | 2 Comments »
Tuesday, February 23rd, 2010
Bri asked: Can you take out money from your 401k account as a no interest loan for yourself and without tax penalty?
My friends mother is thinking about doing it – she says it’s taking out a loan against the 401k and her employer will be deducting pay from her check every pay period.
Sheila
Tags: Friends Mother, Interest Loan, Tax Penalty
Posted in Accounting | 5 Comments »
Monday, February 22nd, 2010
Tom asked: I’m a little confused here. I’m relatively newly wed and had heard somewhere that a marriage tax penalty would be reinstated in 2010. What does this mean? And is it a huge impact on my not too great a salary? I make about $24,000 right now and my wife makes about $15,000.
Great Answer, BASH, Thank you!
Elaine
Tags: Marriage Penalty, Marriage Tax Penalty, Salary
Posted in Accounting | 3 Comments »
Sunday, February 21st, 2010
Matt L asked: Recently on 4/24/07 I recieved a tax penalty in the mail from 2001. Me and my ex-wife were married between 2000 and 2005 aprox. She failed to pay some taxes on her job because she was paid under the table. I am now remarried and have a daughter. My ex-wife has always been controlling and abusive and always blamed me for everything. Well when I called her the other day to ask her to pay half of the $1044.00 debt she told me you know what you are responsible because you always took care of the bills and then I try to explain to her and she said why do you keep talking so I stopped. Then she just said she will not pay. So I live in another state and to fly over and take her to court would cost $500 at least so that would already be more her half so I would lose the money anyways. Is there anything I can do to not be walked over again I feel so bad about losing this money too. Thanks for all of your help and answers!
Sheila
Tags: Job, Mail, Tax Penalty
Posted in Accounting | 7 Comments »
