| Recent Answers from Helen P. O`Planick, EA |
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2008-10-04 Tax shelter a portion of severance?: You can contribute to an IRA or a ROTH IRA. HOWEVER, for a traditional IRA, you may or may not be deduct your contribution as you have been covered under a retirement plan in the current year. If you...
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2008-10-03 First time home purchase...: First, note that if you take a loan from your 401K and don't pay it back, you will pay taxes AND penalty. So if you are planning on leaving the job anytime before total repayment, it is not a good thing...
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2008-10-01 Need help with 1099-MSC: You must file. You need a Sch C and SE along with your 1040. You will owe taxes. If you use someone besides a store front chain, I'm sure you can find someone to prepare your return. Or all the...
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2008-10-01 Employee or independent contractor?: It looks like you should definitely be an employee. File the SS-8 with your return and send one to the IRS as per the instructions. Then use the form that will allow you to send in 1/2 the SE taxes (form...
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2008-10-01 Transfer of my deceased mother's home: Dawn, if the return is not filed by October 15, she will not get the rebate. As for the rest, you can just gift him the house, he would get Mom's date of death value and you will not have tax to pay...
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