I am self-employed as an IT consultant for 2.5 years and want to lower my 2015 taxable income by opening a SEP IRA with E*TRADE. Am I eligible for a SEP-IRA deduction for 2015 if I make a contribution of $20,000 by the end of 2015? My gross income for 2015 is approximately $160,000.

May 24th, 2023

I am a trustee and one of five equal beneficiaries to my deceased mother’s Revocable Trust in Florida. The trust assets, consisting of savings periodically invested in CDs, were liquidated after her death, and the proceeds were transferred to her trust checking account. The total trust assets are $125,500, including $125,000 of principle and $500 of interest income upon which tax has not yet been paid. Upon distribution to beneficiaries, what portion of their individual distributions will be subject to Federal Income tax?

September 22nd, 2023

How long will I wait for the IRS to reply to my penalty abatement request?

May 7th, 2023

My credit is not strong enough to buy a home. However, I have more than enough money in my 401K to purchase the home that I am interested in. Is it advisable to withdraw from my 401K to purchase the home?

July 25th, 2023

Do all green card holders have to file taxes in the USA apart from their home country, and what is the income threshold when they don't have to pay taxes? The income streams are 1. dividend from stocks, 2. long term gain on sale of stock, and 3. short term gain on sale of stocks.

June 5th, 2023