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What Is A SEP Plan And How Much Can I Contribute?
User Photo Chuck Heyde, CPA, CGMA
Tax Professional Level: Tax Wizard

I love the SEP. I have one... SEP = Simplified Employee Pension plan You can contribute up to $50K in 2012. Chuck Heyde, CPA   Read More
0 0 SEP Plan
How Does The Return Of Principal Payments Affect My Cost Basis In My Mutual Funds?
User Photo Steven Potts JD EA IAR
Tax Professional Level: Tax Enthusiast

The return of principal complicates your calculation of your basis when it comes time to determine your cost basis when you sell the mutual fund. Generally, your basis in a mutual fund is the original purchase...   Read More
0 0 Mutual
Do I Need To Pay Additional Tax On Stock That I Received As A Result Of A Stock Split?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

If you received the extra stock as a result of a stock split, and still possess the shares, you do not report it. It is reportable when you sell those shares.   Read More
Stock I Invested In Is Now Worthless. Is This A Bad Debt And Can I Report It As Such On My Tax Return?
User Photo Vincenzo Villamena
Tax Professional Level: Tax Enthusiast

If its public stock then yes. If it is a c corp then it may qualify for small business stock and a loss may be deducted. In order to qualify there are a few steps - (1) the corporation is a "qualified small...   Read More
Is The Loss Of The Sale Of My Home In 2012 Deductible?
User Photo Chuck Heyde, CPA, CGMA
Tax Professional Level: Tax Wizard

A loss on the sale of your home is NOT deductible. Chuck Heyde, CPA   Read More
How Do I Figure The Cost Basis Of Shares Of Stock That Were Purchased At Different Times?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

There are various methods in determining cost basis when selling stock. The most used is FIFO. This is the method used if the shares sold cannot be identified. The next method is Average basis. Used only if...   Read More
I Am A Student Who Is Also Working. If I Make Under $10,000 Per Year Do I Need To File A US Tax Return?
User Photo Steven Potts JD EA IAR
Tax Professional Level: Tax Enthusiast

Assuming that you are single and under the age of 65, if you have earned in excess of $9,750 you must file a tax return. Be sure to coordinate with your parents, if you are still potentially on their tax return, to...   Read More
I Am Now Retired And Have Filed For Social Security. Do I Have To Pay Taxes On Social Security Benefits?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

You may have to pay taxes on part of your social security benefits. The net result is based on a formula. Basically, if you are single, and income is $25000. or more; married-filing-jointly, and income over $...   Read More
How Would I Go About Setting Up A Foreign Operation In Portugal? I Have A Manufacturing Company In The US But For Personal Reasons Am...
User Photo Virginia La Torre Jeker, J.D.
Tax Professional Level: Tax Enthusiast

While I do not know the vagaries of Portugal's laws, it is usually fairly easy to set up a foreign corporation or other entity in a non-US jurisdiction. You would need local counsel to assist you. What is not so...   Read More
Please Explain To Me What The Term Dutch Sandwich Means?
User Photo Hendrik Duijn
Tax Professional Level: Tax Enthusiast

A Dutch Sandwich is a CV/BV structure. It is often used by US companies to mittigate their overall tax position. CV is checked as a reverse hybrid (a company) and the BV is considered a flow-through entity for US...   Read More

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