Is it possible to pull money out of 401k and not add to income for taxes.

There are several things you can do. First, don't pull out money to pay the government. If you owe less than $50,000 to the IRS, you can secure a...

Are most land taxes expensive?

"Land" taxes are generally known as real estate taxes. These taxes are usually used by local and county governments to fund their operations. The...

How will the IRS calculate my income for an O.I.C. and am I allowed to use the Standardized deductions for my calculations?

I have attached a link from teh Internal Revenue Manual of the IRS that addresses how they determine your Future Income. I wold read that section...

Is the seller of a home taxed on the sales price before or after deductions at the closing?

It depends. Certain types of deductions, such as commissions and other deduction which are, essentially, a cost of the transactions, will offset...

When a home goes to foreclosure and there is a tax lien on it, does the tax lien get paid before the primary mortgage holder?

I agree with Dana's answers. And, having noted your comments to Dana, I can assure you that a Federal Tax Lien does not automatically take...

Can I claim a second house as a loss on my taxes?

Probably the answer is no. But, you really should sit down with an experienced CPA and put forth all of the facts. Even though you may get no...

Is there a Statute of Limitations on being able to deduct business expenses on a tax return?

Yes!

Your friend can resolve this issue without gong to the company or dealing with this matter as an identity theft issue. The bottom line is that...

Letter from IRS about mistake in 2010 taxes

What you likely received is a CP-2000 notice. This is a notice wherein the IRS picks up unreported income. This is easy to fix, but must be done...

2 years unpaid corporate taxes in NJ

The key word is "severely". The U.S. penalty may be $0, depending what type of return you are filing and the taxes due. The NJ penalty will be...