question_id stringlengths 1 5 | question stringlengths 14 158 | pos_item_ids listlengths 1 23 | pos_item_contents listlengths 1 23 |
|---|---|---|---|
1834 | In Canada, can a limited corporation be used as an income tax shelter? | [
"255101",
"454082",
"196807"
] | [
"\"(Disclaimer: I am not an accountant nor a tax pro, etc., etc.) Yes, a Canadian corporation can function as a partial income tax shelter. This is possible since a corporation can retain earnings (profits) indefinitely, and corporate income tax rates are generally less than personal income tax rates. Details: If... |
1837 | When does a pricing error become false advertising? | [
"385074"
] | [
"\"It's definitely annoying, but it's not necessarily false advertising. There is no rule or law that says they have to fix a pricing error at all, let alone within a certain period of time. Unfortunately they have no obligation to do business with you unless they take (and keep) your money. If they canceled the or... |
1841 | Where can I find a Third Party Administrator for a self-directed solo 401K? | [
"267609",
"593356"
] | [
"You setup a self-directed solo 401k by paying a one time fee for a company to setup a trust, name you the sole trustee, and file it with the IRS. None of these companies offer TPA because it opens them up to profit leaching liability. After you have your trust setup, you can open a brokerage account or several wit... |
1842 | Why do some online stores not ask for the 3-digit code on the back of my credit card? | [
"430377",
"448639",
"278667",
"360125",
"350237",
"325042",
"196233"
] | [
"As a general premise: In most of the online transactions in case of dispute the benefit of doubt is given to the customer. IE if the customer refuses to pay and claims that its not his transaction, the card company reverses the charges and does not pay the merchant (or recovers if its already paid). There are ma... |
1843 | Do Americans really use checks that often? | [
"408124",
"292989",
"12655",
"199069",
"388201",
"223645",
"494783",
"531918",
"103680",
"247085",
"120827",
"381813",
"350508",
"219033"
] | [
"When you start at a new job here in the U.S., the default means of payment is usually a paper check. Most folks will quickly set up direct deposit so that their employer deposits their paycheck directly into their personal bank account - the incentive to do so is that you receive your funds faster than if you depo... |
1845 | Anyone please explain the meaning of turnover in this pic? | [
"280452"
] | [
"\"The Business Dictionary has three definitions of \"\"turnover\"\". When it comes to share dealing, the most likely one is the total value of shares traded on the stock exchange in a given period.\""
] |
1848 | Finding out actual items bought via credit card issuer and not the store receipt? | [
"117395",
"266493",
"46658"
] | [
"The store keeps track of what you buy. It is all part of their big data. The knowledge of what you buy helps them project future sales. It allows them to target their marketing. But maybe even more importantly they can sell this knowledge to outside companies. They aren't going to give away that information to ano... |
1850 | Is income from crypto-currencies taxed? | [
"282208",
"431676"
] | [
"Mining is income at the value at time of earning, I would use an index like XBX to determine price. Asset appreciation is capital gains. These aspects of crypto-assets are not a gray area in the US financial sector, and have been addressed for almost half a decade now.",
"In Canada, it is similarly taxed as CQM ... |
1852 | Can I cash a cashier's check at any bank? | [
"65797",
"78623",
"93451",
"297013"
] | [
"The classic Nigerian scam involves sending fraudulent cashier's checks to unwitting recipients who then deposit them in their account. The bank reverses these deposits once they discover the check is not valid. At least in the US and in the parts of the EU I'm familiar with (the Netherlands), the method of the N... |
1855 | How is Massachusetts state tax on unrealized capital gains calculated? | [
"114302"
] | [
"\"Massachusets does no such thing. The 5.25% tax is only on realized gains. \"\"Unearned\"\" means \"\"doesn't tie to your trade/business\"\", i.e.: is not gained through your personal performance.\""
] |
1856 | Is it possible to get life insurance as a beneficiary before the person insured dies? | [
"228792",
"45544",
"266330",
"127369"
] | [
"I recall the following business from the AIDS crisis: viatical settlement But because there were life-extending treatments developed in the 1990s, many third parties which engaged in these took a bath and it's not as common.",
"If the insurance policy is a whole-life (or variable life) policy, it might have a su... |
1857 | If I go to a seminar held overseas, may I claim my flights on my tax return? | [
"324513",
"351169",
"104464"
] | [
"You can deduct this if the main purpose of the trip is to attend the seminar. Travel expenses relating to the attendance at conferences, seminars and other work-related events are deductible to the extent that they relate to your income-producing activities. You will need to apportion your travel expenses where y... |
1858 | Double entry for mortgage | [
"209997",
"348315"
] | [
"For the purpose of personal finance, treating $500 as Interest Expense is sufficient. For business accounting, it involves making the $500 a contra-liability and amortizing it as interest expense over the course of life of the loan.",
"The £500 are an expense associated with the loan, just like interest. You sh... |
1859 | Why doesn’t every company and individual use tax-havens to pay less taxes? | [
"521684",
"176034",
"329059",
"508953",
"401146",
"425597",
"387573",
"592510"
] | [
"\"I believe that an understanding of the taxation system can help to understand our place in it, and how that impacts each of our personal finances. I will try to remain unbiased here but this is a somewhat subjective question, so please bear with me if you disagree on any point. Some of these tax savings are well... |
1860 | US taxation of stock purchase plan for non-resident alien | [
"404026"
] | [
"From my research it looks like its an income NOT effectively connected with the trade of business. This page has the exact details https://www.irs.gov/individuals/international-taxpayers/effectively-connected-income-eci"
] |
1861 | Am I legally allowed to offset the tax I pay on freelance work? (UK) | [
"116934"
] | [
"Yes, you can deduct from your taxable profits (almost) any expenses incurred in the course of your business. See here for HMRC's detailed advice on the subject. The fact that you have salaried PAYE employment as well makes no difference."
] |
1862 | Is Bitcoin a commodity or a currency [duplicate] | [
"343681",
"469964",
"3773"
] | [
"It has properties of both. Tax authorities will eventually give their opinion on this. Through its properties of finite quantity, fungibility, and resistance to forgery/duplication, it acts as a commodity. It can be sent directly between any two parties anywhere on Earth, without regard for the quantity transac... |
1863 | S-Corp and distributions | [
"288074"
] | [
"Does the corporation need the money for its ongoing business? If so, don't transfer it. If not, feel free. This decision has nothing to do with whether the corporation made money in any particular year."
] |
1865 | When filing a US 1065 as a General Partnership, do we combine our expenditures for a home office? | [
"377621"
] | [
"Your home doesn't belong to the partnership, it belongs to you. So you can (if qualified) deduct home office usage as a business expense on your individual tax return. Same goes to your partner. Similarly any other unreimbursed expense."
] |
1866 | ACH processing time of day | [
"65227",
"542932"
] | [
"It depends on the bank and network. Banks are to provide outgoing data at the certain time for the processing by the central clearing house (the Federal Reserve system, for ACH), which then distributes incoming data back to the banks. All this has to be done between the closing of the business day and the opening ... |
1868 | In what cases can states tax non-residents? | [
"535673"
] | [
"From the Massachusetts Department of Revenue: 1st - Massachusetts Source Income That is Excluded Massachusetts gross income excludes certain items of income derived from sources within Massachusetts: non-business related interest, dividends and gains from the sale or exchange of intangibles, and qualified pens... |
1872 | Is it possible to borrow money to invest in a foreign country? | [
"288949",
"473322"
] | [
"Most likely, this will not work they way you think. First things first, to get a loan, the bank needs to accept your collateral. Note that this is not directly related to the question what you plan to do with the loan. Example: you have a portfolio of stocks and bonds worth USD 2 million. The bank decides to give ... |
1875 | What are the tax guidelines for a Canadian freelancer working for a US company? | [
"385320"
] | [
"I do NOT know the full answer but I know here are some important factors that you need to consider : Do you have a physical location in the United States? Are you working directly from Canada? With a office/business location in the United States your tax obligation to the US is much higher. Most likely you will ow... |
1876 | What are the consequences of being classified as a day trader, in Australia? | [
"582736"
] | [
"In Australia the ATO can determine if you are considered a shareholder or a share trader. The ATO defines a shareholder as: A shareholder is a person who holds shares for the purpose of earning income from dividends and similar receipts. Whilst they define a share trader as: A share trader is a person who carries ... |
1878 | How do margins on tracker mortgages (variable rate mortages) vary over time? | [
"375253"
] | [
"how do these margins vary over time Depends on a lot of factors. The bank's financial health, bank's ongoing business activities, profits generated from it's other businesses. If it is new to mortgages, it mightn't take a bigger margin to grow its business. If it is in the business for long, it might not be ready ... |
1882 | Why charge gross receipts taxes to the customer? | [
"584238",
"254509",
"576621"
] | [
"\"the state of New Mexico provides guidance in this exact situation. On page 4: Gross receipts DOES NOT include: Example: When the seller passes tax to the buyer, the seller should separate, or “back out”, that tax from the total income to arrive at \"\"Gross Receipts,\"\" the amount reported in Column D of th... |
1883 | 1099 Misc for taking care of foreign exchange students | [
"551864",
"506395"
] | [
"\"In general, you are allowed to deduct up to $50/month per student (see page 4), but only if you aren't reimbursed. In your case, since you are receiving a stipend, the full $2000 will be treated as taxable income. But the question of \"\"is it worth it\"\" really depends on how much you will actually spend (and ... |
1890 | Why are there so many stock exchanges in the world? | [
"322168",
"99781",
"445039"
] | [
"\"Nearly every country has its own exchange because so many countries have their own currency, and currency permeates every part of an exchange's business. Generally, an exchange will support transaction and settlement only in local currency. Securities (except those that explicitly enable FX trading) are denom... |
1891 | Are large companies more profitable than small ones? | [
"502432",
"336601",
"37032"
] | [
"\"There is no general theory to support the notion that larger companies will be more profitable than smaller companies. Economies of scale are not always positive, one can have diseconomies of scale too. It is more common to talk about an optimal firm size, even going back to Stigler's (1958) \"\"The Economies... |
1894 | Gap in domestic Health Insurance coverage, expect higher premiums? | [
"588509",
"153664"
] | [
"The insurance company is must assume you do have a preexisting condition you are unaware of. The reason for that is that Affordable Care Act precludes the Insurance company from denying coverage of them if you do. Insurance companies are businesses. They are in business to make money(unless you have a nonprofit... |
1895 | When is it necessary to apply taxes for web freelancing services in Quebec, Canada? | [
"445298"
] | [
"\"AFAIK, there are two kinds of taxes your web freelancing income may be subject to in Quebec: On the income taxes: The net income you realize from your web freelancing activities would be considered taxable income. Assuming you are not operating as an incorporated business, you would need to declare the freelan... |
1896 | What are the basics of apartment rental finances? | [
"531934"
] | [
"Well for starters you want to rent it for more than the apartment costs you. Aside from mortgage you have insurance, and maintenance costs. If you are going to have a long term rental property you need to make a profit, or at a bare minimum break even. Personally I would not like the break even option because t... |
19 | How can I estimate business taxes / filing fees for a business that has $0 income? | [
"315086",
"142623"
] | [
"Is the business an S-Corp, LLC or Sole Prop? I am going to guess based on the question that it is an LLC that you never closed with the state and you live in a state (NY) that charges a fee for having an LLC in the state in which case you owe those fees to the state. I am not aware of any taxes on the mere existen... |
1900 | Why do bank statements end on *SUCH* wildly inconsistent days of the month? | [
"44593",
"560084"
] | [
"Looking at your dates, I think I see a pattern. It appears that your statement closing date is always 17 business days before the last business day of the month. For example, if you start at May 31 and start counting backwards, skipping Saturdays, Sundays, and May 30 (Memorial Day), you'll see that May 5 is 17 b... |
1901 | Online tutorials for calculating DCF (Discounted Cash Flow)? | [
"257722",
"513658",
"435722"
] | [
"\"Here's a link to an online calculator employing the Discounted Cash Flow method: Discounted Cash Flows Calculator. Description: This calculator finds the fair value of a stock investment the theoretically correct way, as the present value of future earnings. You can find company earnings via the box ... |
1910 | If accepting more than $10K in cash for a used boat, should I worry about counterfeiting? | [
"553415",
"560885",
"140568",
"435555",
"126814",
"273576",
"305200",
"56526"
] | [
"When you operate outside of the law, you bear the risks of that decision. When you operate within the law, you have a number of avenues, such as the courts and police to mediate disputes or other problems.",
"If you get counterfeit money, then you're dealing with the criminal who is going to be punished by the ... |
1913 | How to pick a state to form an LLC in? | [
"237514",
"206114"
] | [
"\"There are very few circumstances where forming an out of state entity is beneficial, but a website is within these circumstances in certain instances. Businesses with no physical operations do not need to care what jurisdiction they are registered in: your home state, a better united state or non-united state. T... |
1914 | If a bank has a transfer limit, what happens if another bank pushes/pulls more than that? | [
"449279",
"444104"
] | [
"If bank B has a transfer limit set, you bet that there is a nice reason for that. Either risk of fraud, liability, client preferences, profiling, credit scoring, etc, etc. For a bank, the cost of denying something [1] is way lower than the potential damages and liabilities of allowing something to go through. Reg... |
1917 | How does GST on PayPal payments work for Australian Taxation? | [
"290265",
"103720"
] | [
"\"TL;DR - my understanding of the rules is that if you are required to register for GST (earning more than $75k per annum), you would be required to pay GST on these items. To clarify firstly: taxable income, and goods and services tax, are two different things. Any income you receive needs to be considered for in... |
1918 | Freelancer in India working for Swiss Company | [
"349424",
"576384",
"398806"
] | [
"\"As you are earning an income by working in India, you are required to pay tax in India. If you contract is of freelance, then the income earned by you has to be self declared and taxes paid accordingly. There are some expenses one can claim, a CA should be able to guide you. Not sure why the Swiss comapny is p... |
1919 | What would be the appropriate account for written off loans to friends and family? | [
"118083"
] | [
"\"A simple way to account debt forgiveness of your receivables is to utilize a \"\"Bad Debt\"\" expense account. Take the following two examples: If you are only forgiving a portion of the principle, another popular term used is Principle Reduction as the expense account.\""
] |
1921 | Should I buy a house with a friend? | [
"243732",
"84732",
"580932",
"581026",
"306926",
"537280",
"498818",
"401092"
] | [
"No. This amount of money is not appropriate for friends to go in on. Although you could consider buying a house with a business partner, have the contracts drawn up, see an attorney, read up on the penalties if one of the partners doesn't hold up their end from the law's point of view. Also, since this is a busin... |
1923 | Online transaction - Money taken out late | [
"425249",
"428290"
] | [
"\"Debit Cards have a certain processing delay, \"\"lag time\"\", before the transaction from the vendor completes with your bank. In the US it's typically 3 business days but I have seen even a 15 day lag from Panera Bread. I guess in the UK, payment processors have similar processing delays. A business is not obl... |
1926 | Does a growing economy mean the economy is becoming less efficient? | [
"510888",
"322911",
"318886"
] | [
"It's a kook movie made by folks who combine conspiracy quackery with repackaged socialism. If you're into socialist theory, read Marx or some other intellectual socialist. That said, growth and efficiency are not the same thing. If I'm running a lemonade stand, I can grow by hiring more people at $X/hr or increase... |
1927 | How does a Non US citizen gain SEC Accredited Investor Status? | [
"63"
] | [
"Here are the SEC requirements: The federal securities laws define the term accredited investor in Rule 501 of Regulation D as: a bank, insurance company, registered investment company, business development company, or small business investment company; an employee benefit plan, within the meaning of the Employee... |
1929 | I paid a contractor to make roof repairs to a house in my LLC. How can I deduct this cost? | [
"155490"
] | [
"This new roof should go on the 2016 LLC business return, but you probably won't be able to expense the entire roof as a repair. A new roof is most likely a capital improvement, which means that it would need to be depreciated over many years instead of expensed all in 2016. The depreciation period for a resident... |
1939 | Obtaining Pound Sterling Cheque in US to pay for family history records from England? | [
"5219"
] | [
"Most US banks don't allow you the ability to draft a foreign currency check from USD. Though, I know Canadian banks are more workable. For instance, TD allows you to do this from CAD to many other currencies for a small fee. I believe even as a US Citizen you can quite easily open a TD Trust account and you'd be g... |
1940 | Shares in Chinese startup company | [
"183247"
] | [
"Setting up an entity that is partially foreign owned is not that difficult. It takes an additional 1-1.5 months in total, and in this particular case, you guys would be formed as a Joint Venture. It will cost a bit more (about 3-5000). If you're serious about owning a part of a business in China, you should carefu... |
1941 | Tenant wants to pay rent with EFT | [
"558301",
"377521",
"354103",
"489093",
"549437",
"548465",
"218153",
"323573",
"64440",
"590990",
"434320",
"381068",
"200248",
"440824",
"314049",
"489059",
"308462"
] | [
"Yes, it is safe, we have been doing it for years. We prefer our tenants to make their rent payments in this manner. In fact, we prefer that they set up an automatic payment for the rent, either through their online banking or through their bank directly. Apart from getting your rent on time, this method also has t... |
1944 | Learning investment--books to read? Fundamental/Value/Motley Fool | [
"376859"
] | [
"You are smart to read books to better inform yourself of the investment process. I recommend reading some of the passive investment classics before focusing on active investment books: If you still feel like you can generate after-tax / after-expenses alpha (returns in excess of the market returns), take a shot a... |
1945 | Creating a personal company | [
"582571"
] | [
"\"You're confusing so many things at once here...... First thing first: we cannot suggest you what to do business-wise since we have no idea about your business. How on Earth can anyone know if you should sell the software to someone or try to distribute to customers yourself? How would we know if you should hire ... |
1950 | Question about dividends and giant companies [duplicate] | [
"291996",
"148435"
] | [
"\"Dividends are a way of distributing profits from operating a business to the business owners. Why would you call it \"\"wasting money\"\" is beyond me. Decisions about dividend distribution are made by the company based on its net revenue and the needs of future capital. In some jurisdictions (the US, for exampl... |
1951 | Are Chase credit cards commonly accepted for purchases? | [
"246688"
] | [
"If you read the fine print in the Pricing & Terms section of that card, you'll see: By becoming a Visa Business Card cardmember, you agree that the card is being used only for business purposes and that the card is being issued to a public or private company including a sole proprietor or employees or contractors ... |
1958 | How can I find a lost 401K from a past employer? | [
"217425"
] | [
"The Employee Benefits Security Administration within the US Department of Labor is tasked with keeping track of pension and 401K programs. The even have a website to search for abandoned plans: it helps participants and others find out whether a particular plan is in the process of being, or has been, terminated a... |
1959 | Is there any circumstance in which it is necessary to mark extra payments on a loan as going to “principal and not interest”? | [
"63250",
"255538",
"278089",
"522218"
] | [
"It could be a couple of things besides extra principal: I seem to remember hearing that some (shady?) lenders would just pocket extra payments if you didn't specify where they were headed, but I've also been told that this just isn't true.",
"The mortgage I got last year through Wells Fargo explicitly indicates ... |
1960 | How can small children contribute to the “family economy”? | [
"390484",
"450347",
"247842",
"562820",
"30155",
"374833"
] | [
"Another suggestion I heard on the radio was to give the child the difference between the name brand they want, and the store brand they settle on. Then that money can be accumulated as savings. Saving money is as important a feature of the family economy as earning money. Be careful with what you have a child do ... |
1961 | Optimal pricing of close to zero marginal cost content | [
"266209",
"282286",
"466640"
] | [
"With near zero marginal cost, and infinite supply, your prices are going to be decided by entry cost, competition, and what the market will bear. Generally speaking, though, there are no accurate models for getting these kinds of optimal prices in advance - your best bet is to test, experiment, and then build a bu... |
1962 | Where can I borrow money for investing? | [
"233805",
"212308",
"179103",
"121161",
"290325"
] | [
"\"Borrowing to invest is almost always a bad idea. You'd have to take out an unsecured loan, which has a higher interest rate, or a secured loan and put at risk whatever you are securing the loan with. You need some means to make payments on the loan, or if interest is being added to the balance then take the com... |
1964 | Why can't 401(k) statements be delivered electronically? | [
"251273",
"364471"
] | [
"\"There are a lot of unintended consequences of fairly arbitrary IRS guidelines when it comes to 401Ks, they both close and create tons of loopholes and many companies are left to implement their own policy around these laws. Ultimately what you are left with are a lot of random things, interpreted differently by ... |
1965 | Why would you ever turn down a raise in salary? | [
"240350",
"514720",
"14286",
"195225",
"156496",
"410987",
"386567",
"449774",
"170143",
"158227",
"161703",
"92851",
"541094",
"105446",
"501636",
"561317",
"574583",
"338345",
"273884",
"391098",
"20420",
"340551"
] | [
"\"I don't know of a situation where rejecting a raise would make sense. Often, one can be in a phaseout of some benefit, so that even though you're in a certain tax bracket, the impact of the next $100 is greater than the bracket rate alone. Taxation of social security benefits is one such anomaly. It can be high,... |
1966 | Employer-Paid relocation as taxable income? | [
"160340"
] | [
"\"If all of the relocation expenses are paid by your employer to the moving companies, then you should not have any tax liability for those payments. Relocation expenses should be treated as normal business expenses by your employer. Note I emphasize \"\"should\"\" because it's possible that your employer \"\"coul... |
1967 | Is interest on a personal loan tax deductible? | [
"522671",
"318201",
"484596"
] | [
"When you pay interest on a loan used to fund a legitimate investment or business activity, that interest becomes an expense that you can deduct against related income. For example, if you borrowed $10k to buy stocks, you could deduct the interest on that $10k loan from investment gains. In your case, you are borr... |
1971 | How can I work out how much a side-job contracting will be taxed for? | [
"558832",
"211485"
] | [
"I would say you can file your taxes on your own, but you will probably want the advice of an accountant if you need any supplies or tools for the side business that might be tax deductible. IIRC you don't have to tell your current employer for tax reasons (just check that your contract doesn't state you can't have... |
1972 | Why are American Express cards are not as popular as Visa or MasterCard? | [
"261684",
"214139",
"370146",
"308383"
] | [
"Those extra treat points have to come from somewhere, and they come from American Express charging merchants a higher percentage than Visa or Mastercard. So it's less attractive for those merchants to accept it.",
"\"American Express was originally a mail business that moved into money-orders. Traditionally thei... |
1973 | How do LLC losses affect personal income taxes in the US? | [
"373481"
] | [
"The short answer is yes, losses get passed through to members. Limits/percentages do apply, primarily based on your share in the business. Check out the final post in this thread: http://community2.business.gov/t5/Other-Business-Issues/Paying-oneself-in-a-LLC/td-p/16060 It's not a bad little summary of the profi... |
1974 | Does Tennessee have anything like a principal residence exemption? | [
"276295"
] | [
"\"There's no homestead property tax exemption in TN. According to the TN comptroller site: Exemptions Exemptions are available for religious, charitable, scientific, and nonprofit educational uses, governmental property, and cemeteries. Most nongovernmental exemptions require a one-time application and appro... |
1975 | Currently sole owner of a property. My girlfriend is looking to move in with me and is offering to pay 'rent'. Am I at risk here? | [
"467868",
"494832",
"270844",
"131041",
"485147",
"306677"
] | [
"\"The rent payment is in principle taxable. However, you should be able to take advantage of the \"\"rent a room\"\" scheme, and the proposed rent falls well under the £7,500/year tax threshold for that. So no tax will be actually payable and you don't have to formally declare it as long as you stay below that thr... |
1976 | Why do car rental companies prefer/require credit over debit cards? | [
"160886",
"102746",
"428258",
"391415",
"375170",
"541469"
] | [
"A hotel can accept the debit card because each night they can withdraw the money. If you don't have sufficient funds they can instantly lock you out of your room. They an also limit your ability to access room service, and other extra expensive options. The rental car can't do that once you have the car. Plus they... |
1978 | Do credit ratings (by Moody's, S&P, and Fitch) have any relevance? | [
"93463",
"305085",
"507368"
] | [
"They've pretty much shot any credibility they possessed. Follow the money.",
"\"The problems with ratings and the interpretation of ratings is that they are retrospective, and most people read them as prospective. They basically tell you that debtor is solvent right now. What does that mean? It means that the ra... |
1979 | As an independent contractor, should I always charge the client the GST/HST? | [
"433907"
] | [
"Hourly rate is not the determinant. You could be selling widgets, not hours. Rather, there's a $30,000 annual revenue threshold for GST/HST. If your business's annual revenues fall below that amount, you don't need to register for GST/HST and in such case you don't charge your clients the tax. You could still cho... |
1982 | Form 1040 - where to place my stipend? | [
"235074",
"76618"
] | [
"If you're correct that it's not taxable because it's non-taxable reimbursement (which is supported by your W-2), then it should not go on your 1040 at all. If it is taxable, then it really should have appeared on your W-2 and would probably end up on Line 7 of your Form 1040.",
"\"Some of the 45,000 might be ta... |
1984 | Sales Tax: Rounded Then Totaled or Totaled Then Rounded? | [
"126771",
"177328",
"436128",
"170632"
] | [
"\"Tax is often calculated per item. Especially in the days of the internet, some items are taxable and some aren't, depending on the item and your nexus. I would recommend calculating and storing tax with each item, to account for these subtle differences. EDIT: Not sure why this was downvoted, if you don't beli... |
1986 | Might I need a credit score to rent, or for any other non-borrowing finances? | [
"533621",
"256981",
"222141"
] | [
"\"Credit scores are not such a big deal in Canada as they are in the US and even some European countries. One reason for this: the Social Insurance Number (SIN number) isn't used for so many purposes like the Social Security Number (SSN) in the US. The SIN number isn't even required to get credit (but with some ... |
1987 | How to properly report income without 1099-MISC | [
"174025"
] | [
"You are right that even if you do not receive a 1099-MISC, you still need to report all income to the IRS. Report the $40 on Schedule C or Schedule C-EZ. Since your net profit was less than $400, you do not need to file Schedule SE. From the IRS web site: Self-Employment Income It is a common misconception that... |
1990 | Can I deduct work equipment I am not required to purchase by my employer? | [
"578732",
"120500"
] | [
"No, you cannot. You can only deduct expenses that the employer required from you, are used solely for the employer's (not your!) benefit, you were not reimbursed for them and they're above the 2% AGI threshold. And that - only if you're itemizing your deductions.",
"\"Old question, but in the comments of the acc... |
1993 | Are cashiers required to check a credit card for a signature in the U.S.? | [
"541391",
"250503",
"560444",
"264809",
"129988",
"160535",
"7766"
] | [
"The signature actually harks back to the days before every business checked every transaction online. When charge cards were introduced modems didn't exist. Nowadays, stolen credit cards are usually reported within 24 hours and the card won't work. Businesses that face low fraud rates don't bother checking. They p... |
1995 | What's the purpose of having separate checking and savings accounts? | [
"39006",
"274369",
"558611",
"228308"
] | [
"\"For some people, it's easier to stick to a budget if they have separate checking and savings accounts because they can deposit funds directly into their savings account and not have those funds accessible by debit/credit card, checks, etc. This allows people to pay themselves first and accumulate savings, while ... |
1996 | What happens to your ability to borrow money based on our joint finances? | [
"313896",
"126385",
"565762"
] | [
"Several factors are considered in loans as significant as a home mortgage. I believe the most major factors are 1) Credit report, 2) Income, and 3) Employment status If you borrow jointly, all joint factors are included, not just the favorable ones. Some wrinkles this can cause may include: Credit Report - The s... |
1997 | Working out if I should be registered as self-employed in the UK | [
"445846",
"585121"
] | [
"As 'anonymous' already mentioned, I think the correct answer is to go see an accountant. That said, if you are already have to fill in a tax return anyway (ie, you're already a high rate taxpayer) then I don't see why it should be an issue if you just told HMRC of your additional profit via your tax return. I neve... |
1998 | Other than being able to borrow to invest, how is a margin trading account different from a cash account? | [
"115918",
"521897",
"300139",
"202985"
] | [
"\"Probably the most significant difference is the Damocles Sword hanging over your head, the Margin Call. In a nutshell, the lender (your broker) is going to require you to have a certain amount of assets in your account relative to your outstanding loan balance. The minimum ratio of liquid funds in the account to... |
1999 | What funds were closed during or after the recent recessions? | [
"169627"
] | [
"\"Yes, many hedge funds (for example) did not survive 2008-2009. But hedge funds were failing both before and after that period, and other hedge funds thrived. Those types of funds are particularly risky because they depend so much on leverage (i.e. on money that isn't actually theirs). More publically-visible f... |
20 | Would the purchase of a car for a business through the use of a business loan be considered a business expense? | [
"447231"
] | [
"You don't say what country you live in. If it's the U.S., the IRS has very specific rules for business use of a car. See, for starters at least, http://www.irs.gov/publications/p463/ch04.html. The gist of it is: If you use the car 100% for business purposes, you NEVER use it to drive to the grocery store or to you... |
2001 | Is the return on investment better with high or low dividends? | [
"107218",
"483890",
"55499"
] | [
"It is a bit more complicated than whether it pays more or less dividends. You should make your decision based on how well the company is performing both fundamentally and technically. Concentrating mainly on the fundamental performance for this question, most good and healthy companies make enough profits to both ... |
2002 | Advantages/Disadvantages to refinancing online? | [
"446137",
"251466",
"581033"
] | [
"If you can deal with phone calls instead of a face to face meeting, for the average person with an average refinance online tools just offer another way to shop for deals. For new mortgages, I think having a person you can meet face to face will avoid problems, but for just a simple refi, online is one of the plac... |
2003 | Are Forex traders forced to use leverage? | [
"309976",
"379314",
"277074",
"553304",
"172025"
] | [
"\"While it's not true that you have to use leverage to participate in Forex, the alternative makes it impractical for most people to be able to do so. You need to be able to put a lot of money into it in order to not trade on leverage. The fact is, most accounts for \"\"normal\"\" people require leverage because ... |
2004 | Can I write off time spent learning my trade - Two-Man S-Corp | [
"283079"
] | [
"\"I'm not sure what you mean by \"\"writing off your time,\"\" but to answer your questions: Remember that, essentially, you are a salaried employee of a corporation. So if you are spending time at your job, even if you are not billing anything to a client, you are earning your salary. If there are costs involved... |
2005 | person on loan with cosigner | [
"34722"
] | [
"\"This will probably require asking the SO to sign a quitclaim and/or to \"\"sell\"\" him her share of the vehicle's ownership and getting it re-titled in his own name alone, which is the question you actually asked. To cancel the cosigner arrangement, he has to pay off the loan. If he can't or doesn't want to do ... |
2008 | Where can I find accurate historical distribution data for mutual funds? | [
"341192",
"4735",
"346345"
] | [
"\"In the case of a specific fund, I'd be tempted to get get an annual report that would disclose distribution data going back up to 5 years. The \"\"View prospectus and reports\"\" would be the link on the site to note and use that to get to the PDF of the report to get the data that was filed with the SEC as tha... |
2009 | How many days does Bank of America need to clear a bill pay check | [
"165691",
"476233",
"108734",
"439840",
"379732",
"78575",
"233040"
] | [
"\"Firstly, it isn't so generous. It is a win-win, but the bank doesn't have to mail me a free box of checks with my new account, or offer free printing to compete for my business. They already have the infrastructure to send out checks, so the actual cost for my bank to mail a check on my behalf is pretty minima... |
2012 | Track uninvoiced (pre-invoiced?) expected income in Quicken | [
"77248"
] | [
"\"You are right on track with your idea of setting up a separate account for invoiced income. Create a new account with the type other asset and call it \"\"Receivables\"\" (or something similar). Every time you invoice a client, enter a credit to this account with the amount of the invoice. Once the client pays a... |
2014 | Are there alternatives to double currency account to manage payments in different currencies? | [
"212464",
"276186",
"576025",
"531292"
] | [
"Yes, there is indeed a great alternative for all European residents: getting a Revolut account. Revolut is a fully-online bank who's main benefits include the lack of fees (with some limits) and a great exchange rate for all currency operations (better than what you would get at any brick and mortar bank in Europe... |
2015 | Are there any countries where citizens are free to use any currency? | [
"345725",
"70451",
"300213",
"281862"
] | [
"\"Wikipedia has a list of countries which ban foreign exchange use by its citizens. It's actually quite short but does include India and China. Sometimes economic collapse limits enforcement. For example, after the collapse of the Zimbabwean dollar (and its government running out of sufficient foreign exchange t... |
2016 | Eligibility for stock rights offering | [
"266767"
] | [
"Yes, there is a delay between when you buy a stock and when you actually take ownership of it. This is called the settlement period. The settlement period for US equities is T+2 (other markets have different settlement periods), meaning you don't actually become a shareholder of record until 2 business days after... |
2017 | Can a single-member LLC have a fiscal year not as the calendar year? | [
"530119"
] | [
"I'm no tax expert by any means. I do know that a disreagarded entity is considered a sole proprietor for federal tax purposes. My understanding is that this means your personal tax year and your business tax year must be one and the same. Nevertheless, it is technically possible to have a non-calendar fiscal year ... |
2018 | How do small cap stocks perform vs. large cap stocks (like Dow constituents) during bear trends? | [
"10098"
] | [
"To a certain extent, small cap companies will in general follow the same trends as large cap companies. The extent of this cointegration depends on numerous factors, but a prime reason is the presence of systemic risk, i.e. the risk to the entire market. In simple terms, sthis is the risk that your portfolio will ... |
2022 | Understanding taxes when buying goods at a store | [
"227162",
"318966"
] | [
"\"Grocery food is not subject to sales tax in Maryland, but some food is taxed depending on category or preparation. So you must have had a combination of grocery and taxable foods. One of the cheaper items you purchased was subject to a whopping penny of sales tax. http://taxes.marylandtaxes.com/Individual_Taxes/... |
2025 | “Top down” and “bottom-up approach” | [
"160454",
"355360"
] | [
"\"I think it's an argument for Keynesian economic policy, basically an abridged version of this paragraph from the Wikipedia article: Keynesian economists often argue that private sector decisions sometimes lead to inefficient macroeconomic outcomes which require active policy responses by the public sector, in pa... |
2027 | The Canadian dividend tax credit: Why is it that someone can earn a lot in dividends but pay no/little tax? | [
"277464",
"325906"
] | [
"Basically, yes. That doesn't mean that it's easy to do. The government provides a dividend tax credit since an individual takes on more risk to invest in dividend-paying corporations rather than trading their human capital for an income. Thus, for the most part, $1 earned from dividends is taxed much less than $1 ... |
2028 | Personal “Profit & Loss Statement” required for mortgage? | [
"243822"
] | [
"\"The bank is asking for a P & L because as a contractor you are in essence running your own business. Its kind of a technicality, all you need to do is look at any expenses that you paid out of pocket while working there that were job or \"\"business\"\" related. Write a list of those expenses such as \"\"Gas\"\... |
2035 | Is the need to issue bonds a telltale sign that the company would have a hard time paying coupons? | [
"253246",
"241590",
"46833",
"32043",
"229926"
] | [
"\"No, having to borrow money does not necessarily mean a company will have a hard time paying the interest on it. Similarly, having to take out a mortgage on a house does not mean a person will not be able to make their mortgage payments. Borrowing money can be a way to spend future money instead of present money ... |
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