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Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | If banksimple.com is not a bank, what is it? | The model itself is fairly common for serving particular niche markets. A few other organizations which operate in similar setups: prepaid card providers such as NetSpend, GreenDot, AccountNow, etc; startups such as SmartyPig, PerkStreet, WePay, and HigherOne. Still, nobody else seems to be providing full-service onlin... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | If banksimple.com is not a bank, what is it? | Looks more like an idea for a business rather than an actual business -- especially since it hasn't even launched. That said, it does have its merits. What bank actually holds the deposit funds becomes irrelevant, and may actaully change from time to time as they forge better partnerships with different banks. Think o... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | If banksimple.com is not a bank, what is it? | I don't see how this concept takes off. First and foremost, BankSimple is NOT a bank but a tech company masquerading as one. BankSimple leaves industry regulation and treasury management -- the CORE of banking, to outside parties. Call me old fashioned, but I prefer to have as few stops between me and my money as poss... |
Share your insights or perspective on the financial matter presented in the input. | How can a credit card company make any money off me? I have a no-fee card and pay my balance on time | Credit cards have two revenue streams: So yes, the are making money from your daily use of the card. |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How can a credit card company make any money off me? I have a no-fee card and pay my balance on time | They don't make any money off of you personally. They make money off of the merchants per transaction when you use the card. You trigger this fee to the credit card issuer, but it doesn't come out of your pocket. (Or it shouldn't; merchants aren't allowed to pass this fee on to you.) They keep you around because you ... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | How can a credit card company make any money off me? I have a no-fee card and pay my balance on time | Of course they make money. They double dip in a lot of instances they make 2 - 3% plus $0.30 per transaction from the merchant and then whatever interest you pay on your card. So let's just say in one day you make stops at Starbucks for a $4 Latte, then at Wendy's for lunch for about $8, then you put about $20 worth of... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | How can a credit card company make any money off me? I have a no-fee card and pay my balance on time | Maybe they don't make much, but they make some for sure. In addition to what duffbeer703 says, they also have a warm body at the end of the line and will sell your contact info (or at least access to your eyeballs) to marketers. They stuff advertisements into your bill for example. If nothing else, you are brand valu... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | How can a credit card company make any money off me? I have a no-fee card and pay my balance on time | Ever wonder why certain businesses won't accept certain credit cards? (The sign above the register saying "Sorry, we don't accept AmericanExpress"). It's because they don't want to pay that credit card company's transaction fees. One of the roles of the credit card company is to facilitate the transaction process betwe... |
Share your insights or perspective on the financial matter presented in the input. | What are the common income tax deductions used by “rich” salaried households? | You're asking explicitly about $250K+ wage earners. Well, believe it or not, but this is the most discriminated group of people in the US tax code. This is what is called "the upper middle class". People who still have to work for a living, but treated as if they're rich (I don't consider people who must work to keep u... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | What are the common income tax deductions used by “rich” salaried households? | The $250K and up are not one homogeneous group. The lower end of this group benefits from normal Schedule A itemized deductions, e.g. mortgage interest, property tax, state income tax, and charitable donations. As you mention, 401(k) ($17k employee contribution limit this year), but also things like the dependent care ... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | What are the common income tax deductions used by “rich” salaried households? | One of the main tax loopholes more readily available to the wealthy in the U.S. is the fact that long-term capital gains are taxed at a much lower rate. Certainly, people making less than $250,000/year can take advantage of this as well, but the fact is that people making, say, $60,000/year likely have a much smaller p... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | What are the common income tax deductions used by “rich” salaried households? | From Rich Dad, Poor Dad. 3 Major Things: With rental real estate, in addition to mortgage interest, you also deduct property taxes, and must claim depreciation (cost of house / 27.5 years) Business Expenses. For example, buy a yacht and put it in a charter fleet. Deduct interest on the loan, depreciation of the asset, ... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | What are the common income tax deductions used by “rich” salaried households? | As was stated, households earning over $250k/yr don't all get their income one way. Below that threshold, even in the six figure range, most households are in one of two categories; salary/wage/commission workers, and those living off of nest eggs/entitlements (retired, disabled, welfare). Above $250k, though, are a lo... |
Share your insights or perspective on the financial matter presented in the input. | How U.S. Depreciation works Explain in brief? | If a business tool has a limited lifespan, it's value decreases (depreciates) from year to year. The business can capture that loss of value on some things that it couldn't otherwise write off as expenses. A few tools can be either expenses or depreciated, but only one of those can be chosen for that particular object.... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Buying a truck to write off on taxes | Assuming your country is the United States there is. See schedule C line 9 and the corresponding instructions. There are many rules associated with this, in some cases the entire purchase can be written off but typically if the truck is only used for business. Most people write off partial usage in the form of cred... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | If I pay someone else's property taxes, can I use it as a deduction on my income tax return? | According to page 107 of the instructions for schedule A for form 1040 : Include taxes (state, local, or foreign) paid on real estate you own that was not used for business. ... If you want to make a business out of her property and be her agent in the management, you might be able to work with an accountant on this, b... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | If I pay someone else's property taxes, can I use it as a deduction on my income tax return? | To make matters worse, if you pay the property tax your mother in law can't take the deduction either. You may be better off paying rent and having her handle the property correctly, as a rental. |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | If I pay someone else's property taxes, can I use it as a deduction on my income tax return? | You cannot deduct. Even if you could, unless you also hold the mortgage, it's unlikely that you would have sufficient deductions to exceed the standard deduction for a married couple. |
Share your insights or perspective on the financial matter presented in the input. | Is it possible for credit card companies to check credit score in India? | Is it possible for the card issuing banks to check my score without my permission? As far as I understand these things, that is exactly the whole purpose of these sorts of credit-rating institutions. The banks and other financial businesses are their customers. They exist to serve those customers. Their relationship, i... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Free cash flow and capex on morningstar.com | Free Cash Flow (FCF) is not a metric/data point which represents any ACTUAL cash flow of a company. FCF is a data point which communicates how much cash a company has after Operating cash requirements and cash expenditures "required" to grow and maintain the existing business. FCF can be used to pay dividends, buy back... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Filing a corporation tax return online? | When in doubt, you should always seek the advice of a professional tax preparer or your accountant. (Many agents/accountants will gladly review your tax preparations to ensure you haven't missed something. That's quicker and cheaper than paying them to do it all.) Having said that... This Illinois resource has detailed... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Filing a corporation tax return online? | This may not exactly answer your question but, as a small business owner, I would highly recommend having a professional handle your taxes. It is worth the money to have it done correctly rather than doing something wrong and getting audited or worse having penalties assessed and owing more than you thought would be po... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Taxes on transactions of services | Do Alice and Bob have to figure out the fair market value of their services and report that as income or something? Yes, exactly that. See Topic 420. Note that if the computer program is for Bob's business, Bob might be able to deduct it on his taxes. Similarly, if the remodeling is on Alice's business property, sh... |
Share your insights or perspective on the financial matter presented in the input. | Taxes on transactions of services | It's called bartering and the IRS has a page titled Four Things to Know About Bartering. The summary is - The bottom line is this is taxable. |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How long do wire transfers take? | The experience I have with wire transfers is from Australia to the US. These transfers can take up to 5 business dates (i.e. a whole week including the non-business days of the weekend). I would have thought intra-European transfers would be quicker, given how behind most US (regional) banks are in their electronic tra... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Do companies that get taken-over have to honour the old gift card/certificate? | It depends completely on the nature of the takeover. When a business is bought, the new owner takes on the obligations of the prior owner, the debts don't just go away. When a business files for bankruptcy, its debts may get discharged, and gift card holders can easily be the first ones to get nothing back. A case in p... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Do companies that get taken-over have to honour the old gift card/certificate? | I know this is old, but Joe Taxpayer is wrong. When you dissolve a corporation in selling it, all liabilities go with the old owners and the new owners, smartly starting with a new corporation and taxpayer ID, start with a clean slate. The only way this is not true is if the new owners did not change a thing legally ... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Federal taxes for nonresident alien whose only income in 2016 was a 2015 state tax return | I believe you have to file a tax return, because state tax refund is considered income effectively connected with US trade or business, and the 1040NR instructions section "Who Must File" includes people who were engaged in trade or business in the US and had a gross income. You won't end up having to pay any taxes as ... |
Share your insights or perspective on the financial matter presented in the input. | Cash-basis accounting and barter | If you don't track the accrued costs involved, then it means that the valuation of the deal will be somewhat arbitrary, but it still can be made by looking at the value of equivalent or similar goods or services. It's rather similar to accounting treatment of (noncash) gifts, for example. You make up a valuation, and a... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | What is a trade exchange and are they reputable or not? | I think this is off topic, but here is a stab: So these are cashless. It could be a way to smooth out the harsh reality of capitalism (I overproduced my product, I have more capacity than I can sell) and I can trade those good to other capitalists who similarly poorly planned production or capacity. Therefore the mark... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | If a company in China says it accepts Visa, does it accept all Visas? | Generally, credit card networks (as opposed to debit/ATM cards that may or may not have Visa/MC logos) have a rule that a merchant must accept any credit card with their logo. Visa rules for merchants in the US say it explicitly: Accept all types of valid Visa cards. Although Visa card acceptance rules may vary based... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | If a company in China says it accepts Visa, does it accept all Visas? | Many businesses that accept regular VISA credit cards will not accept VISA purchase cards intended for corporate/gov purchasing departments and able to furnish a more detailed audit trail (purchase order #, lot #, etc.) than a regular credit card. Other merchants take ONLY VISA purchase cards. |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Understanding Gift taxes for mortgage downpayment | You are using interchangeably borrow/loan and gift. They are very different. For the mortgage company, they would prefer that the money from friends and family be a gift. If it is a loan, then you have an obligation to pay it back. If they see money added to your bank accounts in the months just before getting the loa... |
Share your insights or perspective on the financial matter presented in the input. | American living abroad and not working for an American company - tax reporting and bank accounts | The IRS taxes worldwide income of its citizens and green card holders. Generally, for those Americans genuinely living/working overseas the IRS takes the somewhat reasonable position of being in "2nd place" tax-wise. That is, you are expected to pay taxes in the country you are living in, and these taxes can reduce t... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | American living abroad and not working for an American company - tax reporting and bank accounts | I'll add a bit to Paul's excellent write up. Foreign Earned Income Exclusion (form 2555): notice the earned there. It doesn't exclude capital gains, interest, dividends, and basically everything that is not salary. You pay US taxes on it from the first cent. Foreign tax credit - foreign tax credit (form 1116) doesn't r... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Legal restrictions for EU-foreigners to setup bank account in Czech republic | It depends on what exactly do you mean by "seat of residence". That term has different meanings (legally) in different countries and different contexts. If you're foreigner (even from within the EU), any czech bank will most likely ask you to provide a residence permit. Here are some details: http://www.mvcr.cz/mvcren/... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Visiting vacation rental with immediate family | No, you cannot deduct it. There's no business substance in such a trip, it is your vacation, and as such cannot be claimed as an expense against the rental income. You may be able to deduct the coffee you buy for the meeting with the property manager while there, but there's no way you can justify a 7-10 days vacation ... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Visiting vacation rental with immediate family | If you and your wife are owners, your tickets might be a business expense against the rental income. 'Might' as in the IRS will be happy to audit you, seeing the kids went as well and prorating the expense as say 25% was really business, the rest, family vacation. If this $4000 write off is the make or break for this ... |
Share your insights or perspective on the financial matter presented in the input. | What purchases, not counting real estate, will help me increase my cash flow? | You can increase your monthly cash flow in two ways: It's really that simple. I'd even argue that to a certain extent, decreasing expenses can be more cash-positive than increasing income by the same amount if you're spending post-tax money because increasing income generally increases your taxes. So if you have a chun... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | What purchases, not counting real estate, will help me increase my cash flow? | Brownbag your lunch and make coffee at home. If your current lifestyle includes daily takeout lunches and/or barista-made drinks, a rough estimate is you have a negative cash flow of $8-20 per day, $40-100 per week, $2080-5200 per year. If you have daily smoothies, buy a blender. If you have daily lattes buy an es... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | What purchases, not counting real estate, will help me increase my cash flow? | Mutual funds can be relatively low risk and a good starting point. Really it depends on you. What are your goals? This is a pretty open ended question. These can all be low risk and provide some return. Note "Less Knowledge" is never a good qualifier for an investment. Your money is your business and you are entitled... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Paid credit card bill, but money didn't leave my checking account [duplicate] | The fact that your credit card has seen the payment is strong evidence that the transaction did in fact take place. But it's not unusual for there to be a delay of one or two business days before transactions show up in your online banking records. Saturday and Sunday are not business days. I bet you will see it on... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Paid credit card bill, but money didn't leave my checking account [duplicate] | You probably don't need to call the bank. Today is Sunday, so three days ago was probably Friday (or Thursday depending on how you count the days). Banks normally don't post transactions on weekends - and transactions that do happen on the weekend sometimes don't get posted until Tuesday. I would give it till Tuesday a... |
Share your insights or perspective on the financial matter presented in the input. | Paid credit card bill, but money didn't leave my checking account [duplicate] | This is normal for credit cards. As long as you make the credit card company's cutoff time, they will make the funds available on your credit card rather than make you wait for them to actually get the funds from your bank. The amount of time this takes actually can vary significantly from bank to bank. You do want to... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Money Structuring | See "Structuring transactions to evade reporting requirement prohibited." You absolutely run the risk of the accusation of structuring. One can move money via check, direct transfer, etc, all day long, from account to account, and not have a reporting issue. But, cash deposits have a reporting requirement (by the bank)... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Money Structuring | There's a difference between your street level drug dealer sending you sales proceeds of $20,000 in $5,000 increments to avoid sending you $10,000 or $20,000 at once to avoid the scrutiny of a government agency that might not be thrilled with your business venture, and a tire shop paying a wholesaler $5,000 each time f... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Money Structuring | Structuring, as noted in another answer, involves breaking up cash transactions to avoid the required reporting limits. There are a couple of important things to note. And, the biggest caveat - there have been many cases of perfectly legitimate transactions that have fallen foul of the reporting requirements. One ... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Money Structuring | In the Anti-Money Laundering World ( AML) , structuring consists of the division ( breaking up) of cash transactions, deposits and withdrawals, with the intent to avoid the Currency Transaction Reporting ( CTR) filings. In your case the issue is not structuring but the fact that you have another person ( unknown to th... |
Share your insights or perspective on the financial matter presented in the input. | Optimal way to use a credit card to build better credit? | First I would like to say, do not pay credit card companies in an attempt to improve your credit rating. In my opinion it's not worth the cash and not fair for the consumer. There are many great resources online that give advice on how to improve your credit score. You can even simulate what would happen to your score ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Optimal way to use a credit card to build better credit? | Great question. First, my recommendation would be for you to get a card that does not have a yearly fee. There are many credit cards out there that provide cash back on your purchases or points to redeem for gift cards or other items. Be sure to cancel the credit card that you have now so you don't forget about that y... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Optimal way to use a credit card to build better credit? | I answered a similar question, How will going from 75% Credit Utilization to 0% Credit Utilization affect my credit score?, in which I show a graph of how utilization impacts your score. In another answer to Should I keep a credit card open to maintain my credit score?, I discuss the makeup of your score. From your o... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Optimal way to use a credit card to build better credit? | In addition to the already good answers: I am assuming you are playing a long game and have no specific need for a high credit score in the next couple of years. This list is just good practice that will raise you score. |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Optimal way to use a credit card to build better credit? | Or here's a better idea: don't have a credit card at all. They offer no real benefits and plenty of dangers. Don't take my word for it, though: "I tell every student class I get, high school students, university students, you know, they'd be better off if they never used credit cards" - Warren Buffet (Net worth... |
Share your insights or perspective on the financial matter presented in the input. | Optimal way to use a credit card to build better credit? | If you have self control and a good handle on your finances, which it sounds like - I suggest the following: Note: #3 is important - if you're not able to pay it off each month don't do this because it will cost you a lot in interest. Make sure to check how interest is calculated in case you don't pay it off in full or... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Optimal way to use a credit card to build better credit? | Most business credit cards do not report to the personal credit report unless the person pays the card late. Given that fact, any debt carried on these cards does not hurt the credit score if it is not reported. You can carry credit card debt on these cards without hurting your credit score. Just apply for business cre... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Optimal way to use a credit card to build better credit? | nan |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Is it legal for a vendor to reuse credit details from a previous transaction | It is very much legal and in fact depending on the fine print of the purchase you make, you have now established a business relationship among which gives the business the right to hold on to your information (unless privacy policy states otherwise) and reuse it under certain circumstances (such as auto shipments) and ... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | car loan but 2 people on title | Yes, but then either of you will need the other's permission to sell the car. I strongly recommend you get an agreement on that point, in writing, and possibly reviewed by a lawyer, before entering into this kind of relationship. (See past discussions of car titles and loan cosigners for some examples of how and why th... |
Share your insights or perspective on the financial matter presented in the input. | How is income tax calculated in relation to selling used items? | If the items you sold are items you previously bought for a higher price, the money you get selling them is not income, as you are taking a loss. However, you cannot deduct such losses. If you sell anything for more than what you paid for, the difference is a gain and is taxable. See this IRS web site for the explanati... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How is income tax calculated in relation to selling used items? | If I sell it for $50 can I write off the $50 loss. Only if you can establish that it is a normal part of your business and that you did not get $50 worth of use out of it. That's the technical, legal argument. As a practical matter, it's unlikely that they'll ding you for selling something after using it, as they won... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | How is income tax calculated in relation to selling used items? | Yes. This income would be reported on schedule SE. Normally, you will not owe any tax if the amount is less than $400. Practically, $100 in a garage sale is not why the IRS created the form SE. I wouldn't lose sleep over keeping track of small cash sales over the course of a year. However, if you have the information ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | What's the most conservative split of financial assets for my portfolio in today's market? | Before investing, absolutely follow the advice in mbhunter's answer. There is no safe investment (unless you count your mattress, and even there you could find moths, theives, or simple inflation taking a chunk out of your change). There is only maximizing your reward for a given level of risk - and there is always ri... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | What's the most conservative split of financial assets for my portfolio in today's market? | This is a somewhat complicated question because it really depends on your personal situation. For example, the following parameters might impact your optimal asset allocation: If you need the money before 3 years, I would suggest keeping almost all of it in cash, CDs, Treasuries, and ultra safe short-term corporate bo... |
Share your insights or perspective on the financial matter presented in the input. | What's the most conservative split of financial assets for my portfolio in today's market? | You don't say your level of consumer debt. You don't say how much of an emergency fund you have. If you have debt, pay it off before you invest. If you don't have an emergency fund (X months' expenses, pick your own X) get that before investing. If you have neither, get a small emergency fund, and then throw as much ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | What's the most conservative split of financial assets for my portfolio in today's market? | If you can afford the time and are looking for more deep, and fun, investment tips, check out http://gurufocus.com. Great for more fundamental analysis of "Intelligent Investor" type Benjamin Graham-style businesses. No use scatter-shooting the stock exchange hoping to find good value businesses. Even blue-chips have ... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | What's the most conservative split of financial assets for my portfolio in today's market? | The safest place to put money is a mixture of cash, local municipal bond funds with average durations under two years and US Treasury bond funds with short durations. Examples of good short term US municipal funds: I'm not an active investor in Australian securities, so I won't recommend anything specific. Because rat... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | How do rich people guarantee the safety of their money, when savings exceed the FDIC limit? | They might not have to open accounts at 12 bank because the coverage does allow multiple accounts at one institution if the accounts are joint accounts. It also treats retirement accounts a separate account. The bigger issue is that most millionaires don't have all their money siting in the bank. They invest in stocks,... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | How do rich people guarantee the safety of their money, when savings exceed the FDIC limit? | Rich people use "depositor" banks the same way the rest of us use banks; to keep a relatively small store of wealth for monthly expenses and a savings account for a rainy day. The bulk of a wealthy person's money is in investments. Money sitting in a bank account is not making you more money, and in fact as Kaushik cor... |
Share your insights or perspective on the financial matter presented in the input. | How do rich people guarantee the safety of their money, when savings exceed the FDIC limit? | I found out there is something called CDARS that allows a person to open a multi-million dollar certificate of deposit account with a single financial institution, who provides FDIC coverage for the entire account. This financial institution spreads the person's money across multiple banks, so that each bank holds les... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How do rich people guarantee the safety of their money, when savings exceed the FDIC limit? | Most people who have over $250,000 in liquid cash savings would not want to start putting their money into regular savings accounts in different banks, especially with interest rates as ridiculously low as they are now in 2014-15. People with money will want to diversify their investments in ways that will potentially... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | How do rich people guarantee the safety of their money, when savings exceed the FDIC limit? | Even assuming hypothetically that you are able to split money in different bank accounts to get full coverage and all your accounts are in top ranking financial institutions in USA, you can not rely on FDIC if all or most of those banks go broke. Because FDIC just has a meagre 25 billion dollars to cover all bank accou... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | How do rich people guarantee the safety of their money, when savings exceed the FDIC limit? | The FDIC has been pretty good at recovery lost money from failed banks. The problem is the temporary loss from immediate needs. The best thing for anyone to do is diversify in investments and banks with adequate covered insurance for all accounts. Immediate access to available cash is always a priority that should be g... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | How do rich people guarantee the safety of their money, when savings exceed the FDIC limit? | With a lot excess cash you eventually have two goals: Since interest on cash bank deposits does not exceed inflation and you have currency risk, you may want to get into other asset classes. Options that might be, but not limited to are: |
Share your insights or perspective on the financial matter presented in the input. | Tax implications of having some self-employment income? | You would put your earnings (and expenses, don't forget) on Schedule C, and then do a Schedule SE for self-employment tax. http://www.irs.gov/businesses/small/article/0,,id=98846,00.html 1040ES isn't used to compute taxes, it's used to pay taxes. Generally you are supposed to pay taxes as you go, rather than when you f... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Tax implications of having some self-employment income? | Havoc P's answer is good (+1). Also don't forget the other aspects of business income: state filing fees, county/city filing fees, business licenses, etc. Are there any taxes you have to collect from your customers? If you expect to make more this year, then you should make estimated quarterly tax payments. The first... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Can an International student of F1 VISA accept money in her US bank account on behalf of someone else? | There might be a problem. Some reporting paperwork will have to be done for the IRS, obviously, but technically it will be business income zeroed out by business expense. Withholding requirements will shift to your friend, which is a mess. Talk to a licensed tax adviser (EA/CPA) about these. But the immigration may con... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Found Mistake on 2013 1120S Form | I don't know if it's common or necessary to include capital stock as a liability? Yes, if you look at the title of the nonasset part of the balance sheet it actually is titled "Liabilities and Shareholders' Equity". Your capital stock is a component of Equity. This sounds like it was reported in a reasonable manner. ... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Why Are Credit Card Rates Increasing / Credit Limits Falling? | Because people are going deeper into debt and filing for bankruptcy more often, there is more risk on behalf of the credit company. Therefore, they limit their risk by lower limits and increasing interest. For every person that goes bankrupt, there might be 10 that pay that new higher interest rate, thereby netting a ... |
Share your insights or perspective on the financial matter presented in the input. | Why Are Credit Card Rates Increasing / Credit Limits Falling? | Of course your situation is very hurtful at a personal level, and I sympathize. I just don't get your point about being driven further into debt? It would seem that with a lower credit score you are prevented from taking on more debt. That can absolutely be hurtful especially to someone who runs a business that relies ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Does dividend on 401K have any effect on gains | Adjusting for a market change from day to day, the dividend should have no impact on you. Your X shares time $Y should be nearly identical right after that dividend hits the account. And within the 401(k) or IRA for that matter, the accounting doesn't matter most of the time. Outside a retirement account, you need to ... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Does dividend on 401K have any effect on gains | It appears from your description that the 401k account has the automatic dividend reinvestment policy, and that the end result is exactly the same as the external account with the same policy. I.e.: no difference, the dividend affected the 401k account in exactly the same way it affected the external account. The only ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Why an inner suburbs small apartment considered a risky investment | The banks see small apartments as a higher risk because usually very small apartments are harder to sell, especially during a falling market when there is an oversupply of these apartments. The price of small apartments will also fall a lot quicker in a falling market. Regarding yield vs capital growth - the emphasis h... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Might it make sense not to look into debt that is in collections? | It's your business to pay what you owe but it's not your business to determine what you owe. The "Fair Debt Collections Practices act" FDCPA proscribes certain steps creditors must go through to contact you. You appear to not have received any active contact or demand, but you can still cite the FDCPA to make it thei... |
Share your insights or perspective on the financial matter presented in the input. | What do I need to do to form an LLC? | I know that there are a lot service on the internet helping to form an LLC online with a fee around $49. Is it neccessarry to pay them to have an LLC or I can do that myself? No, you can do it yourself. The $49 is for your convenience, but there's nothing they can do that you wouldn't be able to do on your own. What I ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | What do I need to do to form an LLC? | You can file an LLC yourself in most states, although it might be helpful to use a service if you're not sure what to do to ensure it is correct. I filed my LLC here in Colorado online with the Secretary of State's office, which provided the fill-in-the-blank forms and made it easy. In the U.S., taxation of an LLC is ... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | How should we organize our finances to effectively plan and prepare for an retirement in next 10 years? | Wow! First, congratulations! You are both making great money. You should be able to reach your goals. Are we on the right track ? Are we doing any mistakes which we could have avoided ? Please advice if there is something that we should focus more into ! I would prioritize as follows: Get on the same page. My first re... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | How should we organize our finances to effectively plan and prepare for an retirement in next 10 years? | The biggest issue is your lack of diversification. Your real estate investments have performed quite well so far, but you have also likely enjoyed a period of unprecedented growth that is not sustainable. In the long term, stocks have always outperformed real estate investments, which tend to track more closely to the... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | If I have some old gold jewellery, is it worth it to sell it for its melt value? | Get your jewelery appraised. (Don't let whoever does the appraisal be the same person whom you would sell it to.) Logically jewelery must be worthy more than the raw gold that makes it up because somebody took the time to design patterns and do specialty craft to the metal. |
Share your insights or perspective on the financial matter presented in the input. | If I have some old gold jewellery, is it worth it to sell it for its melt value? | I have a buddy that used to run one of those companies that buys gold like the ones you see on TV. Here's the deal... 1) If the jewelry isn't total junk, get it appraised. Making raw materials into jewelry obviously increases the value since you can't buy jewelry for the price of raw gold. In many cases it will be wort... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | If I have some old gold jewellery, is it worth it to sell it for its melt value? | I just came across an article from the CBC on this subject: Here's one tip from the article, which echoes what others have said: "The agency [Better Business Bureau in B.C.] suggests getting two or three appraisals from a jeweller or jewelry store before deciding to sell." See the full article for the rest of the tip... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | If I have some old gold jewellery, is it worth it to sell it for its melt value? | Avoid gold brokers who do business through the mail. Video Full Article |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Why is there some latency between the time a check deposit was processed and when one can withdraw the money on Fidelity CMAs? | Every bank and credit union in the US has a Deposit Agreement and Disclosures document, Bank of America is no different. Our general policy is to make funds from your cash and check deposits available to you no later than the first business day after the day of your deposit. However, in some cases we place a hold ... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | I'm getting gouged on prices for medical services when using my HSA plan. How to be billed fairly? | The big difference for me under the High deductible plan has been that instead of paying the co-pay, now I am now responsible for the negotiated rate until I reach the deductible limit. The HSA is only a way to funnel medical payments through a tax free account the insurance company and the doctor don't care about the ... |
Share your insights or perspective on the financial matter presented in the input. | I'm getting gouged on prices for medical services when using my HSA plan. How to be billed fairly? | I had an HSA for two or three years. I found very routinely that my insurance company had negotiated rates with in-network providers. So as I never hit the deductible, I always had to pay 100% of the negotiated rate, but it was still much less than the providers general rate. Sometimes dramatically so. Like I had some ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | I'm getting gouged on prices for medical services when using my HSA plan. How to be billed fairly? | First, as noted in the comments, you need to pay attention to your network providers. If you are unable to pay exorbitant prices out of pocket, then find an in-network medical provider. if you are unhappy with the in-network provider list (e.g. too distant or not specialists), then discuss switching to another plan o... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | 18 year old making $60k a year; how should I invest? Traditional or Roth IRA? | 1) Usually, the choice between Traditional vs. Roth is whether you believe that your tax rate will be higher or lower in the future than it is now. Your income is probably in the 25% bracket now. It's hard to say whether that should be considered "high" or "low". Some people advocate Roth only for 15% bracket; but your... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | 18 year old making $60k a year; how should I invest? Traditional or Roth IRA? | With this level of income, you might consider a Solo 401(k). It would allow you a much higher level of contributions and is more appropriate for your savings than the limited IRA deposits. It also offers a considerable number of options not available for IRAs. A loan for example. |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | 18 year old making $60k a year; how should I invest? Traditional or Roth IRA? | In asnwer to your questions: As @joetaxpayer said, you really should look into a Solo 401(k). In 2017, this allows you to contribute up to $18k/year and your employer (the LLC) to contribute more, up to $54k/year total (subject to IRS rules). 401(k) usually have ROTH and traditional sides, just like IRA. I believe the ... |
Share your insights or perspective on the financial matter presented in the input. | How are the $1 salaries that CEOs sometimes take considered legal? | Part of your first link has this statement that I suspect you are missing: However, Section 13(a)(1) of the FLSA provides an exemption from both minimum wage and overtime pay for employees employed as bona fide executive, administrative, professional and outside sales employees. Note that executive is in that list.... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How are the $1 salaries that CEOs sometimes take considered legal? | Even under the executive exemption, see Exemption for Executive Employees Under the Fair Labor Standards Act (FLSA) Section 13(a)(1) as defined by Regulations, 29 CFR Part 541, it seems that a minimum compensation is required. To qualify for the executive employee exemption, all of the following tests must be met: The ... |
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