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Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Will depositing $10k+ checks each month raise red flags with the IRS? | Your main concern seems to be to be accused of something called 'smurfing' or structuring. http://en.wikipedia.org/wiki/Structuring Depositing money amounts (cash or checks) under the 10k limit to circumvent the reporting requirement. People have been investigated for depositing under the limit, e.g. small business own... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Is issuer's bank allowed to charge fee when cashing check? | Some banks charge their own customers if they make use of a teller. That is what you are doing. You are going to a bank where you are not a customer and requesting a transaction that requires a teller. If you cash the check by going though your bank, the issuer's bank only handles it as a non-teller transaction. |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | How to invest 10k dollars, at the age of 23? | An investment in knowledge always pays the best interest, as Ben Franklin said. However, this is not a question I can answer for you, as it depends on the opportunities that are specifically available to you as an individual. Sometimes opportunities will knock on your door and you can take advantage, other times you ha... |
Share your insights or perspective on the financial matter presented in the input. | Employer options when setting up 401k for employees | If you were looking to maximize your ability to save in a qualified plan, why not setup a 401K plan in Company A and keep the SEP in B? Setup the 401K in A such that any employee can contribute 100% of their salary. Then take a salary for around 19K/year (assuming under age 50), so you can contribute and have enough t... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Investment time horizon: When is it acceptable to withdraw money from investments? | shouldn't withdraw stock investments for at least 5 years would be better re-phrased as: "don't invest money in stocks if you (really) need it within next few years". The underlying principle is: stocks are one of the higher-risk investment classes out there. While that's exactly what you want over a long time horizon... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Investment time horizon: When is it acceptable to withdraw money from investments? | To summarize your starting situation: You want to: Possible paths: No small business Get a job. Invest the 300K in safe liquid investments then move the maximum amount each year into your retirement accounts. Depending on which company you work for that could include 401K (Regular or Roth), deductible IRA, Roth IRA. Th... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Tax rules for United States citizens living in the US but being paid from outside the US | You can and are supposed to report self-employment income on Schedule C (or C-EZ if eligible, which a programmer likely is) even when the payer isn't required to give you 1099-MISC (or 1099-K for a payment network now). From there, after deducting permitted expenses, it flows to 1040 (for income tax) and Schedule SE (f... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Estimated Taxes after surge in income | You will not necessarily incur a penalty. You can potentially use the Annualized Income Installment method, which allows you to compute the tax due for each quarter based on income actually earned up to that point in the year. See Publication 505, in particular Worksheet 2-9. Form 2210 is also relevant as that is th... |
Share your insights or perspective on the financial matter presented in the input. | Estimated Taxes after surge in income | Well a definitive answer would require a lot of information. Instead of posting that kind of info online, you should take a look at the instructions for Form 2210 and in particular "Schedule AI -- Annualized Income Installment Method," which corrects the penalty for highly variable income. Using this form you will l... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How to reconcile a credit card that has an ongoing billing dispute? | You could make an entry for the disputed charge as if you were going to lose the dispute, and a second entry that reverses the charge as if you were going to win the dispute. You could then reconcile the account by including the first charge in the reconciliation and excluding the reversal until the issue has been res... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | How to reconcile a credit card that has an ongoing billing dispute? | What I would prefer is top open a new category charges under dispute and park the amount there. It can be made as an account as well in place of a income or expenses category. This way your account will reconcile and also you will be able to track the disputes. |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Income tax on international income with money not deposited in India | If the work is done in India, then the income arising out of it, is taxable when received by you, and not when it come into India ... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Income tax on international income with money not deposited in India | Three points for you to keep in mind. 1. In the very first year, you should have 182 days outside India. So that in the year when you start your consultancy, you will not have any liability to pay tax on earning abroad. 2. Although you may be starting a consultancy abroad, if you do any services in India, there will be... |
Share your insights or perspective on the financial matter presented in the input. | How to represent “out of pocket” purchases in general ledger journal entry? | You're lending the money to your business by paying for it directly. The company accounts must reflect a credit (the amount you lend to it) and a debit (what it then puts that loan towards). It's fairly normal for a small(ish) owner-driven company to reflect a large loan-account for the owners. For example, if you ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How to represent “out of pocket” purchases in general ledger journal entry? | Journal entry into Books of company: 100 dr. expense a/c 1 200 dr. expense a/c 2 300 dr. expanse a/c 3 // cr. your name 600 Each expense actually could be a total if you don´t want to itemise, to save time if you totaled them on a paper. The paper is essentually an invoice. And the recipts are the primary document... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Can this check still be honored? [duplicate] | You could talk to them, but (assuming you're in the U.S.), it's highly doubtful any bank would honor a check from 26 years ago. Most checks in the U.S. are only valid for 180 days, mainly to help companies and banks keep accounting simple. I would suggest talking to your late husband's former employer. Explain the si... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | What does the phrase “To make your first million” mean? | I'd interpret it as "Net Worth" reached 1M where "net worth" = assets - liabilities. |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | What does the phrase “To make your first million” mean? | I've not heard it used in any way other than one's net worth reaching a million. No 30 yr old lawyer brags that his cumulative income just passed $1M because he may not have saved a dime of it. |
Share your insights or perspective on the financial matter presented in the input. | What does the phrase “To make your first million” mean? | When people are crowing about their achievements, they often take liberties with those achievements. Vitalik's interpretation -- net worth, is probably what you would naturally come to mind. But when someone is bragging, that could mean anything -- $1M of total revenue. |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Is it ok to use a check without a pre-printed check number? | For the clearing house, only the routing number and the check amount [which gets encoded before its presented to clearing] is important. The check numbers were put in as a fraud prevention mechanism to ensure that one check was only presented once and that it was issued to a particular account. Typically issued in sequ... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Is it ok to use a check without a pre-printed check number? | They are valid checks, but you're going to get hassled when you try to use them. There's a perception that people using starter checks are more likely to bounce or otherwise be troublesome. When more payments were made with checks, some vendors would not accept checks with low numbers either! Checks are very cheap to g... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Why would selling off some stores improve a company's value? | Two different takes on an answer; the net-loss concept you mentioned and a core-business concept. If a store is actually a net-loss, and anybody is willing to buy it, it may well make sense to sell it. Depending on your capital value invested, and how much it would take you to make it profitable, it may be a sound bus... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Why would selling off some stores improve a company's value? | I'd like to modify the "loss" idea that's been mentioned in the other two answers. I don't think a retail location needs to be losing money to be a candidate for sale. Even if a retail location is not operating at a loss, there may be incentive to sell it off to free up cash for a better-performing line of business. ... |
Share your insights or perspective on the financial matter presented in the input. | Why would selling off some stores improve a company's value? | Maybe the location isn't yet, but will soon become a new loss. For example older soon out of warranty equipment, new tax laws in the locality soon to take affect or even just declining sales over the past periods of measurement. Perhaps labor disputes or other locality issues make running the store difficult. There ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How important is reconciling accounts for a small LLC (Quickbooks)? | I would suggest opening a new account (credit card and bank) for just your business. This protects you in multiple ways, but is no bigger burden for you other than carrying another card in your wallet. Then QB can download the transactions from your website and reconciling is a cinch. If you got audited, you'd be in f... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Get the maximum interest rate from a bank on short term holdings | You can open Savings Bank Account with some Banks that offer better interest rate. Note there would be restriction on number of withdrawals in quarter. There are better interest rates if you lock in for 90+ days. The other option to explore is to open a Demat / Brokrage account and invest in liquid funds. Note dependin... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Following an investment guru a good idea? | The best answer here is "maybe, but probably not". A few quick reasons: Its not a bad idea to watch other investors especially those who can move markets but do your own research on an investment first. Your sole reason for investing should not be "Warren did it". |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Following an investment guru a good idea? | I think following the professional money managers is a strategy worth considering. The buys from your favorite investors can be taken as strong signals. But you should never buy any stock blindly just because someone else bought it. Be sure do your due diligence before the purchase. The most important question is not w... |
Share your insights or perspective on the financial matter presented in the input. | If a stock is selling for less than book value, is the company headed for bankruptcy? | No, but it is certainly a possibility. the efficient market hypothesis would say that this means that the market perceives the present value of all future earning as negative. These earnings might take the form of a writedown of assets at some point. (Companies carry a goodwill asset that is generally imaginary. They ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | If a stock is selling for less than book value, is the company headed for bankruptcy? | An answer can be found in my book, "A Modern Approach to Graham and Dodd Investing," p. 89 http://www.amazon.com/Modern-Approach-Graham-Investing-Finance/dp/0471584150/ref=sr_1_1?s=books&ie=UTF8&qid=1321628992&sr=1-1 "If a company has no sustained cash flow over time, it has no value...If a company has positive cash fl... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | How do I get bill collectors who call about people I know to stop calling me? | http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf if you are in the US Look at section 805 and 805 about how they may contact you and what they are and aren't allowed to do. You can simply send a Certified Mail, Return Receipt (CMRR) letter explaining you have no part of it, and that they are not allowed to con... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | How do I get bill collectors who call about people I know to stop calling me? | I agree about not wanting to get into your friend's personal business, and it's a scummy bill collector that repeatedly calls friends or family to track down a debtor. On the other hand, at least he's made it obvious he's calling about a debt as opposed to pretending to be tracking down your friend with some other pret... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | How do I get bill collectors who call about people I know to stop calling me? | If they really won't stop calling you, just waste their time. Usually the best thing I do to telemarketers (the ones that constantly call even through I've told them to stop) is to say "oh yes, I'm interested I'll just get a pen" - put them on hold and keep them on hold. Do it every time they call and soon they'll get... |
Share your insights or perspective on the financial matter presented in the input. | How do I get bill collectors who call about people I know to stop calling me? | I had a similar situation, except the debtor had no connection to us whatsoever, other than holding our phone number previously. We tried going through channels to deal with it, and had no success. At the end of the day, I was very abusive to the people calling, and forwarded the number to a very irritating destination... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Is there a reason to buy a 0% yield bond? | 0% bonds are desirable for some individuals. It depends on your situation. 0% bonds are usually sold well below par value (eg a 100$ face value bond for 2020 might sell for 90$ today) Hence, your gains will be CAPITAL GAINS. A similar investment paying interest would be taxed as INCOME, and smaller portion of capital g... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Is there a reason to buy a 0% yield bond? | No, there isn't. There are a number of reasons that institutions buy these bonds but as an individual you're likely better off in a low-yield cash account. By contrast, there would be a reason to hold a low-yield (non-zero) bond rather than an alternative low-yield product. |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | What are the implications of lending money to my sole member S-corp? | You can make a capital contribution, not a loan. It's not a taxable event, no interest, and you can take a distribution later when the business has the money to pay you back. So yes, transfer the money. If you use software like Quickbooks, make use of unique accounts for tracking the contribution |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Are you allowed to have both a 401(k) and a SIMPLE IRA? If so, what about limits? | I am not 100% sure, but I think the answer is this: You can't max out both. You could theoretically max out the SIMPLE IRA ($11,500) and then contribute $4,000 to your 401k, but your total can't exceed the 401k limit of $16,500. This also means you could max out your 401k at $16,500, but you couldn't contribute anyt... |
Share your insights or perspective on the financial matter presented in the input. | Foreign Earned Income Exclusion - Service vs. Product? | Even though you will meet the physical presence test, you cannot claim the FEIE because your tax home will remain the US. From the IRS: Your tax home is the general area of your main place of business, employment, or post of duty, regardless of where you maintain your family home. Your tax home is the place where you a... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Foreign Earned Income Exclusion - Service vs. Product? | As the name says, its for income earned in a Foreign country. If you have been paying US income tax on this while living in the US, nothing is going to change here. You should be informing yourself on how to avoid double taxation in your new country of residence. Passive income earned abroad (dividends, interest) also ... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Foreign Earned Income Exclusion - Service vs. Product? | Fear tactics posted above, likely by IRS agents. Yes, you qualify based on the residence test. You perform your work outside the US. You gather business data in a foreign country. The income is excluded. |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | What is a good open source Windows finance software | Have you tried others on Wikipedia's list? |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | What is a good open source Windows finance software | You really shouldn't be using class tracking to keep business and personal operations separate. I'm pretty sure the IRS and courts frown upon this, and you're probably risking losing any limited liability you may have. And for keeping separate parts of the business separate, like say stores in a franchise, one approach... |
Share your insights or perspective on the financial matter presented in the input. | How to find out if a company has purchased government (or other) bonds? | This is in the balance sheet, but the info is not usually that detailed. It is safe to assume that at least some portion of the cash/cash equivalents will be in liquid bonds. You may find more specific details in the company SEC filings (annual reports etc). |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Should a retail trader bother about reading SEC filings | There are many different kinds of SEC filings with different purposes. Broadly speaking, what they have in common is that they are the ways that companies publicly disclose information that they are legally required to disclose. The page that you listed gives brief descriptions of many types, but if you click through... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Should a retail trader bother about reading SEC filings | I use 10-K and 10-Qs to understand to read the disclosed risk factors related to a business. Sometimes they are very comical. But when you see that risk factor materializing you can understand how it will effect the company. For example, one microlending company's risk factor stated that if Elizabeth Warren becomes hea... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | What should I be aware of when renting a home to a corporation instead of an individual? | This is business as usual, except that you need to keep in mind that the corporate entity is separate from the individual. As such - all the background checks and references should be with regards to the actual renter - the corporation. You should be cautious as it is not so easy to dissolve an individual (well... Not ... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Quickbooks custom field for computing a value | Custom fields are limited to non-calculated values. Read more here: http://qbblog.ccrsoftware.info/2008/07/custom-fields-in-quickbooks/ To do this you will need an add-on. I would reccomend CCRQInvoice, but only because its the only one I've tried and it worked. More here (this is an order form example, but it work... |
Share your insights or perspective on the financial matter presented in the input. | Are individual allowed to use accrual based accounting for federal income tax? | Yes. But once you chose the method (on your first tax return), you cannot change it without the IRS approval. Similarly the fiscal year. For individuals, I can't think of any reason why would accrual basis be better than cash, or why would an individual use a fiscal year other than the calendar year. |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | If I take a loss when I sell my car, can I claim a capital loss deduction on my income tax return? | While you'd need to pay tax if you realized a capital gain on the sale of your car, you generally can't deduct any loss arising from the sale of "personal use property". Cars are personal use property. Refer to Canada Revenue Agency – Personal-use property losses. Quote: [...] if you have a capital loss, you usually c... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | After a stock dividend, how do you calculate holding periods for capital gains taxes? | Stock acquired through a (non-taxable) stock dividend has the same holding period as the stock on which the dividend was paid. |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | How to know if I can have NOL (U.S. tax)? | Individuals most definitely can have NOL. This is covered in the IRS publication 536. What is the difference between NOL and capital loss? NOL is Net Operating Loss. I.e.: a situation where your (allowable) expenses and deductions exceed your gross income. Basically it means that you have negative income for that year,... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | What does “Income generated in the U.S.” mean? | It means you must pay federal (and possibly state) tax on any income you produce in America -- including Internet and mail-order sales. Tax treaties may keep you from having to pay tax on it again in your own country, or may not. |
Share your insights or perspective on the financial matter presented in the input. | Will one’s education loan application be rejected if one doesn't have a payslip providing collateral? | A bank can reject a loan if they feel you do not meet the eligibility criteria. You can talk to few banks and find out. |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Is there a dollar amount that, when adding Massachusetts Sales Tax, precisely equals $200? | No. $188.23 has $11.76 tax = $199.99 $188.24 has $11.77 tax - $200.01 So, unless the based price contained the half cent for $188.235, the register would never show $200.00 even. How does the receipt to customer look? |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Is there a dollar amount that, when adding Massachusetts Sales Tax, precisely equals $200? | Don't worry about it. The State doesn't care about rounding error. All you need to do is say "We charge our prices with tax included" - you know, like carnivals and movie theaters. Then follow the procedures your state specifies for computing reportable tax. Quite likely it wants your pre-tax sales total for the r... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Is there a dollar amount that, when adding Massachusetts Sales Tax, precisely equals $200? | Yes, it's a simple calculation. (x+0.0625x)=200 or x=200/1.0625 = $188.24 Technically $188.24 plus tax comes to $200.01. I would just eat the extra $0.01. |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Do the activities of my LLC need to be limited to a particular field? | No. When you file your Articles of Organization, simply state that your business will operate under the law. You don't need to give any further specification. |
Share your insights or perspective on the financial matter presented in the input. | Deductible expenses paid with credit card: In which tax year would they fall? | According to this discussion, there was a Tax Court ruling that likened deductibility for charitable giving by credit card to business expenses incurred by businesses operating under cash-basis accounting. (The point is made by Larry Hess on that site.) Short answer: According to this argument, you can claim the deduc... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Deductible expenses paid with credit card: In which tax year would they fall? | I'm assuming you're operating on the cash basis of accounting, based on your comment "Cash, I think that's the only way for a sole propriator (sic)" Consider: There are two distinct but similar-name concepts here: "paid for" (in relation to a expense) and "paid off" (in relation to a debt). These both occur in the cas... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Deductible expenses paid with credit card: In which tax year would they fall? | Assuming that it's not inventory that is sold in the following year or a depreciable asset, you can deduct it when you make the purchase. The courts have ruled that credit cards balances are considered debt. It's treated the same way as if you went to the bank, got a loan, and used cash or a check to purchase the items... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Deductible expenses paid with credit card: In which tax year would they fall? | Being a professional auditor and accountant, deduction against expenses are claimed in the year in which expenses has been incurred. It has no relationship with when it is paid. For example, we may buy on credit does not mean that they will be allowed in the period in which it is paid. This is against the fundamental a... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Deductible expenses paid with credit card: In which tax year would they fall? | I'm a CPA and former IRS agent and manager. Whether you are a cash or accrual basis taxpayer, you get to deduct the expense when your card is charged. Think of it this way: You are borrowing from the credit card company or bank that issued the credit card. You take that money to make a purchase of a product or service.... |
Share your insights or perspective on the financial matter presented in the input. | Transfering funds from India to the US | Can I transfer funds from India to USA which I have borrowed in India. Funds borrowed in India may not be transferred outside of India as per Foreign Exchange Management Act. Loans in rupees to non-residents against security of shares or immovable property in India:- Subject to the directions issued by the Reserv... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Replacement for mint.com with a public API? | Check Buxfer here are the details about the API: http://www.buxfer.com/help.php?topic=API |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Replacement for mint.com with a public API? | Yodlee's Moneycenter is the system that powered Mint.com before Intuit bought them. It works great for managing accounts in a similar fashion to Mint. They have a development platform that might be worth checking out. |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Replacement for mint.com with a public API? | Plaid is exactly what you are looking for! It's docs are easy to understand, and you can sign up to their API and use their free tier to get started. An example request to connect a user to Plaid and retrieve their transactions data (in JSON): |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Expensive agenda book/organizer. Office expense or fixed asset? | If your business pays taxes, it is in your best interest to expense it. Even if you don't pay taxes, setting your capitalization policy low enough to capitalize an office organizer (even a nice one) will give you headaches when your business grows larger. |
Share your insights or perspective on the financial matter presented in the input. | Expensive agenda book/organizer. Office expense or fixed asset? | I cannot imagine an organizer being worth enough to consider depreciating the expense over a period of time greater than one year. Also, once you write in an organizer, it's pretty much worthless to anyone else. Talk to your accountant if you'd like, but I cannot see how you would classify a fancy organizer as a fixed ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Are ACH transfers between individuals possible? | Yes, many banks offer such a service. Often such payments can be made through their "bill pay" interface. You log in to your account on the bank's website, enter the recipient's routing and account numbers, and off you go. You could ask your bank whether they offer this. If not, you could change banks to one that does. |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Can we amend last year's Schedule C to indicate reduced income due to a customer refund this year for a product we sold last year? | I am not an accountant, but I have a light accounting background, despite being primarily an engineer. I also have a tiny schedule C business which has both better and worse years. I am also in the United States and pay US taxes. I assume you are referring to the US Form 1040 tax return, with the attached Schedule C... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | How do Islamic Banking give loans for housing purposes? | If the customer pays 20% of the payment in advance, then he is he owns 20% of the house and the bank owns 80%. Now they say he pays the rest of the amount and also the rent of the house until he becomes the sole owner of the house. |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | How do Islamic Banking give loans for housing purposes? | As I understand it, if the "borrower" puts a down payment of 20% and the bank puts down 80%, then the bank and the "borrower" own the home jointly as tenants in common with a 20%-80% split of the asset amongst them. The "borrower" moves into the home and pays the bank 80% of the fair rental value of the home each mo... |
Share your insights or perspective on the financial matter presented in the input. | What is a clearing bank, in specific, what does RMB clearing bank do? | Clearing means processing unsettled transactions. Specifically - all the money transfers between the banks, in this case. Clearing Bank for RMB business means that all RMB transactions will be cleared through that specific bank. If bank A in Hong Kong gets a check drawn on Bank B in Hong Kong, and the check is in RMB -... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Canadian accepting money electronically from Americans | I am not aware of a version of Interac available in the U.S., but there are alternative ways to receive money: Cheque. The problem with mailed cheques is that they take time to deliver, and time to clear. If you ship your wares before the cheque has cleared and the cheque is bad, you're out the merchandise. COD. How th... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | How does a Value Added Tax (VAT) differ from a Sales Tax? | Sales taxes are charged at the point of purchase, while a VAT is assessed during the production process of the item. In the end, the amount paid by the consumer is the same, but with the VAT, the tax was collected from the manufacturer, instead of the consumer. One of the big arguments for VAT is that it prevents lost ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Changing Mailing Adress | If you call them, you can make sure they'll use the new address, but if you want to do it online, there is some risk that the update is delayed. Note also that an address change with an immediate request for a replacement debit card smells very fishy - this what a hacker / thief would do to get your money. Calling seem... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Self-directed RRSP into mortgage investment | The Globe and Mail has an interesting article on what you can do with your RRSPs. Be aware that the article is from early 2011 and rules change. They describe holding your own mortgage inside your RRSP. That is, if you have $100,000 inside your RRSP already and your remaining mortgage is $100,000, you can use that mone... |
Share your insights or perspective on the financial matter presented in the input. | Paying myself a distribution caused a negative Owner's Equity account balance? Is this normal? | It's not abnormal for a company that is as young as yours seems to be. It seems (based on what little I know), that you have debts, or accounts payable that were formerly covered by the $200 cash, but now aren't, because you paid it to yourself. For now, you're "entitled" to pay yourself a draw or a salary. But if you ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Is it wise to have plenty of current accounts in different banks? | Its actually a good thing. The #1 factor to your credit score is your credit utilization. So if you don't spend money unwisely and they don't have any annual fee I would keep them and use them each twice a year to keep them in your credit mix. |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Is it wise to have plenty of current accounts in different banks? | You should not open bank accounts just to get additional credit cards. You should be careful about carrying too many credit cards and incurring too much debt as you could find yourself in a situation whereby you may not be able to pay off your monthly interest, much less the principal balance. Credit cards are not insu... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Is it wise to have plenty of current accounts in different banks? | Another thing to factor in are deals provided by banks. In general, banks care about new customers more than their existing customers. Hence they explicitly restrict the best deals on credit cards, savings accounts, etc, to new customers only. (Of course, there are occasionally good deals for existing customers, and so... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Is it wise to have plenty of current accounts in different banks? | I don't think there's any law against having lots of bank accounts. But what are you really gaining? Every new account is a paperwork hassle. Every new account is another target for con men who might steal your information and write bad checks or make phony credit card purchases in your name. Yes, it's not unreasonable... |
Share your insights or perspective on the financial matter presented in the input. | Is it wise to have plenty of current accounts in different banks? | The original poster indicates that he lives in the UK, but there are likely strong similarities with the US banking system that I am more familiar with: The result is that you are likely going to be unable to be approved for 10 checking accounts opened in rapid succession, at least in the US. Finally, in the US, there ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How May Cash be Spent Approaching Bankruptcy? | Bankruptcy law is complex. You need a lawyer who can advise you both on the statute and relevant case law for the district where you file. Your lawyer can advise you whether actions you contemplate are allowed. You can obtain advice prior to filing as you seek to determine whether the law and the relief it offers are ... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Accidentally opened a year term CD account, then realized I need the money sooner. What to do? | I did find this information from the US Department of the Treasury: What are the penalties for withdrawing money early from a Time Certificate of Deposit (CD)? Federal law stipulates that all time certificates of deposit (CD) that are cashed out early are subject to a minimum penalty. If you withdraw an amount within t... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Accidentally opened a year term CD account, then realized I need the money sooner. What to do? | In my experience, the only penalty to breaking a CD is to lose a certain amount of accumulated interest. Your principal investment will be fine. Close the CD. A few days of interest is nothing. |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Taxation of shares | If you sell your shares for more than their value at the time you received them (i.e. you make a profit) then you will be liable for capital gains tax - but only if the profit exceeds your annual allowance (£11,100, in tax year 2015-16). This is unrelated to how you came by the shares in the first place. (Note that the... |
Share your insights or perspective on the financial matter presented in the input. | ACH debit blocks/filters on consumer account | The technical feature exists to (1)block all ACH activity, (2)block all ACH credits, or (3)block all ACH debits attempting to post to the deposit account. The large financial institutions will not deviate from their company policies and won't offer something like this for a personal account. The smaller institutions ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Where should I invest to hedge against the stock market going down? | If you believe the stock market will be down 20-30% in the next few months, sell your stock holdings, buy a protective put option for the value of the holdings that you want to keep. That would be hedging against it. Anything more is speculating that the market will fall. |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Where should I invest to hedge against the stock market going down? | If you were certain you would probably do best by short selling an ETF that tracked the index for the market you think was about to tank. You'd certainly make a lot more money on that strategy than precious metals. If you were feeling super confident and want to make your money earn even more, you could also buy a bunc... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Where should I invest to hedge against the stock market going down? | Sometimes the simple ways are the best: |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Where should I invest to hedge against the stock market going down? | Put Options. They're less risky than shorting, and have similar upsides. The major difference is that if the price goes up, you're just out the underwriting price. You'll also need to know when the event will happen, or you risk being outwaited. More traditionally, an investor would pull their money out of the market ... |
Share your insights or perspective on the financial matter presented in the input. | Where should I invest to hedge against the stock market going down? | There are multiple ETFs which inversely track the common indices, though many of these are leveraged. For example, SDS tracks approximately -200% of the S&P 500. (Note: due to how these are structured, they are only suitable for very short term investments) You can also consider using Put options for the various indi... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | LLC in states with customers with and without employees in the state | If I hire someone in Utah to do sales for me over the phone, and he works out of his home, am I required to register an LLC or file my current one as a foreign entity in Utah? Yes, since you've established presence in Utah. You'll register your current LLC in Utah, no point creating another one. If my sales guy, or... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | FATCA compliance for small Foreign Company. What do I need to do? | Unless you started a bank or other kind of a financial institution (brokerage, merchant processor, etc etc), the page you linked to is irrelevant. That said, there's enough in the US tax code for you to reconsider your decision of not living in the US, or at least of being a shareholder of a foreign company. Your compl... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | is the bankruptcy of exchange markets possible? | You seem to think that stock exchanges are much more than they actually are. But it's right there in the name: stock exchange. It's a place where people exchange (i.e. trade) stocks, no more and no less. All it does is enable the trading (and thereby price finding). Supposedly they went into mysterious bankruptcy then ... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | is the bankruptcy of exchange markets possible? | @MichaelBorgwardt gave an excellent answer. Let me add a little analogy here that might help. Suppose you bought a car from Joe's Auto Sales. You pay your money, do all the paperwork, and drive your car home. The next day Joe's goes bankrupt. What affect does that have on your ownership rights to your car? The answer i... |
Share your insights or perspective on the financial matter presented in the input. | is the bankruptcy of exchange markets possible? | It might be easiest to think of stock exchanges like brokers. If you buy a home, and your broker goes bankrupt, you still own your home, but you could not sell it without the aid of another broker. Same with stocks, you own the stocks you buy, but you would be unable to either purchase new stocks or sell your stock ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Filing Form 7004 if an LLC's only members are husband and wife | Since you both are members of the LLC - it is not a single-member LLC, thus you have to file the tax return on behalf of the LLC (I'm guessing you didn't elect corporate treatment, so you would be filing 1065, which is the default). You need to file form 4868 on behalf of yourselves as individuals, and form 7004 on beh... |
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