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Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Scam or Real: A woman from Facebook apparently needs my bank account to send money | This is either laundering money or laundering non-money. All the other answers point out how a cheque or bank transfer will take days to actually clear. That is a red herring! There are lots of ways to illegally transfer real money out of existing accounts. Stolen cheque books, stolen banking details (partly in conn... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Scam or Real: A woman from Facebook apparently needs my bank account to send money | If it's real, it's illegal. She needs someone to be a middle man who transfers money and doesn't ask questions. The list of possible reasons should be plenty obvious and range anywhere from fraud to terrorism. There are thousands of ways to get already transferred money back from your account. If the source of the mon... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Scam or Real: A woman from Facebook apparently needs my bank account to send money | Well, all of the previous answers already mentioned the upcoming scam and danger situation for your financial position. I thoroughly read all answers and wanted to add a few more lines on it. Cort Ammon) already shows details of it. Any kind of financial transaction involving a complete stranger is the first big scam t... |
Share your insights or perspective on the financial matter presented in the input. | What benefits are there to having a Pension (Retirement Account) In Ireland? | As you point out, the main benefits of a pension/retirement account over a traditional cash/taxable account are the legal and tax benefits. Most Western countries establish a specific legal definition for an account which is often taxed less or not at all relative to taxable accounts and which contains some protection... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | What benefits are there to having a Pension (Retirement Account) In Ireland? | Here's an Irish government publication that should give you some background information to get you started. In a nutshell, you get tax benefits, but cannot withdraw money without penalty until you reach retirement age. |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Why do 1099 forms take so long for brokerages to prepare and send out? | There are probably many correct answers to this question, but for most people, the main reason is qualified dividends. To be a qualified dividend (and therefore eligible for lower tax rates), the dividend-paying stock or fund must be held for "more than 60 days during the 121-day period that begins 60 days before the e... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Why do 1099 forms take so long for brokerages to prepare and send out? | The simple answer is that brokerages have to close the books at the end of the year before they can send out the tax forms (what this entails is off topic for this site). I doubt that printing and mailing the forms takes very long. It is simply the process of reconciling the books so they don't have to send out correct... |
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 fold side-income into our budget so my husband doesn't know? | Maybe you can just hang onto the cash and upgrade the things you buy for cash now a bit. Buy the better cut of meat, the nicer pair of shoes, etc. Since you have no trouble with bending the truth a bit.. if challenged, the shoes were "on sale". And no you must have lost the receipt. Not that I'm advocating it, but th... |
Share your insights or perspective on the financial matter presented in the input. | How do I fold side-income into our budget so my husband doesn't know? | These earnings will likely have tax implications, depending on where in the world you are. So, your budget concerns not nearly as important as having an honest conversation about money with your husband. Better for him to be mad about the truth than to continue the lie, and potentially have this become a much larger le... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How do I fold side-income into our budget so my husband doesn't know? | I doubt that it is possible to keep something like this secret from your husband forever. If you get away with it once, I'd guess you'll probably try it again, and sooner or later he'll find out. He'll notice that things show up in the house that aren't accounted for in the budget, or he'll see a statement from your se... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Does exposure to financials in corporate bond funds make sense? | One reason a lot of bond ETFs like Financials are because of how financial companies work. They usually have amazing cash flows due to deposits and fees and therefore have little risk associated with paying their debts in the short term. The rest of VCSH contains companies with low default risk and good cash flow gene... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | How do you determine the dividend payout date for Mutual Funds? | Determine which fund company issues the fund. In this case, a search reveals the fund name to be Vanguard Dividend Growth Fund from Vanguard Funds. Locate information for the fund on the fund company's web site. Here is the overview page for VDIGX. In the fund information, look for information about distributions. In t... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | How do you determine the dividend payout date for Mutual Funds? | Mutual funds generally make distributions once a year in December with the exact date (and the estimated amount) usually being made public in late October or November. Generally, the estimated amounts can get updated as time goes on, but the date does not change. Some funds (money market, bond funds, GNMA funds etc) di... |
Share your insights or perspective on the financial matter presented in the input. | Should I remodel or buy a bigger house? | After a 6% commission to sell, you have $80K in equity. 20% down on a $400K house. 5% down will likely cost you PMI, and I don't know that you'll ever see a 3.14% rate. The realtor may very well have knowledge of the cost to finish a basement, but I don't ask my doctor for tax advice, and I'd not ask a realtor for co... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Should I remodel or buy a bigger house? | I am quite sure you can set up an office in your basement for a lot less than $15,000. Don't build any walls, install any flooring, or upgrade the ceiling. Just install more lights and plugs. Set up your desks, bookshelves and what not in whatever corner is furthest from noises like the laundry room or the furnace. The... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | What should I do with my money? | I don't think blanket answers are very helpful. You are asking the right question when you are young! You have a large number of investment options and Australia has the Superannuation system that you can extract significant tax value from. I've not attempted to grade these with regard to "risk", as different people wi... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | What should I do with my money? | My advice would be to invest that 50k in 25% batches across 4 different money markets. Batch 1: Lend using a peer-to-peer account - 12.5k The interest rates offered by banks aren't that appealing to investors anymore, at least in the UK. Peer to peer lending brokers such as ZOPA provide 5% to 6% annual returns if you'... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | What should I do with my money? | Some of the other answers recommended peer-to-peer lending and property markets. I would not invest in either of these. Firstly, peer-to-peer lending is not a traditional investment and we may not have enough historical data for the risk-to-return ratio. Secondly, property investments have a great risk unless you diver... |
Share your insights or perspective on the financial matter presented in the input. | What should I do with my money? | If you are in an economy which has a decent liquid debt market (corporate bonds, etc.), then you may look into investing in AA or AA+ rated bonds. They can provide higher returns than bank deposits and are virtually risk-free. (Though in severe economic downturns, you can see defaults in even very high-rated bonds, lea... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | What should I do with my money? | Edit: I a in the United States, seek advice from someone who is also in Australia. I am getting about 5.5% per year by investing in a fund (ticker:PGF) that, in turn, buys preferred stock in banks. Preferred stock acts a bit like a bond and a bit like a stock. The price is very stable. However, a bank account is FDIC... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Do I have to pay tax on money I earn as a tutor? | You would be required to report it as self-employment income and pay tax accordingly. It's up to you to keep proper records (like a receipt book, for example), especially when it comes to cash. If you can't prove exactly how much you earned and the government decides to guess the amount for you then you won't like th... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Do I have to pay tax on money I earn as a tutor? | There is a moral and legal obligation to file the earnings. Not doing so is tax fraud. You should keep a ledger or some record of your earnings, helpful guidelines here. Records are required by the CRA: According to the law, your responsibilities include: (source) You could get in trouble if one of your pupils report t... |
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 into investing in stocks? | Before putting any significant money into stocks, I would recommend spending at least a year paper trading. It is amazing how much money you can lose trading stocks when you don't know what you are doing! |
Share your insights or perspective on the financial matter presented in the input. | How do I get into investing in stocks? | The best way I know of is to join an investment club. They club will act like a mutual fund, investing in stocks researched and selected by the group. Taking part in research and presenting results to the group for peer review is an excellent way to learn. You'll learn what is a good reason to invest and what isn't.... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How do I get into investing in stocks? | Start by paying down any high interest debt you may have, like credit cards. Reason being that they ultimately eat into any (positive) returns you may have from investing. Another good reason is to build up some discipline. You will need discipline to be a successful investor. Educate yourself about investing. The M... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | How do I get into investing in stocks? | In addition to the advice already given (particularly getting rid of high-interest debt), I would add the following: |
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 into investing in stocks? | That is a loaded question but I'll give it a shot. First things first you need to determine if you are ready to invest in stocks. If you have a lot of high interest debt you would be much better served paying that off before investing in stocks. Stocks return around 8%-10% in the long run, so you'd be better off pay... |
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 into investing in stocks? | Read "The intelligent Investor" book before you do anything. I started when I really didn't understand anything about stocks. I bought an internet stock for $150 per share which sold at 75cents a year later. I sold it for a profit but would've been a disaster. |
Share your insights or perspective on the financial matter presented in the input. | Health insurance deduction on schedule C if also full time employee with w2? | Checkout the worksheet on page 20 of Pub 535. Also the text starting in the last half of the third column of page 18 onward. https://www.irs.gov/pub/irs-pdf/p535.pdf The fact that you get a W-2 is irrelevant as far as I can see. Your self-employment business has to meet some criteria (such as being profitable) and th... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Health insurance deduction on schedule C if also full time employee with w2? | Do you satisfy the necessary criteria listed there? Then why not?... It sounds like you do. |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Tax for Basket with Coupon containing two different VAT rates | The vendor needs to do this using apportionment, according to the VAT rules for mixed supplies: If you make mixed supplies and the individual supplies are not liable to VAT at the same rate then you need to work out the tax value of each supply in order to calculate how much tax is due. If the tax value is based ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Why do Americans have to file taxes, even if their only source of income is from a regular job? | One of the reasons, apart from historical, is that different people have different tax liabilities which the employer may not be aware of. For example, in the US we don't pay taxes in source on investment income, and there are many credits and deductions that we can't take. So if I have a child and some interest income... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Why do Americans have to file taxes, even if their only source of income is from a regular job? | Companies in the US will take care of paying a portion of your required income tax on your behalf based on some paperwork you fill out when starting work. However, it is up to you as an individual to submit an income tax return. This is used to ensure that you did not end up under or overpaying based on what your com... |
Share your insights or perspective on the financial matter presented in the input. | Why do Americans have to file taxes, even if their only source of income is from a regular job? | Politics is certainly part of the equation, in two ways that I can think of. These don't necessarily reflect my views; just trying to explain as I see it. First, there are a lot of interests in having the current, convoluted tax system entrenched. ProPublica did a piece talking about the question you're asking, and Int... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Why do Americans have to file taxes, even if their only source of income is from a regular job? | One significant reason it makes sense for filing to be the default is home ownership rates. I think far more so than investment income, Americans own homes: as there is a significant mortgage interest deduction, between that and investments a large number of Americans would have to file (about a third of Americans get... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Why do Americans have to file taxes, even if their only source of income is from a regular job? | you either tell your financial department about them (e.g. I used to get a student's tax discount), or you file them separately. But you don't have to file anything by default. That is a comment connected to the question. In the united states you can almost achieve this. 90% of the numbers on my tax form are automate... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Why do Americans have to file taxes, even if their only source of income is from a regular job? | For two reasons: 1- People are entitled to deductions and credits that your employer cannot possibly know. Only you as an individual know about your personal situation and can therefore claim these deductions and credits by filing income tax returns. 2- Me telling you that you made $100,000 last year is not the same as... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Why do Americans have to file taxes, even if their only source of income is from a regular job? | I think the key point that's making the other commenters misunderstand each other here is the concept of "deductions". I can only speak for the UK, but that's only a concept that business owners would understand in this country. For things like child credits or low income tax credits, we don't get paid them at the end... |
Share your insights or perspective on the financial matter presented in the input. | Why do Americans have to file taxes, even if their only source of income is from a regular job? | There are a few reasons: 1) Deductions and credits. We have a lot of them. While I suppose we could pass this information on to our employers for them to file, why would we want to? That just unnecessarily adds a middle-man as well as sharing potentially private information more than it needs to be shared. This is the ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Why do Americans have to file taxes, even if their only source of income is from a regular job? | One of the reasons is also general distrust to the government. Another one is that there exist special interest group which profits from the complicated scheme, keep adding special cases, and has stronger financial situation that the opponents of such complex scheme. People do not trust government, or companies, to act... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Why do Americans have to file taxes, even if their only source of income is from a regular job? | A couple things. First of all, most people's MAIN source of income is from their job, but they have others, such as bank interest, stock dividends, etc. So that income has to be reported with their wage income. The second thing is that most people have deductions NOT connected with their job. These deductions reduce in... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Why do Americans have to file taxes, even if their only source of income is from a regular job? | Why is the US still working with paper checks when Europe went digital about a decade ago? Tax filing is just another area in which the US is lagging. Modernizing it costs money, and the US is quite close to bankruptcy (as seen by the repeated government shutdowns). Also, the US tax code is quite complicated. For inst... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Does reading financial statements (quarterly or annual reports) really help investing? | Reading financial statements is important, in the sense that it gives you a picture of whether revenues and profits are growing or shrinking, and what management thinks the future will look like. The challenge is, there are firms that make computers read filings for them and inform their trading strategy. If the comput... |
Share your insights or perspective on the financial matter presented in the input. | Does reading financial statements (quarterly or annual reports) really help investing? | Financial statements provide a large amount of specialized, complex, information about the company. If you know how to process the statements, and can place the info they provide in context with other significant information you have about the market, then you will likely be able to make better decisions about the comp... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Does reading financial statements (quarterly or annual reports) really help investing? | Wow, I cannot believe this is a question. Of course reading the 10Ks and 10Qs from the SEC are incredibly beneficial. Especially if you are a follower of the investing gurus such as Warren Buffett, Peter Lynch, Shelby Davis. Personally I only read the 10K's I copy the pertinent numbers over to my spreadsheets so I ... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Does reading financial statements (quarterly or annual reports) really help investing? | I agree with @STATMATT. Financial statements are the only thing that Warren Buffett & Charlie Munger read. To answer your question though, really depends on what type of investor you are and what information are you trying to extract. It is essential for the Buffett style (buy & hold). But if you are a short term o... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Does reading financial statements (quarterly or annual reports) really help investing? | Yes, especially if you are a value investor. The importance and relevance of financial statements depends on the company. IMO, the statements of a troubled "too big to fail" bank like Citibank or Bank of America are meaningless. In other industries, the statements will help you distinguish the best performers -- if you... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Does reading financial statements (quarterly or annual reports) really help investing? | Reading and analyzing financial statements is one of the most important tasks of Equity Analysts which look at a company from a fundamental perspective. However, analyzing a company and its financial statements is much more than just reading the absolute dollar figures provided in financial statements: You need to cal... |
Share your insights or perspective on the financial matter presented in the input. | Why is routing number called ABA/ABN number? | The ABA number you speak of is more accurately called the Routing Transit Number. http://en.wikipedia.org/wiki/Routing_transit_number A routing transit number (RTN) is a nine digit bank code, used in the United States, which appears on the bottom of negotiable instruments such as checks identifying the financial ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Why is routing number called ABA/ABN number? | With number of Banks increasing every country at some point in time adopted an Identification code. In US these are called ABA number because they are allocated by American Bankers Association, in UK Sort Codes ... like wise for other countries. See list here http://en.wikipedia.org/wiki/Bank_code In some countries the... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | What to do with an old building to get money | There are a few ways to get money from property, but I'm not sure any would work for you: 1) Firstly you could sell it. Selling the building might require enough repairs that the building is habitable; if the repair costs are too high, you might not be able to recover costs from selling. For a particularly old and unke... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | First concrete steps for retirement planning when one partner is resistant | I would suggest you do three things: If you do all three of these, the time will come when "2 months off to go to Italy this winter and ride bikes through wine country" is something you both want to do, can afford to do, and have arranged your lives to make it feasible. Or whatever wow-cool thing you might dream of. Bu... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | First concrete steps for retirement planning when one partner is resistant | You can take a queue from any sales opportunity and position it in ways that will still appeal to someone who intends to continue working perpetually. Here are some of the points I would make: 401k matching funds are free money that you will have access to in ~20 years whether you retire or not. Long-term savings that ... |
Share your insights or perspective on the financial matter presented in the input. | First concrete steps for retirement planning when one partner is resistant | To answer your question: As far as what's available in addition to your 401(k) at work (most financial types will say to contribute up to the match first), you may qualify for a Roth IRA (qualification is based on income), if not, then you may have to go with a Traditional IRA. You and your husband can each have one a... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | First concrete steps for retirement planning when one partner is resistant | I can understand your nervousness being 40 and no retirement savings. Its understandable especially given your parents. Before going further, I would really recommend the books and seminars on Love and Respect. The subject matter is Christian based, but it based upon a lot of secular research from the University of... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | First concrete steps for retirement planning when one partner is resistant | I'd try to (gently) point out to your husband that what he thinks he wants to do now and what he might want to do in 20 or 30 years are not necessarily the same thing. When I was 40 I was thinking that I would work until I died. Now I'm 58 and have health problems and I'm counting down the days until I can retire. Even... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | First concrete steps for retirement planning when one partner is resistant | Bringing your spouse on board a financial plan is key to success. The biggest part is to have a shared dream. Having retirement saving doesn't mean that you can't work. It does mean that you both will have some level of security as you age. Does your husband really want you to be impoverished when he dies? I doubt... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Is it practical to take actual delivery on a futures contract, and what is the process? | Here's a good link that can answer your question: How to take delivery of a futures contract The relevant part states: Prior to delivery day, they inform customers who have open long positions that they must either close out the position or prepare to take delivery and pay the full value of the underlying contract. By ... |
Share your insights or perspective on the financial matter presented in the input. | Is it practical to take actual delivery on a futures contract, and what is the process? | Not all futures contracts are deliverable. Some futures are specified as cash settlement only. In the case of deliverable contracts, part of the specification of a futures contract will be the delivery locations. As per my answer to your previous question, please see the CME Rulebook for details of delivery points fo... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Is it practical to take actual delivery on a futures contract, and what is the process? | As mentioned in other answers, you find out by reading the Rulebook for that commodity and exchange. I'll quote a couple of random passages to show how they vary: For CME (Chicago Mercantile Exchange) Random Length Lumber Futures, the delivery is ornate: Seller shall give his Notice of Intent to Deliver to the Clearin... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Should I sell my individual stocks and buy a mutual fund | I would normally take a cautious, "it depends" approach to answering a question like this, but instead I'm going to give you a blunt opinionated answer based solely on what I would do: Even the crap. Get rid of them and get into the boring low fee mutual funds. I was in a similar situation a few years ago, almost. My ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Should I sell my individual stocks and buy a mutual fund | This depends on a lot actually - with the overall being your goals and how much you like risk. Question: What are your fees/commissions for selling? $8.95/trade will wipe out some gains on those trades. (.69% if all are sold with $8.95 commission - not including the commission payed when purchased that should be fact... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | A guy scammed me, but he gave me a bank account number & routing number. Can I use that to take out what he owes me? | You're potentially in very deep water here. You don't know who this person is that you're dealing with. Before you'd even met him, he just gave you his banking info, seemingly without a second thought. You have no idea what the sources of his money are, so what happens if the money is stolen or otherwise illegal? I... |
Share your insights or perspective on the financial matter presented in the input. | A guy scammed me, but he gave me a bank account number & routing number. Can I use that to take out what he owes me? | OK, reading between the lines here it looks like the services offered by your company are of an "adult" (possibly illegal?) nature and that this individual has actually paid you in full for the services rendered up to this point. The wrinkle here is that you say that you've been offered large cash "gifts" in return for... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | A guy scammed me, but he gave me a bank account number & routing number. Can I use that to take out what he owes me? | What legal way can I take what I am owed from this guy? The legal ways are for this guy to transfer you the money or give you instructions that will allow you to get the money. Alternatively you would need to file a civil suite to recover the funds. What illegal way do people use this info if they had it? I don't want... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | A guy scammed me, but he gave me a bank account number & routing number. Can I use that to take out what he owes me? | As long as there is nothing more to this story you aren't sharing, you can expect those bills you paid to come back (you will have to pay them again later). You can be pretty certain that the name he gave you was fake, and that the bank account you paid your bills with was not his. I would not try to do anything at all... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | A guy scammed me, but he gave me a bank account number & routing number. Can I use that to take out what he owes me? | You're not focusing in the right place and neither is anyone else on this thread because this isn't about the guy owning you money... This is about you not having enough money to pay your rent. If rent wasn't due and the utility bills weren't piling up, you wouldn't be trying to justify taking money out of someone els... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | A guy scammed me, but he gave me a bank account number & routing number. Can I use that to take out what he owes me? | A routing number and account number are on the bottom of every check. If anybody who ever handled your checks or even saw your checks could just withdraw as much money as they wanted, the whole banking system would need to be reworked. In short, just having that info is not enough. Not legally. |
Share your insights or perspective on the financial matter presented in the input. | How to do thorough research into a company to better understand whether to buy stock? | So, first -- good job on making a thorough checklist of things to look into. And onto your questions -- is this a worthwhile process? Even independent of specific investing goals, learning how to research is valuable. If you decided to forgo investing in stocks directly, and chose to only invest in index funds, the sam... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How to reduce mortgage rate with low income but high assets | In your shoes, I would pay off the mortgage with the after tax investments and be done. You have different goals than I do in that you want to keep the debt. So, I would start calling mortgage brokers and asking for someone who does "manual underwriting". Manual underwriting essentially means they use common sens... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | How to reduce mortgage rate with low income but high assets | The bit I don't quite understand is why you are thinking about staying in debt in the first place - you're basically thinking about shuffling around assets and liabilities in order to stay in debt? I think what I would do in your situation is to liquidate enough of the investments you have and pay off the mortgage. Thi... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | What evidence do I need to declare tutoring income on my income tax? | I have been a private tutor on and off for about 30 years, in three countries, so I understand your concerns! I always kept records as though it was a real business - even if I only had one student I kept records of dates/times/names, and also tracked where the money went (I never spent it straight up - it always got ... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Effect of Job Change on In-Progress Mortgage Application | Best advice is to ask your lender. That being said, if you are changing jobs, but keeping the same type of job you are usually ok and if the loan was approved before, it would still be approved. If you switch from W-2 to 1099 or vice-versa, permanent to contract, switch industries (software dev to accountant), or make... |
Share your insights or perspective on the financial matter presented in the input. | Effect of Job Change on In-Progress Mortgage Application | I recommend you ask this question to a qualified mortgage broker. We just closed on our first house. My wife & I have had several years of stable jobs, good credit scores, and a small side business with 1040 Schedule-C income... and we were surprised by the overwhelming amount of documentation we needed for the loan.... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Effect of Job Change on In-Progress Mortgage Application | I just closed on a refi last week Thursday. The app went to the lender mid to late May. The lender called my employer for an employment verification on the Monday before closing. I would wait till after the loan funds to change jobs. FWIW, we signed on Thursday afternoon, escrow had to FedEx the originals to the lender... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Is it possible to create a self-managed superannuation fund to act as a mortage offset? (Australia) | If you're under age 55 and in good health generally you cannot withdraw your funds from super and your super fund cannot provide you with any financial assistance eg lend you money. However, for a very small percentage of people with unrestricted non preserved superannuation components ( check your statement most peopl... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Is it possible to create a self-managed superannuation fund to act as a mortage offset? (Australia) | You can set up a Self Managed Super Fund (SMSF) and use it to buy residential investment property, and as Justin has mentioned even borrow to acquire the investment property through the SMSF. However, you cannot hold your home in the SMSF, as this would be classed as an in-house asset, and you are only allowed to hold... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Should I invest in a Health Insurance +1 policy from my Employer? | If I read your figures correctly, then the cost difference is negligible. ($1.84 difference) The main determining factor, I'd think, would be the coverage. Do you get more, or less, coverage now than you would if you went together on the same plan? You'd both be covered, but what is the cap? Plans, and employer contr... |
Share your insights or perspective on the financial matter presented in the input. | Should I invest in a Health Insurance +1 policy from my Employer? | One thing to look into is if there is an extra fee for covering a spouse under you plan, if she is covered under her own employer's plan. I know that my wife's company charges around $100-$200 a year if I was to be covered under her plan, since I am eligible for the coverage where I work. As far as tax issues, there s... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | What's the minimum revenue an LLC must make in Florida or NY states? | Depends on the State. In California, for example, you pay a franchise tax of $800 every year just for having LLC, and in addition to that - income tax on gross revenue. But in other States (like Wyoming, for example) there's no taxes at all, only registration fees (which may still amount to ~$100-300 a year). IRS doesn... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Is buying or selling goods for gold or silver considered taxable? | Of course. The rationale is exactly the same as always: profit is taxed. The fact that you use intermediate barter to make that profit is irrelevant. To clarify, as it seems that you think it makes a difference that no money "changed hands". Consider this situation: So far your cost is $10000. How will the tax authorit... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Is buying or selling goods for gold or silver considered taxable? | What you are doing is barter trade. Most countries [if not all] would tax this on assumed fair value. There are instances where countries may relax this norm in border areas for a small amount. Barter is not just for gold – one can virtually do this for any goods, i.e. sell garments in exchange for oil, sell electron... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Is buying or selling goods for gold or silver considered taxable? | This isn't new. Even before silver hit $50 in 1980, silver coins were worth 3-4X face value for 'junk' silver. There were people writing articles on how one could sell their house and specify a lower price, but paid in silver coins. Since silver coins have a face value, it was suggested that this was a legitimate proc... |
Share your insights or perspective on the financial matter presented in the input. | What factors would affect the stock price of a sports team? | Costs are almost entirely salaries Apart from all the usual costs incurred by running a large, complex, business, ManU are servicing debt that is getting up around the GBP500M mark. This is debt racked up by the Glazer family since purchasing the team, as well as debt they took with them to the team. What sort of fac... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Why so much noise about USA's credit rating being lowered? | Because US bonds have had the prior impression of absolute invincibility and safety that has helped the dollar become the world's reserve currency and the United States borrow essentially at will. For the people that care what S&P says, the aura of invincibility is broken and it is conceivable, in SOME universe, for th... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Why so much noise about USA's credit rating being lowered? | Pension- and many "low-risk" investment funds may only invest in AAA-rated stocks and bonds. While the S&P rating alone doesn't imply that such funds must immediately disinvest in US bonds (Fitch and Moody's are holding), it does create the risk that the other rating agencies will follow suite and also lower the US ra... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Why so much noise about USA's credit rating being lowered? | Dollar is the lingua franca of the financial industry and unluckily it is the US currency. It is till today considered the most safest investment bet, that is why you have China possesing $3 trillion of US debt, as an investment albiet a very safe one. Financial investors get in queue to by US bonds the moment they are... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Why so much noise about USA's credit rating being lowered? | The credit scale is deceptive, it goes: AAA, AA, A, BBB, BBB-, BB+, BB, B, CCC, CC, C, D. In reality it should be A,B,C,D,E, F, G,H, I, etc. The current scale does not reflect with clarity the ranking of risks and ratings. AA is much worse than AAA, but the uncertainty involved can be scary. Check out these corporate a... |
Share your insights or perspective on the financial matter presented in the input. | Why so much noise about USA's credit rating being lowered? | Because the USA is the world's biggest economy - everybody in the world works with the USA (even if the american companies are not direct suppliers, they are surely somewhere in the supply chain). If USA credit rating is lower, that means american companies will find it harder to get loans to finance their business (i.... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How can I minimize the impact of the HST? | The HST is a sales tax levied on most goods and services. It is important to realize that in both BC and Ontario, the new HST does not (in most cases) result in an increase in sales tax paid. For example, in Ontario the PST is 8% and when combined with the GST the sales tax is 13%. With the HST, the GST and PST are rep... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | How is a relocation fee of more than 40k taxed? | It is ordinary income to you. You should probably talk to a California licensed CRTP/EA/CPA, but I doubt they'll say anything different. You would probably ask them whether you can treat some of it as a refund of rent paid, but I personally wouldn't feel comfortable with that. |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | How is a relocation fee of more than 40k taxed? | With a $40,000 payment there is a 100% chance that the owner will be claiming this as a business expense on their taxes. The IRS and the state will definitely know about it, and the risk of interest and penalties if it is not claimed as income make the best course of action to see a tax adviser. Because taxes will not... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Do the tax consequences make it worth it for me to hold ESPP stock? | To try to answer the three explicit questions: Every share of stock is treated proportionately: each share is assigned the same dollar amount of investment (1/176th part of the contribution in the example), and has the same discount amount (15% of $20 or $25, depending on when you sell, usually). So if you immediately ... |
Share your insights or perspective on the financial matter presented in the input. | Do the tax consequences make it worth it for me to hold ESPP stock? | I think people in general tend to unnecessarily over-complicate this issue. Here's what I think you should do in any situation like this: First and foremost, put all tax considerations aside and decide whether it makes sense to sell the stock now or hold on to it for the long term based on its merits as an investment.... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Do the tax consequences make it worth it for me to hold ESPP stock? | Your gain is $1408. The difference between 32% of your gain and 15% of your gain is $236.36 or $1.60 per share. If you sell now, you have $3957.44 after taxes. Forget about the ESPP for a moment. Are you be willing to wager $4000 on the proposition that your company's stock price won't go down more than $1.60 or so ov... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Taxes for citizen of EU country #1 living in EU country #2 and working from home for non-EU country #3? | You will almost certainly be paying taxes in Czech Republic, short of being American of Eritrean, citizenship has little to no bearing on tax. If you are working from home, you will probably be a contractor. In Romania you would work through either an SRL or you would set up a PFA. Essentially a limited company or a so... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Taxes for citizen of EU country #1 living in EU country #2 and working from home for non-EU country #3? | There are just too many variables here... Will you legally be considered a permanent resident from the moment you move? Will you work from home as a contractor or as an employee? Those are not questions you can answer yourself, they really depend on your circumstances and how the tax authorities will look at them. I st... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | How does sales tax holiday change tax? | I believe you are confusing sales tax with income tax. The tax holidays in the US are only for sales tax. Consumers purchasing certain goods during the tax holiday do not have to pay sales tax like they normally would. Effectively the price is slightly lower during those days with the purpose of giving people an extra ... |
Share your insights or perspective on the financial matter presented in the input. | How can one go short in Uber? | The answer to this question is related to another question: How would I invest in Uber? Given that Uber is a privately-held company, the average investor cannot directly buy stock. However, there are some indirect methods that you can use to invest in Uber, and as a result, it is also possible to indirectly short Uber... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How can one go short in Uber? | Pay someone a fee to borrow their private Uber shares, then sell those private shares to someone else, then find someone else you can buy their private shares from for less than the net of the proceeds you made selling the borrowed shares you sold plus the fees you've paid to the first person and return your newly purc... |
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