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Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Helping my family sell their oil stocks. What to buy? | *("Fee-only" meaning the only money they make is the fee your folks pay directly; no kickbacks from financial products they're selling.) The answer to this is: for God's sake, leave it alone! I commend you on wanting to help your family avoid more losses. You are right, that having most of one's retirement in one stoc... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Value investing | As an aside, why does it seem to be difficult to get a conclusive answer to this question? I'm going to start by trying to answer this question and I think the answer here will help answer the other questions. Here is a incomplete list of the challenges involved: So my question is, is there any evidence that value inv... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Value investing | The June 2014 issue of Barclays Wealth's Compass magazine had a very nice succinct article on this topic: "Value investing – does a rules-based approach work?". It examines the performance of value and growth styles of investment in the MSCI World and S&P500 arenas for a few decades back, and reveals a surprisingly co... |
Share your insights or perspective on the financial matter presented in the input. | Value investing | One aspect of this - no matter which valuation method you choose - is that there are limited shares available to buy. Other people already know those valuation methods and have decided to buy those shares, paying higher than the previous person to notice this and take a risk. So this means that even after you have calc... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Value investing | The Investment Entertainment Pricing Theory (INEPT) has this bit to note: The returns of small growth stocks are ridiculously low—just 2.18 percent per year since 1927 (versus 17.47 percent for small value, 10.06 percent for large growth, and 13.99 percent for large value). Where the S & P 500 would be a blend of l... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Can you deduct hobby expenses up to hobby income in Canada? | Yes, your business needs to be in the business of making money in order for you to deduct the expenses associated with it. I suppose in theory this could mean that if you take in $10,000 and spend $30,000 every year, you not only don't get a net deduction of $20,000 (your loss) but you have to pay tax on $10,000 (your ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Is it acceptable to receive payment from U.S. in Indian saving bank account via PayPal? | It is fine to receive payments into Indian Savings Bank account. There are no restriction on deposits. There are only restrictions on number of withdrawls in a quarter. A Current[a.k.a Checking] account makes it easier to manage. You haven't asked about tax, but I you may already know you would need to pay taxes irres... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | H&R Block says form 1120 not finalized? IRS won't take it yet? | This form is due March 15. This year, the 15th is Saturday, so the deadline is Monday March 17th. Keep in mind, the software guys would have two choices, wait until every last form is finalized before releasing, or put the software out by late November when 80%+ are good to go. Nothing is broken in this process. Keep... |
Share your insights or perspective on the financial matter presented in the input. | H&R Block says form 1120 not finalized? IRS won't take it yet? | The forms get updated every year, and the software providers need to get approved by the IRS every year. "Form is not yet finalized" means that this year form hasn't been approved yet. IRS starts accepting returns on January 31st anyway, nothing to be worried about. Why are you nearing a deadline? The deadline for 1120... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Can I locate the name of an account holder by the account number and sort code? (U.K.) | No, the best you can do is (probably) determine the bank, from the sort code. using an online checker such as this one from the UK payments industry trade association. Revealing the name of an account holder is something the bank would typically require a warrant for, I'd expect, or whatever is covered in the account T... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Opening and funding an IRA in three days - is this feasible? | Some banks and credit unions have IRA accounts. They pay interest like a savings account or a CD but they are an IRA. After the 15th you can roll them over into a IRA at one of the big investment companies so you can get invest in an index or Target Retirement Fund. But it is not too late. Opening an account at one of ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Opening and funding an IRA in three days - is this feasible? | A few years ago, I did something like this at a Wells Fargo; I realized I could put money into an IRA a few days before 4/15, and was able to walk in to the main branch and do the whole thing in under an hour. |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | How does one's personal credit history affect one's own company's credit rating? | For a newly registered business, you'll be using your "personal" credit score to get the credit. You will need to sign for the credit card personally so that if your business goes under, they still get paid. Your idea of opening a business card to increase your credit score is not a sound one. Business plastic might n... |
Share your insights or perspective on the financial matter presented in the input. | Simple income and expense report in gnucash | The official guide can be found here, but that can be a little in depth as well. To make good use of you need at least a little knowledge of double-entry bookkeeping. Double-entry bookkeeping, in accounting, is a system of bookkeeping so named because every entry to an account requires a corresponding and opposite e... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Capital improvement and depreciation in restaurant LLC | First, you should probably have a proper consultation with a licensed tax adviser (EA/CPA licensed in your State). In fact you should have had it before you started, but that ship has sailed. You're talking about start-up expenses. You can generally deduct up to $5000 in the year your business starts, and the expenses ... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | US Expatriate, do I have to file for an extension, or do I automatically get it, as in without doing anything? | The 2 months extension is automatic, you just need to tell them that you're using it by attaching a statement to the return, as Pete Becker mentioned in the comments. From the IRS pub 54: How to get the extension. To use this automatic 2-month extension, you must attach a statement to your return explaining which of ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Does the CRA reprieve those who have to commute for work? | The answer on the Canadian Government's website is pretty clear: Most employees cannot claim employment expenses. You cannot deduct the cost of travel to and from work, or other expenses, such as most tools and clothing. However, that is most likely related to a personal vehicle. There is a deduction related to Pu... |
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 report S-corporation Shareholder loans / capital contributions? | As the owner of the S-corp, it is far easier for you to move money in/out of the company as contributions and distributions rather than making loans to the company. Loans require interest payments, 1099-INT forms, and have tax consequences, whereas the distributions don't need to be reported because you pay taxes on ne... |
Share your insights or perspective on the financial matter presented in the input. | Company is late in paying my corporate credit card statement - will it hurt my credit? | According to an article on Bankrate.com from 2011, yes, it can hurt your credit: With individual liability accounts, the employee holds all responsibility for the charges, even if the company pays the issuer directly. Joint liability means the company and employee share the responsibility for payments, says Mahendra Gu... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Company is late in paying my corporate credit card statement - will it hurt my credit? | After doing some investigating, my employers contract with the credit card company has a clause that basically specifies that despite my name being on the credit card, and bills being sent to me, all liability is on the company. Additionally, the employer reserves the right to garnish wages in the event of a balance on... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | How long do credit cards keep working after you disappear? | how can I keep my website running for posterity after I die? If this is the real problem, incorporate a non-profit corporation or have a lawyer set up a foundation. Those will survive after your death and their bank accounts with them. You might even find someone willing to do this for you. It sounds like a neat ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | How long do credit cards keep working after you disappear? | Generally speaking the bank accounts and credit card accounts remain open. Banks and the credit card companies don't monitor public records on a daily basis. Instead, whoever is handling your estate will need to obtain copies of your death certificate and they will then search your paper records to identify all accou... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | How to declare foreign gift of nearly $10,000 | Actually banks aren't required to (and don't) report on 8300 because they already report $10k+ cash transactions to FinCEN as a Currency Transaction Report (CTR), which is substantively similar; see the first item under Exceptions in the second column of page 3 of the actual form. Yes, 8300 is for businesses, that's wh... |
Share your insights or perspective on the financial matter presented in the input. | Should I pay myself a dividend or a salary? | In cases like this you should be aware that tax treaties may exist and that countries are generally willing to enter into them. Their purpose is to help prevent double taxation. Tax treaties often times give you a better tax rate than even being a resident of the countries in question! (For instance, the Italy to US ta... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Capital gains and flow through tax treatment | For some reason this can result in either the flow through income being UNTAXED or the flow through income being taxed as a capital gains. Either way this allows a lower tax rate for LLC profits. I'm not sure that correct. I know it has something to do with capital accounts. This is incorrect. As to capital acc... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Precedent and models for 100% equity available via initial offering? | Founder makes available 100% equity, but uses a reasonable amount of the proceeds to pay him/herself a salary (or wage) and from that salary invests in the same initial offering to acquire shares for him/herself. I see several problems. What is a reasonable salary? Also, this leaves the door open to the following... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Precedent and models for 100% equity available via initial offering? | Specifically I was wondering, how can the founder determine an appropriate valuation and distribution of shares; ie- the amount of equity to make available for public vs how much to reserve for him/herself. This is an art more than science. If markets believe it to be worth x; one will get. This is not a direct correla... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Can stock market gains be better protected under an LLC arrangement? | All corporate gains are taxed at the same rate as corporate income, for the corporate entity, so this actually can be WORSE than the individual capital gains tax rates. There are a lot of things you can do with trading certain asset classes, like opening you up to like-kind re-investment tax perks, but I can't think of... |
Share your insights or perspective on the financial matter presented in the input. | Can stock market gains be better protected under an LLC arrangement? | The thing you get wrong is that you think the LLC doesn't pay taxes on gains when it sells assets. It does. In fact, in many countries LLC are considered separate entities for tax properties and you have double taxation - the LLC pays its own taxes, and then when you withdraw the money from the LLC to your own account... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Owned house for less than 2 years - 1031 exchange? | Yes, your realtor is a moron. (I am a realtor, and sorry you have such a bad one) Every industry has its good and bad. You really should find a new realtor, a good one. You know the 1031 exchange is for rental property only. And that saving $2000 isn't worth staying in the house to complete the two years required occu... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | California tells me I didn't file documents for an LLC that isn't mine. What do I do? | Did it show just your address, or was your name on it as well? You didn't share how long you've lived at the address either, so it makes me wonder whether a former tenant is the one who filed that paperwork. It's also possible that someone used your address when making a filing. Whether that was deliberate or accid... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | How do I handle taxes on a very large “gift” from my employers? | You're right about your suspicions. I'm not a professional (I suggest you talk to a real one, a one with CPA, EA or Attorney credentials and license in your State), but I would be very cautious in this case. The IRS will look at all the facts and circumstances to make a claim, but my guess would be that the initial cla... |
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 handle taxes on a very large “gift” from my employers? | You should be aware that the IRS considers all gifts of cash or cash equivalents from an employer (the partnership in this case) to an employee (your husband in this case) to be wages, regardless of what the transfer is called by either party, or how it is transferred. I'd strongly recommend that you review IRS publica... |
Share your insights or perspective on the financial matter presented in the input. | Online Return Policies | If you paid by credit card, file a dispute with the credit card company. They will credit you the money immediately while they investigate. The burden of proof will then be on the merchant. Keep your documents handy in case you need them: USPS receipt, proof of delivery, copies of all correspondance, etc. File the cred... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How can I set up a recurring payment to an individual (avoiding fees)? | I think about as close as you're going to get is to use a personal PayPal account, and set up a reminder to yourself to log in and send the money. (Because, as you said, setting up a recurring payment is a business account thing.) From PayPal's website: Sending money – Personal payments: It's free within the U.S. to s... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | How can I set up a recurring payment to an individual (avoiding fees)? | Ask your bank or credit union. Mine will let me issue recurring payments to anyone, electronically if they can, if not a check gets mailed and (I presume) I get billed for the postage. |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | How can I set up a recurring payment to an individual (avoiding fees)? | Many U.S. banks now support POPMoney, which allows recurring electronic transfers between consumer accounts. Even if your bank doesn't support it, you can still use the service. See popmoney.com. |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | How can I set up a recurring payment to an individual (avoiding fees)? | A handful of well-known banks in the United States are part of the clearXchange network, which allows customers of those banks to move money amongst them. The clearXchange service is rebranded differently by each member bank. For example, Chase calls it QuickPay, while Wells Fargo calls it SurePay, and Capital One call... |
Share your insights or perspective on the financial matter presented in the input. | How can a freelancer get a credit card? (India) | Typically Banks look for a steady source of income or savings based on which they issue a credit card. If you can't show that build a cash balance and show it. For Example if you have an PPF account with say SBI, they issue you a card with a limit of around 50% of the balance in PPF. No other documentation is required.... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How can a freelancer get a credit card? (India) | The OP might have obtained his credit card by now but I'm answering now as there is one more easy way to get a credit card. All major Indian banks like SBI, ICICI, HDFC and Axis issue instant credit cards on opening a FD (Fixed Deposit). For instance ICICI offers one for FD amount of as less as ₹20000. The credit limi... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | How can a freelancer get a credit card? (India) | I don't know about India, but here in the US banks, and more friendly institutions such as credit unions, use to offer the option of a 'secured' credit card where the card was secured by placing a lock on money in a savings account equal to the credit limit on the card. So for example, if you had $1500 in savings, you ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | How to teach personal reconciliation and book balancing | If you are wanting to teach your kids basic accounting principles there is some good stuff on Khan Academy. However most of the stuff takes practice to really make it hit home and its kinda boring (Especially to kids who may or may not care about it). Maybe if you help them set up an account on Mint so that they are at... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Determining the minimum dividend that should be paid from my S corporation | There are no dividends from S-Corp. There are distributions. Big difference. S-Corps fill form 1120S and schedule K-1 per shareholder. In the schedule all the income of your S-Corp will be assigned to various categories that you will later copy to your personal tax return as your personal income. It is not dividend inc... |
Share your insights or perspective on the financial matter presented in the input. | Can expenses for attending stockholders meetings be deducted in U.S. income taxes? | Nope, not deductible. It's true that some investment expenses are deductible, mainly as "miscellaneous itemized expenses", though only the amount that exceeds 2% of your adjusted gross income. But as explained in IRS Pub 550, which lays out the relevant rules: Stockholders' meetings. You cannot deduct transportation... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How do I set up Quickbooks for a small property rental company that holds its properties in separate LLC's? | You need one "company file" for each company that you want to track through QuickBooks. Looks like, in your case, that is at least the PM and the PH (as you labeled them in your question). The companies that just hold property and pay utilities might be simple enough that you don't need the full power of QB, in which... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Creating a Limited company while still fully employed | I was just thinking ahead, can I apply for Limited company now, while fully time employed, and not take any business until I get a contract. Yes. You can open as many companies you want(assuming you are sane). There is no legal provisions regarding who can open a company. What happens if I create a company and it has... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Creating a Limited company while still fully employed | Can I apply for limited company now, while fully time employed, and not take any business until I get a contract? Some employment contracts may include non-compete clauses or similar which expressly forbid you engaging in other employment or becoming self-employed while simultaneously working for your current employer.... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Creating a Limited company while still fully employed | You can register a limited company and leave it dormant, that's no problem. You just need to make sure that later on you notify HMRC within 3 months of any trading activity. As pointed out, you can register a company in a few hours now so I wouldn't worry about that. Your confusion about Private Limited Companies is un... |
Share your insights or perspective on the financial matter presented in the input. | Best Practices for Managing Paper Receipts | I store all my receipts digitally, and make sure to input them into accounting program sooner than later, just so I don't forget about it. For practical purposes, the two important things are: Any kind of a digital system makes this pretty easy, even just putting the sums in a spreadsheet and the receipts into files wi... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Using 2 different social security numbers | While I agree with keshlam@ that the gym had no reason (or right) to ask for your SSN, giving false SSN to obtain credit or services (including gym membership) may be considered a crime. While courts disagree on whether you can be charged with identity theft in this scenario, you may very well be charged with fraud, an... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Using 2 different social security numbers | Social security number should only be needed for things that involve tax withholding or tax payment. Your bank or investment broker, and your employer, need it so they can report your earnings. You need it when filing tax forms. Other than those, nobody should really be asking you for it. The gym had absolutely no goo... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | offshoring work and tax dilemma | Generally for tax questions you should talk to a tax adviser. Don't consider anything I write here as a tax advice, and the answer was not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. Does IRS like one payment method ov... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Travel expenses for an out-of-state rental | While the question is very localized, I'll answer about the general principle. My main question is with how far away it is (over 1000 miles), how do I quantify the travel expenses? Generally, "necessary and ordinary" expenses are deductible. This is true for business and also true for rentals. But what is necessary a... |
Share your insights or perspective on the financial matter presented in the input. | Is this understanding of S-corp taxes correct? | I think you're misunderstanding how S-Corp works. Here are some pointers: I suggest you talk with a EA/CPA licensed in your state and get yourself educated on what you're getting yourself into. |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Do Online Currency Exchanges' registration with the government guarantee safety and reliability? | Government registering of financial institutions usually is to make the government safe (eg FINTRAC is watching for money laundering and financing terrorism) rather than to make it's customers safe. Most governments have many levels of registrations and regulatory bodies. The most stringent requirements are usually ob... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Virtual Terminal WITHOUT merchant account? | You would need to setup a company (even if it's just a sole proprietorship, in the US) to be able to apply for a true merchant account. And thus have a terminal; either real or virtual in your home or business. However, many services such as paypal allow you to accept credit cards (both online and with a card reader) ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | declaring payments to a credit card for a shared expense | If this is a business expense - then this is what is called reimbursement. Reimbursement is usually not considered as income since it is money paid back to you for an expense you covered for your employer with your after-tax money. However, for reimbursement to be considered properly executed, from income tax stand poi... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | I'm thinking about selling some original artwork: when does the government start caring about sales tax and income tax and such? | First - get a professional tax consultation with a NY-licensed CPA or EA. At what point do I need to worry about collecting sales taxes for the city and state of New York? Generally, from the beginning. See here for more information on NYS sales tax. At what point do I need to worry about record-keeping to report the ... |
Share your insights or perspective on the financial matter presented in the input. | I'm thinking about selling some original artwork: when does the government start caring about sales tax and income tax and such? | If you sell through an intermediate who sets up the shop for you, odds are they collect and pay the sales tax for you. My experience is with publishing books through Amazon, where they definitely handle this for you. If you can find a retailer that will handle the tax implications, that might be a good reason to use th... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Maxing out HSA after maxing out Roth IRA | Unless the hypothetical fellow is immune to disease, and indestructible, with no risk of injury, the HSA is an ideal place for this money. It offers a pretax deposit, and if used for medical expenses, a tax free withdrawal. This combination can't be beat for those who have the medical insurance that qualifies them for... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | How to report a personal expense for an LLC partnership paid in one year and reimbursed in another? | You report it when the expense was incurred/accrued. Which is, in your case, 2014. There's no such thing as "accounts payable" on tax forms, it is an account on balance sheet, but most likely it is irrelevant for you since your LLC is probably cash-based. The reimbursement is a red-herring, what matters is when you pai... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | If I helped my friend to file taxes; can I represent her on a phone call with FTB? | In order for you to be able to talk to the FTB on someone's behalf, that someone has to submit form 3520. Note that since you're not a professional, this form must be paper-filed (CRTP, EA, CPA or attorneys can have this filed on-line). Once the form is accepted by the FTB, you can contact the FTB on behalf of your fri... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | What are the costs to maintain an Inc? | According to this FAQ published by the state of Delaware, your annual filing fees will be: Anything above and beyond that is based on company income. If you decide to file an LLC in Delaware instead of a Corporation your annual tax is $300. As others have mentioned in comments to your original question it's worth explo... |
Share your insights or perspective on the financial matter presented in the input. | Self-employment alongside full-time job | What you need to do is register as a sole trader. This will automatically register you for self assessment so you don't have to do that separately. For a simple business like you describe that's it. Completing your self assessment will take care of all your income tax and national insurance obligations (although as me... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | “Occupation” field on IRS Form 1040 | It doesn't generally matter, and I'm not sure if it is in fact in use by the IRS other than for general statistics (like "this year 20% of MFJ returns were with one spouse being a 'homemaker'"). They may be able to try and match the occupation and the general levels and types of income, but for self-employed there's a ... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Can I deduct personal loans or use them as tax “write offs?” | You will have to write it off as an offset of capital gains or as bad debt against personal income, limited to $3k/ yr. Write off 3k this year, 2k next. Here's the tax code, you'll need to file a form 8949, link below. https://www.irs.gov/taxtopics/tc450/tc453 So, this requires that it is a loan, acknowledged by both y... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Mortgage or not? | I often say "don't let the tax tail wag the investing dog." I need to change that phrase a bit to "don't let the tax tail wag the mortgage dog." Getting a tax deduction on a 4% mortgage basically results (assuming you already itemize) in an effective 3% rate mortgage. The best way to avoid tax is save pretax in a 401(k... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Mortgage or not? | Better in terms of what? less taxes paid? or more money to save for retirement? In terms of retirement, it would be better for you to keep the condo you currently have for at least two reasons: You wouldn't incur the penalties and fees from buying and selling a home. Selling and buying a home comes with a multitude of ... |
Share your insights or perspective on the financial matter presented in the input. | Mortgage or not? | Short answer: No. Longer answer: The only reason to move would be to get out of the condo and into a SFR of equal cost because condos can be quite difficult to sell and you don't really want that potential burden later on. Moving is expensive though and you can't afford to spend more when you are already living on t... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Mortgage or not? | In addition to the other answers, I think you would also need to account for the increased utility and maintenance costs on the more expensive house. Typically it is recommended to budget 1% to 4% the cost of the home per year for routine maintenance. While it likely won't cost that much every year, you will have those... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Mortgage or not? | Here is something that should help your decision: Currently you are 57, suppose that means that you will still work for 10 years, and then be retired for another 20 before you sell the house. Your retirement account is nearly flat, so you will have to support yourself with your own income. If there are no surprises, y... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Mortgage or not? | A primary residence can be an admirable investment/retirement vehicle for a number of reasons. The tax savings on the mortgage are negligible compared to these. A $200,000 mortgage might result in a $2000 annual savings on your taxes -- but a $350,000 house might easily appreciate $20,000 (tax free!) in a good year. S... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Mortgage or not? | If you do as you propose you are going to get burned. You need to sell, then start to rent. amongst other things. Since 2008, the economy never "recovered," but was sort of stabilized temporarily like a fighter on the ropes. The economy is beginning to collapse again, and that collapse will accelerate around the Fall. ... |
Share your insights or perspective on the financial matter presented in the input. | Mortgage or not? | Buy a rental property instead. You get tax benefits as well as passive income. And it pays for itself |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Working out of India for UK company from 1 Jan 2016 on contract | Work under UK umbrella company. By this you are thinking of creating a new legal entity in UK, then its not a very great idea. There will be lot of paperwork, additional taxes in UK and not much benefit. Ask UK company to remit money to Indian savings bank account Ask UK company to remit money to Indian business ba... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Can a high down-payment on a house offset the need for proof of income? | It's difficult to provide an exact answer as this will very much depend on the bank & the local regulatory scheme. However as a business owner you should be able to provide incorporation docs, some proof of ownership of the company and last years' financial statements or tax returns, many banks would accept this as a ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | The equivalent of the standing order in the internet age for the UK specifically | A standing order is still the right way to do this. Most bank accounts have online access and will let your customer setup the standing order online, without having to fill in a paper form. |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Generally Accepted Accounting Principles question | You recognize expense when you sell the hot dog. When you pay for the buns you have inventory, which is an asset. When you sell the hot dog - you have cost of goods sold, which is the expense. Expense principle says that you recognize expense when you use the product. You use the buns when you actually sell the hot dog... |
Share your insights or perspective on the financial matter presented in the input. | How can I determine if a FHA loan refinance offer is from a reputable lender | In my book if it comes in the mail with official looking envelopes, language and seals to try and get you to open it, the company isn't trust worthy enough for my business. I get a pile of these for my VA loan every week, I imagine FHA loans get similar junk mail. Rates are very low at the moment so it is likely that r... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How can I determine if a FHA loan refinance offer is from a reputable lender | Start with the list of mortgage companies approved to work in your area. There are 80 within 10 miles of my house, and more than 100 in my county. Pick ones you know because they are established businesses in your area, region, or even nationally. A good place to start might be with your current lender. The risk you ... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Freelancer: Should I start a second bank account? | I feel the need to separate my freelance accounts from my personal accounts. Yes, you should. Should I start another savings account or a current account? Do you need the money for daily spending? Do you need to re-invest in your business? Use a current account. If you don't need the money for business expenses, put it... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Automate Savings by Percentage on varying paychecks? | When I have been faced with this sort of situation I have done the split at the bank. They had the ability to recognize the deposit as a payroll transfer and split it the way I wanted. I put a specific amount of money into checking, another amount of money into the mortgage, and a specific amount of money into another... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Automate Savings by Percentage on varying paychecks? | You just need to average out the weekly hours and income over the year. So if his yearly income is $100,000 p.a. then this would average out to $2000 per week of which 15% would be $300 per week. It does not have to be exactly 15% per week as long as over the long run your saving your target 15%. If he gets a pay rise ... |
Share your insights or perspective on the financial matter presented in the input. | How can I judge loan availability? | It sounds like your current loan is in your name. As such, you are responsible for paying it. Not your family, you. It also sounds like the loan payments are regularly late. That'll likely drastically affect your credit rating. Given what you've said, it doesn't surprise me that you were declined for a credit card. Wit... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How can I judge loan availability? | Your credit rating will rise once the loan is repaid or paid regularly (in time). It will not get back to normal instantly. If the property is dead weight you may want to sell it so your credit score will increase in the medium term. |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Is freelance income earned by a U.S. citizen while living abroad subject to state income tax? | No state taxes, but Italy also has a favorable treaty with the US Federal Government. Look into to lowering your federal taxes to 5% ;) its a thick read, http://www.irs.gov/businesses/international/article/0,,id=169601,00.html and also try to determine if the Foreign Earned Income Exclusion applies to you, reducing you... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Is freelance income earned by a U.S. citizen while living abroad subject to state income tax? | New York will want to you to pay taxes on income from "New York sources". I'm not sure what this means to a freelance web developer. If your wife is doing freelance web development under the same business entity as she did in New York (ie. a New York sole proprietor, corporation, etc), you probably do need to file. Fr... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | How can I find out how much a currency is traded? | This is actually a fairly hard question to answer well as much of the currency trading that is done in financial markets is actually done directly with banks and other financial institutions instead of on a centralized market and the banks are understandably not always excited to part with information on how exactly th... |
Share your insights or perspective on the financial matter presented in the input. | Can a company charge you for services never requested or received? | In general, you can only be charged for services if there is some kind of contract. The contract doesn't have to be written, but you have to have agreed to it somehow. However, it is possible that you entered into a contract due to some clause in the home purchase contract or the contract with the home owners' associat... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Can a company charge you for services never requested or received? | No. A company cannot bill you for services you did not request nor receive. If they could, imagine how many people would just randomly get bills in their mail. Ignore them. They don't have a contract or agreement with you and can't do anything other than make noise. If they get aggressive or don't stop requesting money... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Can a company charge you for services never requested or received? | I have had a couple of businesses do this to me. I simply ask them to come over to talk about the bill. Sometimes this ends it. If they come over then I call the cops to file a report on fraud. A lot of times the police will do nothing unless they have had a load of complaints but it certainly gets the company off ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Can a company charge you for services never requested or received? | Here's another example of such a practice and the problem it caused. My brother, who lived alone, was missing from work for several days so a co-worker went to his home to search for him and called the local Sheriff's Office for assistance. The local fire department which runs the EMS ambulance was also dispatched in... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Should I have more than one brokerage account? | I believe the answer here is no: SIPC protection of customers with multiple accounts is determined by "separate capacity." Each separate capacity is protected up to $500,000 for securities and cash (including a $250,000 limit for cash only). Accounts held in the same capacity are combined for purposes of the SIPC prote... |
Share your insights or perspective on the financial matter presented in the input. | Should I have more than one brokerage account? | I use two different brokerages, both well-known. I got a bit spooked during the financial crisis and didn't want to have all my eggs in one basket. The SIPC limits weren't so much a factor. At the time, I was more worried about the hassle of dealing with a Lehman-style meltdown. If one were to fail, the misery of waiti... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Can I deduct taxes for home office as a freelance computer software developer? | This answer is assuming you're in the US, which apparently you're not. I doubt that the rules in the EU are significantly different, but I don't know for sure. In case of an IRS control, is it ok to say that I regularly connect remotely to work from home although in the work contract it says I must work at client's... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Can I deduct taxes for home office as a freelance computer software developer? | You can do it, provided that the bedroom is ONLY set up as an office. That is, no bed, TV or other stuff. You can stretch it a bit, considering a TV is also a monitor, a couch is also a visitor couch. Whatever route you choose you have to be able to justify what everything is doing there in case of a visit from the aut... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Received a late 1099 MISC for income I reported already, do I have to amend? | Why would the IRS be coming after you if you reported the income? If you reported everything, then the IRS will use the 1099 to cross-check, see that everything is in order, be happy and done with it. The lady was supposed to give you the 1099 by the end of January, and she may be penalized by the IRS for being late, b... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | How to correct a tax return filed electronically and already approved? | Simply file an amended return to correct the mistake. This happens all the time and is a standard procedure that every legitimate tax pro can handle. You can work it out with the tax pro about whose mistake it was and who should pay for the additional service. |
Share your insights or perspective on the financial matter presented in the input. | Why do sole proprietors in India generally use a current account? | No. Current account is not a requirement. You can use savings account. You would need to pay taxes on interest. Savings account have limitation on number of withdrawal in a quarter, hence most sole proprietorship have current account. |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Why do sole proprietors in India generally use a current account? | Current account offers a lot of benefits for sole proprietors. Think of it like bank account for a company. The bank provides a host of facilities for the company. A sole proprietor does not have enough value as that of a company for a bank but needs similar services. Thus Indian banks offer a toned down version of the... |
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