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Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Credit card expenses showing as Liabilities in QuickBooks ### Answer: Is it normal in QuickBooks to have credit card expenses being shows as liabilities? Is there a way I can correct this? If they a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would a restaurant offer a very large cash discount? ### Answer: Why would such a large discount make business sense to the restaurant? The legit reasons could be; Or can I assume that the resta...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would a restaurant offer a very large cash discount? ### Answer: Another possible reason for this is to benefit the servers. When patrons pay with a credit card, they usually tip on the credit car...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would a restaurant offer a very large cash discount? ### Answer: This could be a case of the new chip card technology and dealing with slow reimbursement turnaround time. I recently visited a rest...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to estimate federal and state taxes likely to be due on my side income? ### Answer: Most states that have income tax base their taxes on the income reported on your federal return, with some state...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Paid by an American company but working from France: where should I pay taxes? ### Answer: There's nothing wrong with your reasoning except that you expect the tax laws to make perfect sense. More oft...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How does a public company turn shares into cash? ### Answer: how do they turn shares into cash that they can then use to grow their business? Once a Company issues an IPO or Follow-On Public Offer, th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are useful indexes for rapid evaluation of country investment risk? ### Answer: Rather than using the Human Development Index or Ease of Doing Business, if you primary purpose is for investments,...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to account for personal baby sitter? ### Answer: Are you working for a company that offers a Dependent Care Account? You may be able to withhold up to $5000/yr pre tax for care for you child. If ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to account for personal baby sitter? ### Answer: You should check several things: How your business can deduct your child care expenses is beyond me. If your mother-in-law starts a business as a n...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to account for personal baby sitter? ### Answer: You said your mother-in-law lives with you. Does she pay rent, or are you splitting the cost of housing? That would also have to figured into the e...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: As a Canadian, what should I invest in if I'm betting that the Canadian real estate will crash? ### Answer: If you believe you can time the crash, then We all know what comes after a crash… just as w...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: ISA trading account options for US citizens living in the UK ### Answer: This sounds like a FATCA issue. I will attempt to explain, but please confirm with your own research, as I am not a FATCA expe...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: ISA trading account options for US citizens living in the UK ### Answer: NL7 is most likely right. With the rise of regulatory burden some financial institutions are refusing to do business for which ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: ISA trading account options for US citizens living in the UK ### Answer: I am a US citizen by birth only. I left the US aged 6 weeks old and have never lived there. I am also a UK citizen but TD Water...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is there a resource for knowing when Annual and Quarterly Reports are coming out? ### Answer: https://www.google.com/search?q=quarterly+and+annual+financial+report+calendar&oq=quarterly+and+annual+fi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where can I find out details about the actual network on which SWIFT banking works? ### Answer: The SWIFT network is federated. The connection routing is via country server to regional servers. All th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can an F1 student working on OPT with a STEM extension earn unrelated self employed income from a foreign employer? ### Answer: From tax perspective, any income you earn for services performed while y...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is there any sort of tax write off for unfulfilled pay checks? ### Answer: Unfortunately, no. Think about the numbers. If you work for me, and I pay you $1000, you owe tax on $1000. If you still work...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is there any sort of tax write off for unfulfilled pay checks? ### Answer: If you don't receive a W2, there are 2 scenarios you should consider: If you have reason to believe that scenario 1 is accura...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Help stuck in a bad first time loan! ### Answer: I think the part of your question about not wanting to "mess up more" is the most important element. You say you know someone with good credit who is w...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Cosigning - cosigner won't pay and won't give any information or transfer asset ### Answer: Is your name on the title at all? You may have (slightly) more leverage in that case, but co-signing any loa...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I withdraw money from my LLC? ### Answer: Generally, unless you explicitly elect otherwise, LLCs are transparent when it comes to taxes. So the money in the LLC is your money for tax purposes,...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I withdraw money from my LLC? ### Answer: What you're asking about is called a "distribution" when it comes to an LLC. It's basically you paying yourself some or all of the proceeds of the bu...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I withdraw money from my LLC? ### Answer: There are TWO parts to an LLC or any company structure. This being the entire point of creating an LLC. The context is that a lawyer is after your L...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Calculating Pre-Money Valuation for Startup ### Answer: Since you have no sales, I'd likely question how well could you determine the value of the company's assets in a reasonable fashion. You may be ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Calculating Pre-Money Valuation for Startup ### Answer: The value of a business without proven profits is really just a guess. But to determine what % ownership the VC takes some measure must be used...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Calculating Pre-Money Valuation for Startup ### Answer: Putting a dollar amount on the valuation of a start up business is an art form that often has very little at all to do with any real numbers and...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Calculating Pre-Money Valuation for Startup ### Answer: When the VC is asking what your Pre-Money Valuation is, he's asking what percentage of shares his $200,000 will buy. If you say your company is ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I keep an S-Corporation open when it has no revenues ### Answer: If you have no net income or loss, you can usually get away without filing a tax return. In Illinois, the standard is: Filing R...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can someone invest in areas that require you to be an accredited investor [without qualifying as an accredited investor]? ### Answer: Unfortunately it is not possible for an ordinary person to bec...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: UK Resident exploring freelance work for a Swiss Company ### Answer: If the firm treats you as an employee then they are treated as having a place of business in the UK and therefore are obliged to op...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: UK Resident exploring freelance work for a Swiss Company ### Answer: You will need to register as self-employed aka sole trader (that's the whole point: pay taxes on income that you're not getting as ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Overseas Foreign Earned Income; Can I take the Home Office Deduction for a home office based outside the United States? ### Answer: You are pushing your luck, but not because you're not in the US, bec...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: 100% Ownership and 30% profit to sale director ### Answer: Perhaps an example will help make it more clear. Any given year: Revenue: 200K, profit 60K You get 40K in profit, plus any salary, he gets ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Be a partner, CTO or just a freelancer? ### Answer: I write software myself and was involved in a couple of start ups. One failed, another was wildly successful, but I did not receive much in compens...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Be a partner, CTO or just a freelancer? ### Answer: First, determine the workload he will expect. Will you have to quit your other work, either for time or for competition? How much of your current ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Be a partner, CTO or just a freelancer? ### Answer: Being a CTO is different than freelancing, obviously. You have to ask yourself what you would more prefer to do! My initial recommendation would be...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is Pension Benefit Information (aboutmyletter.com) legitimate? ### Answer: I have no personal knowledge of this company; I've only looked over what I found on the web. Overall, my judgement is that P...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is Pension Benefit Information (aboutmyletter.com) legitimate? ### Answer: To boil down what mgkrebbs said: Yes, you should send back the form, provided that it doesn't ask for any more information th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How effective are hotel condos for investment properties? ### Answer: I agree with Joe Taxpayer that a lot of details are missing to really evaluate it as an investment... for context, I own a few inv...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How is my employer affected if I have expensive claims on my group health insurance? ### Answer: Your employers insurance premiums will definitely go up if there are a lot of claims when it is time fo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How is my employer affected if I have expensive claims on my group health insurance? ### Answer: Many big companies self insure. They pay the insurance company to manage the claims, and to have access...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How is my employer affected if I have expensive claims on my group health insurance? ### Answer: I don't think so. There is a provision in ObamaCare called "community rating" that applies starting in ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I pay my estimated income tax? ### Answer: Congratulations on starting your own business. Invest in a tax software package right away; I can't recommend a specific one but there is enough infor...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Passing money through a different account to avoid cash pay-in fees ### Answer: Let me do the math. .6% * (not large) = really tiny. Since "not large" = "small" , etc. I suggest that even a small cha...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Passing money through a different account to avoid cash pay-in fees ### Answer: buy a cashiers check with the cash (a CRT will be nec if over 10 K) and deposit the cashiers check ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Using a FOREX platform to actually change money ### Answer: FX trading platforms are not used for exchanging money, they are used for trading currencies. "I know there are cheaper services like trans...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Using a FOREX platform to actually change money ### Answer: If you wanted to spend money in another country, a specialist credit card would be the most cost-effective way. Near-spot exchange rate, ze...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Pay off debt with RRSPs, or refinance and roll into Mortgage? ### Answer: I would personally look at consolidating your debt at a lower interest rate by refinancing your mortgage. I would leave any re...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to send money across borders physically and inexpensively, but not via cash? ### Answer: Traveller's cheques. That's exactly what they were intended for. Their usage has dropped a lot since everyo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to send money across borders physically and inexpensively, but not via cash? ### Answer: I assume the same criteria apply for this as your previous question. You want to physically transfer in exc...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to send money across borders physically and inexpensively, but not via cash? ### Answer: There are checks, international wire transfers (SWIFT), depending on country pair remittance services. ###e...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How does a tax exemption for an action = penalty for inaction? ### Answer: What it means is that you can always come up with alternative framings where the difference between two options is stated as ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How does a tax exemption for an action = penalty for inaction? ### Answer: There's a significant difference between "discount" and "surcharge". For starters - legal difference. If you have a list pric...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to Store Funds Generated through FX Trading ### Answer: Earned income is what your software is doing, so it is taxable. So you can't really make it tax exempt. You can form a business and claim t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: 2016, USA banks with low/no fee for incoming OVERSEAS USD wire transfers? ### Answer: Ally Bank $0 - from their website (emphasis mine): To receive a wire transfer from a non-U.S. bank: Incoming wire...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Opening offshore account from UK ### Answer: I think your best bet here would be HSBC. They will provide the required currencies, credit/debit cards, and very easy to use online banking transfers. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I report this cash bonus/tip on income tax return? ### Answer: How do I report this on our income tax return? You should include it on Line 7 of your Form 1040. Additionally, you should repor...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I report this cash bonus/tip on income tax return? ### Answer: Daniel covered the correct way to file on the returns, I'm chiming in specifically to discuss the question of whether it could be ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I report this cash bonus/tip on income tax return? ### Answer: Employers are not supposed to give cash gifts to their employees, even if you try to call it a "gift" for tax purposes. Presumably...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: 401(k) not fully vested at time of acquisition ### Answer: Probably not. If you were at a small company and asked such a question, you'd get advice and links to erisa or other case law, etc. it's saf...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: 401(k) not fully vested at time of acquisition ### Answer: Unfortunately, the money that is not vested is not yours. It belongs to your employer. They have promised to give it to you after you have ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: GnuCash: Reimbursable expenses paid by credit card ### Answer: GNUCash won't show 'Credit Card' type accounts in "Process Payment", as of v.2.6.1. A workaround is to create another account of type A/...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I resolve Free Fillable Tax Form error F1040-524-01? ### Answer: Buried on the IRS web site is the "Fillable Forms Error Search Tool". Rather than including an explanation of errors in the reje...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where should I invest my savings? ### Answer: Basically the first thing you should do before you invest your money is to learn about investing and learn about what you want to invest in. Another thing...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where should I invest my savings? ### Answer: Since you mention the religion restriction, you should probably look into the stock market or funds investing in it. Owning stock basically means you own ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why doesn't Graham consider gold as an investment? ### Answer: During Graham's career, gold and currency were the same thing because of the gold standard. Graham did not advise investing in currencies...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Gift Tax and LLC with foreign partners ### Answer: The LLC portion is completely irrelevant. Don't know why you want it. You can create a joint/partnership trading account without the additional compl...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to calculate S corporation distribution from past K-1s? ### Answer: Phil's answer is correct. Just to add to his response: Distributions are not taxable events -- you already paid your taxes, so y...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to calculate S corporation distribution from past K-1s? ### Answer: Disclaimer: I'm not a tax professional, or an expert on S-Corps. However, I do have my own S-Corp, and my decision process for t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Pre-valuation of the company ### Answer: The value of the company is ill-defined until it actually has some assets and/or product. You give the investors whatever equity stakes you and they negotiate...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What suggested supplemental income opportunities exist for a 70 year old Canadian retiree? ### Answer: My initial thoughts would be an ESL teacher or a private tutor for various subjects would likely ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: The difference between Islamic Banks and Western Banks ### Answer: I'm not sure of the theological basis against usury in sharia law. IIRC, sharia forbids excess compensation, and the modern interpret...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: The difference between Islamic Banks and Western Banks ### Answer: To answer your first part, its not an opposition to profit. It's an opposition to usury - the practice of charging excessive interest...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: The difference between Islamic Banks and Western Banks ### Answer: One of the principles of Sharia Banking is (Wikipedia): Shariah prohibits what is called "Maysir" and "Gharar". Maysir is involved in...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Filling Balance sheet in ITR4 for freelancers ### Answer: ITR-4 is for incorporated business. For freelancing, You can fill ITR 2 and declare the freelancing income as "income from other source". Refe...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Lump Sum Investing vs. Dollar Cost Averaging (as a Long Term Investor) ### Answer: I think you're not applying the right time scale here. ESPP (Employee Stock Purchase Plan) is usually vesting every 6...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to save money for future expenses ### Answer: First, talk to your husband about this. You really need to persuade him that you need to be saving, and get him to agree on how and how much. Second, ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to save money for future expenses ### Answer: how can I save money for the future The fact that you are worrying is good. This is the first step. Follow this up with a plan. One way is first get h...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to save money for future expenses ### Answer: You can't force a horse to eat carrots. You have to make him hungry... It's good that you're ready to start saving. The hardest part about building w...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to save money for future expenses ### Answer: My answer will suck but it comes from someone who has been married: You can't control another person or convince them to do something. What you can d...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Figuring out if I receive US income? ### Answer: I believe the answer is no, since your income from royalties and app sales would fall under FDAP income. (another conformation of this would be the fac...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Tax Implications - First 2-Family Rental Property ### Answer: You should really be talking to a tax adviser (EA/CPA licensed in your State) about taxes and to a lawyer about the liability protection. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: SEP-IRA doing 1099 work on the side of a W2 employee job ### Answer: The limit on SEP IRA is 25%, not 20%. If you're self-employed (filing on Schedule C), then it's taken on net earning, which in you...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What taxes are involved for LLC in Georgia? ### Answer: Your best course of action is to gather your paperwork, ask around your personal network for a recommendation for a good CPA, and pay that perso...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to get information about historical stock option prices for a defunct company? ### Answer: Though you're looking to repeat this review with multiple securities and events at different times, I've ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Reason for “qualified” buyer requirements to exercise stock options/rights spun off from parent company? ### Answer: The fact that your shares are of a Canadian-listed corporation (as indicated in you...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Reason for “qualified” buyer requirements to exercise stock options/rights spun off from parent company? ### Answer: An option gives you the legal right to buy stock. However, you cannot exercise a st...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Reason for “qualified” buyer requirements to exercise stock options/rights spun off from parent company? ### Answer: Accredited investors are required to have 1 million in assets (not including primar...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What's the appropriate way to signify an S-Corp? ### Answer: S-Corp is a corporation. I.e.: you add a "Inc." or "Corp." to the name or something of that kind. "S" denotes a specific tax treatment whic...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What's the appropriate way to signify an S-Corp? ### Answer: Subchapter S Corporations are a special type of corporation; the difference is how they are taxed, not how they relate to their vendors or ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What should I consider when I try to invest my money today for a larger immediate income stream that will secure my retirement? ### Answer: I don't think you should mix the two notions. Not starting ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What should I consider when I try to invest my money today for a larger immediate income stream that will secure my retirement? ### Answer: Lets assume you put the max of 5000 per year in a Roth IRA. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What should I consider when I try to invest my money today for a larger immediate income stream that will secure my retirement? ### Answer: I don't understand the OP's desire " I'd love to have a few ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What should I consider when I try to invest my money today for a larger immediate income stream that will secure my retirement? ### Answer: TL:DR: You should read something like The Little Book of Com...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: CEO entitlement from share ownership? ### Answer: In its basic form, a corporation is a type of 'privileged democracy'. Instead of every citizen having a vote, votes are allocated on the basis of shar...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: CEO entitlement from share ownership? ### Answer: You can apply for a position with any company you like, whether or not you are a shareholder. However, owning shares in a company, even lots of shares...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: CEO entitlement from share ownership? ### Answer: If I own shares of a company, am I entitled to apply as position of CEO? Sure, but anybody else can apply too. Who decides? The corporate board of d...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How did Bill Gates actually make his money? ### Answer: Bill was the founder of Microsoft, so he did indeed have a large number of shares as the company was growing exponentially. He has previously d...