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Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What is the correct answer for percent change when the start amount is zero dollars $0? ### Answer: There are some assumptions which can be made in terms of the flexibility you have - I will start wit...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What is the tax levied against stock portion cashed out of 401k? ### Answer: You pay tax on the entire amount, not just the capital gains. When cashing out such a plan you would pay the top marginal...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What is the tax levied against stock portion cashed out of 401k? ### Answer: Withdrawals from a traditional 401(k) plan are always treated as cash income and the taxable portion is taxed at ordinary i...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Should I have to pay income tax on contribution to home office rent from company? ### Answer: This is essentially a reimbursement of your expense. Since you can deduct the expense, the fact that the r...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: IRS “convenience of the employer” test when employee lives far from the office ### Answer: The decision whether this test is or is not met seems to be highly dependent on the specific situation of the...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: IRS “convenience of the employer” test when employee lives far from the office ### Answer: I'm not a tax professional, but as I understand it, you are not expected to commute from San Francisco to Bos...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: IRS “convenience of the employer” test when employee lives far from the office ### Answer: If your employer does not provide you with a place to work but nevertheless expects you to get work done, the...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How much total salary to allocate to defer $17,500 to 401(k)? ### Answer: You're on the right track, and yes, that small difference is subject to income taxes. Do you use a payroll service? I do the s...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is this reply promising a money order and cashier check a scam? ### Answer: It's a scam. The cashier's check will be forged. Craigslist has a warning about it here (item #3). What kind of payment do y...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is this reply promising a money order and cashier check a scam? ### Answer: I was a involved in this same scam from my Craigslist item. The buyer texted me & said his assistant put the wrong check in...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I just file a 1040-ES? ### Answer: Yes, you can send in a 2012 1040-ES form with a check to cover your tax liability. However, you will likely have to pay penalties for not paying tax in timely fa...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What standards should I expect of my CPA when an error was made? ### Answer: What is the right way to handle this? Did you check the forms? Did the form state $0 tax due on the FTB LLC/Corp form (I'm ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Self-employed individual 401k self, match, and profit sharing contribution limits? ### Answer: It seems I can make contributions as employee-elective, employer match, or profit sharing; yet they all...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Self-employed individual 401k self, match, and profit sharing contribution limits? ### Answer: I can only address this part of it: For instance with a 10k net income, 9293 is the limit for 401k from e...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do I qualify for a personal 401-K Plan? ### Answer: I'm not a tax lawyer, but from what I can tell it looks like you'd be eligible to use your contractor income to fund a Solo 401(k). http://www.iraf...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: From ACH direct debit to Prepaid card? ### Answer: This would be exactly the sort of product that a thief would want, if they had got ahold of some account numbers and wanted to steal the money from t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to avoid maintenance fee when balance drops below minimum? ### Answer: Looks like you have three options: Outside of this you might need to look for a different type of account. Hope that helps. #...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I account for 100 percent vendor discounts in GnuCash 2.6.5 ### Answer: I am no expert on the situation nor do I pretend to act like one, but, as a business owner, allow me to give you my perso...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I account for 100 percent vendor discounts in GnuCash 2.6.5 ### Answer: The answer was provided to me at the Gnucash chat by "warlord". The procedure is as follows: After doing this you will ha...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: eBay Account and SIM cards sent to my address ### Answer: In your mother's position, I would do two things: Get a copy of her credit report. Money Advice Service has a useful page on how to do this - ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can self-employed individuals deduct their mileage spent commuting to events? ### Answer: I looked at Publication 463 (2014), Travel, Entertainment, Gift, and Car Expenses for examples. I thought thi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What should I look at before investing in a start-up? ### Answer: Here are the basic questions I usually ask any new business startup: Do these numbers/answers seem reasonable to you and is some bench...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What should I look at before investing in a start-up? ### Answer: In addition to evaluating the business (great answer), consider the potential payoff. If bonds pay off in the 5-10% range, the S&P500 ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What should I look at before investing in a start-up? ### Answer: Turukawa's answer is quite good, and for your own specific situation, you might begin by being sceptical about what you are getting fo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What should I look at before investing in a start-up? ### Answer: Previous answers have done a great job with the "Should I invest?" question. One thing you may be overlooking is the question "Am I ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What should I look at before investing in a start-up? ### Answer: You seem to have all your financial bases covered, and others have given you good financial advice, so I will try to give you some non...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Auto loan: must make X payments before payoff ### Answer: Paperwork prevails. What you have is a dealer who get a kickback for sending financing to that institution. And the dealer pretty much said "...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Contributing to a Roth IRA while income tax filing status is “Married Filing Separately”? ### Answer: You must file as married for 2013 if you were married as of December 31, 2013. It is true that the...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Considerations for holding short-term reserves? ### Answer: It is a dangerous policy not to have a balance across the terms of assets. Short term reserves should remain in short term investments becau...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Considerations for holding short-term reserves? ### Answer: Factors to consider: For the taxable investments: ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to pay myself as a single person corporation in Ontario? Should I get an accountant? ### Answer: Get an accountant. Now. There are many subtle things that you do not know especially if you are jus...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Dec 31 accounting for S Corp - what to do with loss? ### Answer: Conceptually, the entries are: Yes. And since you're the sole owner, your basis will equal to the equity balance on the balance sheet...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does borrowing from my 401(k) make sense in my specific circumstance? ### Answer: Your comment regarding your existing finances is very relevant and helpful. You need to understand that generally in p...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does borrowing from my 401(k) make sense in my specific circumstance? ### Answer: The set of circumstances that 401k loans make sense, are very small. As you would expect yours is not one of them. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does borrowing from my 401(k) make sense in my specific circumstance? ### Answer: I completely agree with Pete that a 401(k) loan is not the answer, but I have an alternate proposal: Reduce your 401(k...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does borrowing from my 401(k) make sense in my specific circumstance? ### Answer: I see you've marked an answer as accepted but I MUST tell you that STOPPING your 401k contribution all together is a b...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does borrowing from my 401(k) make sense in my specific circumstance? ### Answer: You're getting great wisdom and options. Establishing your actionable path will require the details that only you know...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does borrowing from my 401(k) make sense in my specific circumstance? ### Answer: Since most of the answers are flawed in their logic, I decided to respond here. 1) "What if you lose your job, you can...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Would it make sense to buy a rental property as an LLC and not in my own name? ### Answer: As far as the spam mail goes, I own a rental (in Connecticut) and live in Massachusetts, I get very little ma...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Would it make sense to buy a rental property as an LLC and not in my own name? ### Answer: I'd have a good look at how much anonymity an LLC offers in your state - as far as I'm aware this varies from...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Would it make sense to buy a rental property as an LLC and not in my own name? ### Answer: Consider that there are some low-probability, high-impact risk factors involved with property management. For...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Would it make sense to buy a rental property as an LLC and not in my own name? ### Answer: Don't worry about the spam mail. If you get a loan, it will be based on your personal credit. I don't know if...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Would it make sense to buy a rental property as an LLC and not in my own name? ### Answer: IANAL, but if you're planning to sell shares in your LLC you may be disappointed in the protection granted. I...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Would it make sense to buy a rental property as an LLC and not in my own name? ### Answer: You need to first visit the website of whatever state you're looking to rent the property in and you're going...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to open a Mega Money Market account without an ssn? ### Answer: According to the IRS: Aliens who are not eligible to apply for a U.S. social security number, or who do not meet the Social Secur...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How are the best way to make and save money at 22 years old ### Answer: Fantastic question to be asking at the age of 22! A very wise man suggested to me the following with regard to your net income I...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How are the best way to make and save money at 22 years old ### Answer: Get an education. A bachelor's degree preferably, but AA or even a certificate are fine too. It will increase your earning poten...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How are the best way to make and save money at 22 years old ### Answer: Determine how much you are going to save first. Then determine where you can spend your money. If you're living with your pare...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How are the best way to make and save money at 22 years old ### Answer: Make sure you have a budget, there is a pretty cool budget tracker that you can download here (it works in excel and is easy to ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Strategy to minimize taxes due to unpaid wages? ### Answer: Can I write off the $56,000 based on demand letters? Or do I need to finish suing him to write-off the loss? No and no. You didn't pay tax...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What can I do with “stale” checks? Can I deposit/cash them? ### Answer: Check is an obligation to pay, and is unconditional. In the US, checks don't expire (there are countries where they do). Endorse...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What can I do with “stale” checks? Can I deposit/cash them? ### Answer: You should write a demand letter immediately, send the letter by certified mail, and then wait 30 days. Here is a sample demand ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What can I do with “stale” checks? Can I deposit/cash them? ### Answer: Find smaller payments he can make. Maybe a % of each client he takes payment from. Consult with a lawyer or google buisness con...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I save LLC fees when investing in Arizona real estate from California ### Answer: You won't be able to avoid the $800 fee. CA FTB has a very specific example, which is identical to your situat...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Taxes and withholding on unpaid salary ### Answer: As others have said, make sure you can and do file your taxes on a cash basis (not accrual). It sounds like it's very unlikely the company is going t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Personal taxes for Shopify / Paypal shop? ### Answer: I'm assuming you're in the United States for this. I highly recommend getting a CPA to help you navigate the tax implications. Likely, you'll pay ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Personal taxes for Shopify / Paypal shop? ### Answer: (do I need to get a W9 from our suppliers)? Will PayPal or Shopify send me a 1099k or something? Do not assume that you'll get paperwork from anyo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If I had no income due to a net operating loss, will I be refunded the Social Security and Medicare taxes withheld? ### Answer: If you have a CPA working for you already - this is a question you shoul...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: what is the best way to do a freelancing job over the summer for a student ### Answer: If this will be your sole income for the year, going self-employed is the best way to do this: So, here's how to ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Received mysterious K-1 form, seeking answers ### Answer: You should contact the company and the broker about the ownership. Do you remember ever selling your position? When you look back at your tax ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Received mysterious K-1 form, seeking answers ### Answer: SXL is a Master Limited Partnership so all of the income is pass-through. Your equity purchase entitles you to a fraction of the 66% of the c...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Magazine subscription leads to unauthorized recurring payment ### Answer: In 2010, the Restore Online Shoppers' Confidence Act was passed, which prohibited certain activities, most of which had to do ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Magazine subscription leads to unauthorized recurring payment ### Answer: You have a subscription that costs $25 They have the capabilities to get that $25 from the card on file if you had stopped pay...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Should rented software be included on my LLC's balance sheet? ### Answer: I was only able to find Maryland form 1 to fit your question, so I'll assume you're referring to this form. Note the requireme...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to allocate profit and loss in partnership where one partner's activities are profitable and the other's aren't? ### Answer: You should have a partnership agreement of some sort. The reason part...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Pattern Day Trade Rule ### Answer: I would suggest following your quote and having a read of the web page supplied, that buys then sells or sells short then buys (the same security on the same day) fo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Deducting Hobby Expenses on my Federal Income Taxes? ### Answer: I suggest to start charging slightly more than needed to cover expenses. All you need is to show profit. It doesn't have to be signific...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Deducting Hobby Expenses on my Federal Income Taxes? ### Answer: Does your wife perform solo or in association with other actor/actresses and other volunteers? The latter arrangement sounds more like ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to invest a small guaranteed monthly income? ### Answer: In my opinion, you can't save too much for retirement. An extra $3120/yr invested at 8% for 30 years would give you $353K more at retiremen...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Dealing with Form 1099 ### Answer: Am I required to send form 1099 to non-US citizens who are not even residing in the US? Since they're not required to file US taxes, do I still have to send the form...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Scammer wants details and credentials for my empty & unused bank account. What could go wrong? ### Answer: It's a scam. Here are the many signs: The bank will never ask for your password. They can ac...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Scammer wants details and credentials for my empty & unused bank account. What could go wrong? ### Answer: First off, do not ever tell someone your password. Nobody who actually works for the bank wou...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why is mortgage interest deductible in the USA for a house you live in? ### Answer: Taxes are a tool for achieving social policy goals. While Americans consider "Socialism" to be a curse, the US is in...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why is mortgage interest deductible in the USA for a house you live in? ### Answer: Well quite a few countires have tax breaks on the first house you own ... this is typically to promote people to hav...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why is mortgage interest deductible in the USA for a house you live in? ### Answer: It's a scam pushed through to benefit the banking system. Tax payments become income for the banks. Any alleged bene...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Chase bank not breaking large bills for non-account holders ### Answer: Yes it is (legal). There is of course no law requiring any business you walk in to break your money. What made you think there w...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Chase bank not breaking large bills for non-account holders ### Answer: First, they don't have an obligation to provide a service for a non-customer. In theory, the could even refuse this service to ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Investment strategy for a 20 year old with about 30k in bank account ### Answer: Thank you for your service. My first suggestion since your car is a planned for the near future is keep that amount in...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Investment strategy for a 20 year old with about 30k in bank account ### Answer: If you have already maxed your TSP contributions, the "401k" for military folks, you could consider a Traditional IRA c...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Investment strategy for a 20 year old with about 30k in bank account ### Answer: You don't state a long term goal for your finances in your message, but I'm going to assume you want to retire early, a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Investment strategy for a 20 year old with about 30k in bank account ### Answer: Thanks for your service. I would avoid personal investment opportunities at this point. Reason being that you can't ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If you buy something and sell it later on the same day, how do you calculate 'investment'? ### Answer: Your initial investment in this case is $9 on the first morning. Every other morning you are usin...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If you buy something and sell it later on the same day, how do you calculate 'investment'? ### Answer: Not sure if your question is on topic, but the investment is only $9 because that is maximum amou...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If you buy something and sell it later on the same day, how do you calculate 'investment'? ### Answer: Nothing wrong with the other answers, but here's a "trick" to hopefully make it totally transpare...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If you buy something and sell it later on the same day, how do you calculate 'investment'? ### Answer: You're confused because the source you cite leaves out one number that isn't relevant to the argu...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If you buy something and sell it later on the same day, how do you calculate 'investment'? ### Answer: Another way to look at this is if we separate the owner's account from the business's account. A...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can my own corporation deduct my expenses even if I am a full time employee? ### Answer: No, your business cannot deduct your non-business expenses. You can only deduct from your business income thos...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can Per Diem deductions include family travel, meals and housing? ### Answer: You cannot deduct anything. Since you're actually moving, your tax home will move with you. You can only deduct the moving...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to start investing for an immigrant? ### Answer: For starting with zero knowledge you certainly did a great job on research as you hit on most of the important points with your question. It seems...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to start investing for an immigrant? ### Answer: I am in a similar situation (sw developer, immigrant waiting for green card, no debt, healthy, not sure if I will stay here forever, only son of ag...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why is tax being paid on my salary multiple times? ### Answer: Businesses do not pay income tax on money that they pay out as salary to their employees. Businesses generally only pay income tax on pr...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why is tax being paid on my salary multiple times? ### Answer: Your wages are an expense to your employer and are therefore 100% tax deductible in the business income. The company should not be payin...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Credit card fee and taxes ### Answer: Credit card fees on a credit card used for personal expenses are not tax deductible. Credit card fees on a business credit card are deductible on schedule C (or w...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What corporation tax am I required to pay as an independent contractor? ### Answer: The difference between the provincial/territorial low and high corporate income tax rates is clear if you read throu...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Tax implications of corporate housing ### Answer: If the employer provides housing to the employee, the employer has to identify whether it is taxable or not. If it is - the amounts would be added to ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What risks are there acting as a broker between PayPal and electronic bank transfers? ### Answer: This sounds like a scam. Did they email you out of the blue to offer you this 'job', by any chance, an...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What risks are there acting as a broker between PayPal and electronic bank transfers? ### Answer: There are several red flags here. can they get my bank account info in any way from me transferring mo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What risks are there acting as a broker between PayPal and electronic bank transfers? ### Answer: Another reason to think it's a scam: fake paypal email notifications are a thing. I've seen one that ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What risks are there acting as a broker between PayPal and electronic bank transfers? ### Answer: This is definitely a scam. I had a friend sign up for a very similar offer and what they did was send ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What risks are there acting as a broker between PayPal and electronic bank transfers? ### Answer: This is definitely a scam. My husband was inquiring with a "company" that was offering him to be. Repr...