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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: The sting here is definitely in the tail, the PS that says We are starting to call you from the same d...
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: I too received a "job offer" from this CENEO outfit but mine was a proof reading position.Supposedly,I...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Setting up general ledger/tax reporting for a Real Estate Rental LLC in GnuCash ### Answer: No, GnuCash doesn't specifically provide a partner cash basis report/function. However, GnuCash reports are ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Setting up general ledger/tax reporting for a Real Estate Rental LLC in GnuCash ### Answer: You will need to set up accounts in your chart of accounts for each of the partners. These are equity accoun...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the consequences of IRS “reclassification” on both employer and employee? ### Answer: You are confusing entirely unrelated things. First the "profit distribution" issue with Bob's S-Corp whic...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Get tax deduction for expensive car expense ### Answer: Unless you own a business and the car is used in that business you can't write off your auto repairs. If you start a sole-proprietorship in your...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What is the relationship between the earnings of a company and its stock price? ### Answer: In general over the longer term this is true, as a company whom continuously increases earnings year after y...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What is the relationship between the earnings of a company and its stock price? ### Answer: I have heard that people say the greater earning means greater intrinsic value of the company. Then, the s...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What is the relationship between the earnings of a company and its stock price? ### Answer: You would think that share prices is just a reflection of how well the company is doing but that is not alwa...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Company Payment Card ### Answer: Most corporate policies strictly prohibit the card's use for personal use, even if the intent is to re-pay in full, on or before the due date. I'm certain it has some...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Company Payment Card ### Answer: From the other point of view (company use) it makes sense to segregate expenses incurred on the company's behalf away from an employee's personal expenses. This way i...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: US Foreign-Owned LLC that owes no income tax - Do I have to file anything? ### Answer: If you intend to do business "outside the country", why establish an LLC "here" at all? You should establish a b...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Calculating the cost of waiting longer for money ### Answer: This looks correct to me, for simple interest. If you are dealing with compound interest, the formula would be: So, A = 500000(1+0.036/365)...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Calculating the cost of waiting longer for money ### Answer: The cost of an extra 30 days is $1459.80 ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How does Walmart account their expired food ### Answer: Any business, like any household, has items that are wasted. Unlike a household, a business does keep track of all items that are unsellable. D...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Friend was brainwashed by MLM-/ponzi investment scam. What can I do? ### Answer: Go to the police. This is fraud and is illegal. Sure, this will hurt your friend but better now then when he starts abu...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Friend was brainwashed by MLM-/ponzi investment scam. What can I do? ### Answer: If this is your friend, and he that convinced he will "get rich" from this then there's really nothing you CAN do. You...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Friend was brainwashed by MLM-/ponzi investment scam. What can I do? ### Answer: I will disagree with some of the other answers here. In my view, the most important dimension of the situation is not ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Friend was brainwashed by MLM-/ponzi investment scam. What can I do? ### Answer: Even though this is really a psychology question, I'll try to give you an answer. You do nothing but stay away. What's...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Friend was brainwashed by MLM-/ponzi investment scam. What can I do? ### Answer: First, there are MLM businesses that are legitimate and are not Ponzi schemes; I actually work with one (I will not nam...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Friend was brainwashed by MLM-/ponzi investment scam. What can I do? ### Answer: So here's the sad truth. He might actually be making a return on his investment. Not because it's right or because the ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Friend was brainwashed by MLM-/ponzi investment scam. What can I do? ### Answer: I believe the only thing you haven't mentioned to him is the possibility that his activity is criminally fraudulent. I ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Friend was brainwashed by MLM-/ponzi investment scam. What can I do? ### Answer: The title of your question basically asks: What can I do? And you state this regarding the meeting and “advice” they ga...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Friend was brainwashed by MLM-/ponzi investment scam. What can I do? ### Answer: As others have stated, it will be very difficult for you to turn your friend around. He has already demonstrated great ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Friend was brainwashed by MLM-/ponzi investment scam. What can I do? ### Answer: Chances are high your friend isn't in it for the money, but the community or some vague dream of having a future income...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Friend was brainwashed by MLM-/ponzi investment scam. What can I do? ### Answer: The one thing your friend needs to understand is for every dollar paid out, there is somebody paying that dollar in. T...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Friend was brainwashed by MLM-/ponzi investment scam. What can I do? ### Answer: If this 'scam' has a name, address and/or phone number, I forward it to the FBI anonymously. That is my advice. You ma...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Friend was brainwashed by MLM-/ponzi investment scam. What can I do? ### Answer: Your friend is investing time & money in a business that does not list an address or phone number on its website, not e...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Friend was brainwashed by MLM-/ponzi investment scam. What can I do? ### Answer: I don't want to repeat things that have already been said as I agree with most of them. There's just one little thing I...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to handle capital gains on a Virginia Individual Income Tax Return ### Answer: In Virginia the maximum tax rate on income is 5.75% which is the same as the capital gains rate. http://www.tax.virgi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to invest with a low net worth ### Answer: You most definitely can invest such an amount profitably, but it makes it even more important to avoid fees, um, at all costs, because fees tend to have ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to invest with a low net worth ### Answer: I'm of the opinion that speculating is for young people like you, because they can afford to lose it all. Avoiding losses becomes necessary once you have...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to invest with a low net worth ### Answer: You might want to consider 'investing' a portion of that money into educating yourself. The payoff might not be as immediately obvious or gratifying but ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to invest with a low net worth ### Answer: I have an opposite view from all the other contributions here. Why not consider starting your own business. With the little money you have the return wil...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Income and taxes with subcontracting? ### Answer: Since you say 1099, I'll assume it's in the US. :) Think of your consulting operation as a small business. Businesses are only taxed on their profits,...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I get a wholesaler ID number? ### Answer: This is a state by state thing, and I'm cheating because I know you are in New York State: ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I get a wholesaler ID number? ### Answer: Seems like it's more dependent on who you want to be your supplier. The times I've been involved in requesting this, each company had its own applica...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I get a wholesaler ID number? ### Answer: Small businesses are often governed by local regulations and state law. In a low liability small quantity arena, you should be able to get away with a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Start a Holding Company? ### Answer: If you are trying to invest in closely held / private companies (things that don't trade on the stock market), you will run into a variety of regulatory problems....
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can you depreciate assets differently between Federal, State, and Local? ### Answer: In general, you most definitely can. In some cases you must. However for each State you'll have to check whether yo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: The best credit card for people who pay their balance off every month ### Answer: BillShrink.com lets you compare credit cards based on all your specifics (miles vs. cash, where you shop the most, etc...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: The best credit card for people who pay their balance off every month ### Answer: The answer for this question varies from person to person. However most cards give lousy rewards percentage-wise. Take...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: The best credit card for people who pay their balance off every month ### Answer: I'm not going to recommend a specific card. New card offers pop up all the time. My answer would be out of date in a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: The best credit card for people who pay their balance off every month ### Answer: PenFed Platinum Cashback Rewards Visa Card is another good choice. Pros: Cons: ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: The best credit card for people who pay their balance off every month ### Answer: The answer today is the Fidelity Rewards Amex. This card pays the highest cash back (2%) on ALL purchases. The answer...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: The best credit card for people who pay their balance off every month ### Answer: For people who are already a Costco member. The American Express TrueEarnings Business Card is a good choice. Note: If...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Personal Asset Protection - How to protect asset against a deficiency judgement? ### Answer: You should talk to a bankruptcy attorney local to you. While bankruptcy laws are federal, there are a vari...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Personal Asset Protection - How to protect asset against a deficiency judgement? ### Answer: Find out whether your state has a homestead law or something similar, which might protect your primary resi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How should I handle taxes for Minecraft server donations? ### Answer: Technically, this is considered "income" for you, and is actually not considered a "donation" for your donors, but is instead a "g...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How should I handle taxes for Minecraft server donations? ### Answer: Its is considered a "hobby" income, and you should be reporting it on the 1040 as taxable income. The expenses (what you pay) are ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How should I handle taxes for Minecraft server donations? ### Answer: First to clear a few things up. It is definitely not a gift. The people are sending you money only because you are providing the...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can travel expenses be deducted from Form 1040A if they were used to gather material for a book? ### Answer: Hobby expenses are not tax deductible. Business expenses are, but only if it's a bona fide...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How much taxes do corporations have to pay on dividends they receive from other companies? ### Answer: Summary: The corporation pays 33.3% tax on dividends it receives and gets a tax refund at the sam...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to select a bank based on availability in two areas? ### Answer: Asking a bank for which ATM/branch network it belongs to and where those networks are would be your best bet. ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I default on my private student loans if I was an international student? ### Answer: What are the consequences if I ignore the emails? If you ignore the emails they will try harder to collect the ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I default on my private student loans if I was an international student? ### Answer: You signed a contract to pay the loan. You owe the money. Stories of people being arrested over defaulted st...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I default on my private student loans if I was an international student? ### Answer: What are the consequences if I ignore the emails? That would depend on how much efforts the collection agency i...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are my options to make my money work for me? ### Answer: As stated in the comments, Index Funds are the way to go. Stocks have the best return on investment, if you can stomach the volatility, an...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the contents of fixed annuities? ### Answer: An annuity is a contract. Its contents are "a contractual obligation from the issuing company". If you want to evaluate how your annuity is likely...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the contents of fixed annuities? ### Answer: This is really two questions about yield and contents. Content As others have noted, an annuity is a contractual obligation, not a portfolio conta...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the contents of fixed annuities? ### Answer: For a variable annuity, you need to know the underlying investments and how your returns are credited to your account. For a fixed annuity, the is...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to determine whether 1099-MISC income is from self-employment? ### Answer: These kinds of questions can be rather tricky. I've struggled with this sort of thing in the past when I had income from ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do 10 year-old luxury cars lose so much value? ### Answer: They are overpriced to begin with. One reason is the fact that they are luxury cars. A second, related reason, is that they tend to pus...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do 10 year-old luxury cars lose so much value? ### Answer: Few people actually buy BMW's. Most are leased, because if you're the type of person who wants to drive a BMW, you're going want a new on...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do 10 year-old luxury cars lose so much value? ### Answer: +1 They are over priced to begin with - More specifically they are expensive to create exclusivity, which raises their value to people wh...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do 10 year-old luxury cars lose so much value? ### Answer: There is usually a bunch of reasons for this, some psychological and some entirely practical. Let's start with the latter: If I wanted an...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do 10 year-old luxury cars lose so much value? ### Answer: I think this can be answered by answering the question "Who buys 10 year old cars?". Generally speaking those buyers are very price cons...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do 10 year-old luxury cars lose so much value? ### Answer: Personally, I buy newer luxury cars for two reasons. 1) Status symbol Newer cars have the latest looks, performance, and features like ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do 10 year-old luxury cars lose so much value? ### Answer: The answer is very simple. Part of the luxury is having the cutting edge technology with the very latest features. The price premium is n...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do 10 year-old luxury cars lose so much value? ### Answer: They start at a higher price and repairs are more expensive than with a standard car. From my experience, many luxury cars get too expens...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do 10 year-old luxury cars lose so much value? ### Answer: I believe one of the main reasons cars -- luxury or otherwise -- depreciate so quickly is that many auto accidents can cause serious engi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Automatic Extension online filing request gets denied w/ code R0000-052-01 - why? ### Answer: There are penalties for failure to file and penalties for failure to pay tax. The penalties for both are ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to handle missing W2 from failed direct deposit only company? ### Answer: Yes, there's a way. I actually wrote a blog post about it. Its a new service from the IRS which allows you pulling your ac...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How FTB and IRS find mistakes in amended tax returns? Are their processes reliable? ### Answer: The FTB, as any government agency, is understaffed and underpaid. Even if someone took a glance and it w...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: When a publicly traded company splits into two how are common shares fairly valued, distributed? ### Answer: How are shareholders sure to receive a fair percentage of each company? At the time the sp...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: VAT and duties payable when importing personal goods from Switzerland and the Channel Islands to the EU? ### Answer: http://www.hmrc.gov.uk/customs/tax-and-duty.htm#3 explains the Import VAT situation...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Tax consequences when foreign currency changes in value ### Answer: If you buy foreign currency as an investment, then the gains are ordinary income. The gains are realized when you close the position...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: When is the right time to buy a car and/or a house? ### Answer: Buy a house when you can, but keep driving your current car until it dies. In ten years' time, a house should be worth more than you pai...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: When is the right time to buy a car and/or a house? ### Answer: Buying a house is often more emotional than financial. Which makes that kind of advice tough to offer. Staying with the finance side - Y...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: When is the right time to buy a car and/or a house? ### Answer: Obviously, the best thing financially would be to continue using your present car, unless it impacts you financially on a regular basis....
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: When is the right time to buy a car and/or a house? ### Answer: My recommendation is to pay off your student loans as quickly as possible. It sounds like you're already doing this but don't incur any ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: When to register for a bank account for a C-Corp with no official money ### Answer: Technically, it's only when you need to pass money through. However consider that the length the account has been op...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: S-Corp partnership startup. How to pay owners with minimal profit? ### Answer: If you're really interested in the long-term success of your business, and you can get by in your personal finances witho...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: S-Corp partnership startup. How to pay owners with minimal profit? ### Answer: We don't make enough to really consider it a salary, but I've heard using a draw without a salary is a bad idea. As any...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: S-Corp partnership startup. How to pay owners with minimal profit? ### Answer: S-Corp income is passed through to owners and is taxed on their 1040 as ordinary income. If you take a wage (pay FICA) an...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: When are payroll taxes due in the US? ### Answer: It depends on the size of the payroll, not on the number of employees. Probably you need to file Form 941 quarterly under this scenario. You may or ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Risks associated with investing in dividend paying stocks for short term income. Alternatives? ### Answer: Your back of the envelope calculation shows an income of about 5.5% per year, which is much b...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Risks associated with investing in dividend paying stocks for short term income. Alternatives? ### Answer: I wouldn't focus too much on dividends itself; at the end of the day what matters is total ga...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Risks associated with investing in dividend paying stocks for short term income. Alternatives? ### Answer: Usually when a company is performing well both its share price and its dividends will increas...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I negotiate a credit card settlement by stopping payments? ### Answer: This would be on your credit for ~8 years. If it goes according to your plan, it will take 6 months to a year to do the set...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I negotiate a credit card settlement by stopping payments? ### Answer: At no point is it ever a good idea to "stop making payments to show them [you] mean business". When you signed up for the cre...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I negotiate a credit card settlement by stopping payments? ### Answer: This strategy will have long lasting effects since negative items can persist for many years, making financing a home difficu...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why aren't there solutions for electronic itemized receipt for retail in-store purchases? ### Answer: In some stores that is done. When I shop at the Apple store or at the Farmers market the receipt ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Assessing risk, and Identifying scams in Alternative Investments ### Answer: I have personally invested $5,000 in a YieldStreet offering (a loan being used by a company looking to expand a ridesharing...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Assessing risk, and Identifying scams in Alternative Investments ### Answer: 10 to 20% return on investment annually. "When I hear that an investment has a 10%+ return on it I avoid it because...". In...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Safe method of paying for a Gym Membership? ### Answer: Shady isn't quite the right word. They know that most of their customers are going to quit soon after they begin -- as in "before the end of Ja...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Safe method of paying for a Gym Membership? ### Answer: I've worked in gyms for 9 years. Here's a few things I've seen: 1)Contracts aren't necessarily a terrible thing if you know that you are going t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Safe method of paying for a Gym Membership? ### Answer: I've often encountered the practices you describe in the Netherlands too. This is how I deal with it. Avoid gyms with aggressive sales tactics M...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Safe method of paying for a Gym Membership? ### Answer: New York state actually has laws protecting gym members from predatory gym membership pricing. Your state may also have laws like that as well....
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Safe method of paying for a Gym Membership? ### Answer: Quite often the local university has decent gym facilities with super-competitive rates, even if you are not a student there, and you can usuall...