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Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If banksimple.com is not a bank, what is it? ### Answer: The model itself is fairly common for serving particular niche markets. A few other organizations which operate in similar setups: prepaid card...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If banksimple.com is not a bank, what is it? ### Answer: Looks more like an idea for a business rather than an actual business -- especially since it hasn't even launched. That said, it does have its ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If banksimple.com is not a bank, what is it? ### Answer: I don't see how this concept takes off. First and foremost, BankSimple is NOT a bank but a tech company masquerading as one. BankSimple leaves ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can a credit card company make any money off me? I have a no-fee card and pay my balance on time ### Answer: Credit cards have two revenue streams: So yes, the are making money from your daily use...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can a credit card company make any money off me? I have a no-fee card and pay my balance on time ### Answer: They don't make any money off of you personally. They make money off of the merchants p...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can a credit card company make any money off me? I have a no-fee card and pay my balance on time ### Answer: Of course they make money. They double dip in a lot of instances they make 2 - 3% plus ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can a credit card company make any money off me? I have a no-fee card and pay my balance on time ### Answer: Maybe they don't make much, but they make some for sure. In addition to what duffbeer7...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can a credit card company make any money off me? I have a no-fee card and pay my balance on time ### Answer: Ever wonder why certain businesses won't accept certain credit cards? (The sign above t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the common income tax deductions used by “rich” salaried households? ### Answer: You're asking explicitly about $250K+ wage earners. Well, believe it or not, but this is the most discriminate...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the common income tax deductions used by “rich” salaried households? ### Answer: The $250K and up are not one homogeneous group. The lower end of this group benefits from normal Schedule A it...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the common income tax deductions used by “rich” salaried households? ### Answer: One of the main tax loopholes more readily available to the wealthy in the U.S. is the fact that long-term cap...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the common income tax deductions used by “rich” salaried households? ### Answer: From Rich Dad, Poor Dad. 3 Major Things: With rental real estate, in addition to mortgage interest, you also d...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the common income tax deductions used by “rich” salaried households? ### Answer: As was stated, households earning over $250k/yr don't all get their income one way. Below that threshold, even...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How U.S. Depreciation works Explain in brief? ### Answer: If a business tool has a limited lifespan, it's value decreases (depreciates) from year to year. The business can capture that loss of value ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Buying a truck to write off on taxes ### Answer: Assuming your country is the United States there is. See schedule C line 9 and the corresponding instructions. There are many rules associated with ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If I pay someone else's property taxes, can I use it as a deduction on my income tax return? ### Answer: According to page 107 of the instructions for schedule A for form 1040 : Include taxes (state, ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If I pay someone else's property taxes, can I use it as a deduction on my income tax return? ### Answer: To make matters worse, if you pay the property tax your mother in law can't take the deduction ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If I pay someone else's property taxes, can I use it as a deduction on my income tax return? ### Answer: You cannot deduct. Even if you could, unless you also hold the mortgage, it's unlikely that you...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it possible for credit card companies to check credit score in India? ### Answer: Is it possible for the card issuing banks to check my score without my permission? As far as I understand these thi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Free cash flow and capex on morningstar.com ### Answer: Free Cash Flow (FCF) is not a metric/data point which represents any ACTUAL cash flow of a company. FCF is a data point which communicates how m...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Filing a corporation tax return online? ### Answer: When in doubt, you should always seek the advice of a professional tax preparer or your accountant. (Many agents/accountants will gladly review your...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Filing a corporation tax return online? ### Answer: This may not exactly answer your question but, as a small business owner, I would highly recommend having a professional handle your taxes. It is wo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Taxes on transactions of services ### Answer: Do Alice and Bob have to figure out the fair market value of their services and report that as income or something? Yes, exactly that. See Topic 420. N...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Taxes on transactions of services ### Answer: It's called bartering and the IRS has a page titled Four Things to Know About Bartering. The summary is - The bottom line is this is taxable. ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How long do wire transfers take? ### Answer: The experience I have with wire transfers is from Australia to the US. These transfers can take up to 5 business dates (i.e. a whole week including the non...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do companies that get taken-over have to honour the old gift card/certificate? ### Answer: It depends completely on the nature of the takeover. When a business is bought, the new owner takes on the ob...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do companies that get taken-over have to honour the old gift card/certificate? ### Answer: I know this is old, but Joe Taxpayer is wrong. When you dissolve a corporation in selling it, all liabilitie...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Federal taxes for nonresident alien whose only income in 2016 was a 2015 state tax return ### Answer: I believe you have to file a tax return, because state tax refund is considered income effectively...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Cash-basis accounting and barter ### Answer: If you don't track the accrued costs involved, then it means that the valuation of the deal will be somewhat arbitrary, but it still can be made by looking...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What is a trade exchange and are they reputable or not? ### Answer: I think this is off topic, but here is a stab: So these are cashless. It could be a way to smooth out the harsh reality of capitali...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If a company in China says it accepts Visa, does it accept all Visas? ### Answer: Generally, credit card networks (as opposed to debit/ATM cards that may or may not have Visa/MC logos) have a rule tha...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If a company in China says it accepts Visa, does it accept all Visas? ### Answer: Many businesses that accept regular VISA credit cards will not accept VISA purchase cards intended for corporate/gov p...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Understanding Gift taxes for mortgage downpayment ### Answer: You are using interchangeably borrow/loan and gift. They are very different. For the mortgage company, they would prefer that the money fr...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: American living abroad and not working for an American company - tax reporting and bank accounts ### Answer: The IRS taxes worldwide income of its citizens and green card holders. Generally, for thos...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: American living abroad and not working for an American company - tax reporting and bank accounts ### Answer: I'll add a bit to Paul's excellent write up. Foreign Earned Income Exclusion (form 2555): n...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Legal restrictions for EU-foreigners to setup bank account in Czech republic ### Answer: It depends on what exactly do you mean by "seat of residence". That term has different meanings (legally) in di...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Visiting vacation rental with immediate family ### Answer: No, you cannot deduct it. There's no business substance in such a trip, it is your vacation, and as such cannot be claimed as an expense agai...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Visiting vacation rental with immediate family ### Answer: If you and your wife are owners, your tickets might be a business expense against the rental income. 'Might' as in the IRS will be happy to a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What purchases, not counting real estate, will help me increase my cash flow? ### Answer: You can increase your monthly cash flow in two ways: It's really that simple. I'd even argue that to a certain...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What purchases, not counting real estate, will help me increase my cash flow? ### Answer: Brownbag your lunch and make coffee at home. If your current lifestyle includes daily takeout lunches and/or...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What purchases, not counting real estate, will help me increase my cash flow? ### Answer: Mutual funds can be relatively low risk and a good starting point. Really it depends on you. What are your go...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Paid credit card bill, but money didn't leave my checking account [duplicate] ### Answer: The fact that your credit card has seen the payment is strong evidence that the transaction did in fact take p...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Paid credit card bill, but money didn't leave my checking account [duplicate] ### Answer: You probably don't need to call the bank. Today is Sunday, so three days ago was probably Friday (or Thursday ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Paid credit card bill, but money didn't leave my checking account [duplicate] ### Answer: This is normal for credit cards. As long as you make the credit card company's cutoff time, they will make th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Money Structuring ### Answer: See "Structuring transactions to evade reporting requirement prohibited." You absolutely run the risk of the accusation of structuring. One can move money via check, dire...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Money Structuring ### Answer: There's a difference between your street level drug dealer sending you sales proceeds of $20,000 in $5,000 increments to avoid sending you $10,000 or $20,000 at once to a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Money Structuring ### Answer: Structuring, as noted in another answer, involves breaking up cash transactions to avoid the required reporting limits. There are a couple of important things to note. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Money Structuring ### Answer: In the Anti-Money Laundering World ( AML) , structuring consists of the division ( breaking up) of cash transactions, deposits and withdrawals, with the intent to avoid t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Optimal way to use a credit card to build better credit? ### Answer: First I would like to say, do not pay credit card companies in an attempt to improve your credit rating. In my opinion it's not wor...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Optimal way to use a credit card to build better credit? ### Answer: Great question. First, my recommendation would be for you to get a card that does not have a yearly fee. There are many credit car...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Optimal way to use a credit card to build better credit? ### Answer: I answered a similar question, How will going from 75% Credit Utilization to 0% Credit Utilization affect my credit score?, in whic...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Optimal way to use a credit card to build better credit? ### Answer: In addition to the already good answers: I am assuming you are playing a long game and have no specific need for a high credit scor...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Optimal way to use a credit card to build better credit? ### Answer: Or here's a better idea: don't have a credit card at all. They offer no real benefits and plenty of dangers. Don't take my word f...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Optimal way to use a credit card to build better credit? ### Answer: If you have self control and a good handle on your finances, which it sounds like - I suggest the following: Note: #3 is important ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Optimal way to use a credit card to build better credit? ### Answer: Most business credit cards do not report to the personal credit report unless the person pays the card late. Given that fact, any d...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Optimal way to use a credit card to build better credit? ### Answer: nan ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it legal for a vendor to reuse credit details from a previous transaction ### Answer: It is very much legal and in fact depending on the fine print of the purchase you make, you have now establishe...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: car loan but 2 people on title ### Answer: Yes, but then either of you will need the other's permission to sell the car. I strongly recommend you get an agreement on that point, in writing, and possib...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How is income tax calculated in relation to selling used items? ### Answer: If the items you sold are items you previously bought for a higher price, the money you get selling them is not income, as y...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How is income tax calculated in relation to selling used items? ### Answer: If I sell it for $50 can I write off the $50 loss. Only if you can establish that it is a normal part of your business and t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How is income tax calculated in relation to selling used items? ### Answer: Yes. This income would be reported on schedule SE. Normally, you will not owe any tax if the amount is less than $400. Prac...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What's the most conservative split of financial assets for my portfolio in today's market? ### Answer: Before investing, absolutely follow the advice in mbhunter's answer. There is no safe investment ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What's the most conservative split of financial assets for my portfolio in today's market? ### Answer: This is a somewhat complicated question because it really depends on your personal situation. Fo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What's the most conservative split of financial assets for my portfolio in today's market? ### Answer: You don't say your level of consumer debt. You don't say how much of an emergency fund you have....
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What's the most conservative split of financial assets for my portfolio in today's market? ### Answer: If you can afford the time and are looking for more deep, and fun, investment tips, check out htt...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What's the most conservative split of financial assets for my portfolio in today's market? ### Answer: The safest place to put money is a mixture of cash, local municipal bond funds with average durat...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do rich people guarantee the safety of their money, when savings exceed the FDIC limit? ### Answer: They might not have to open accounts at 12 bank because the coverage does allow multiple account...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do rich people guarantee the safety of their money, when savings exceed the FDIC limit? ### Answer: Rich people use "depositor" banks the same way the rest of us use banks; to keep a relatively sm...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do rich people guarantee the safety of their money, when savings exceed the FDIC limit? ### Answer: I found out there is something called CDARS that allows a person to open a multi-million dollar ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do rich people guarantee the safety of their money, when savings exceed the FDIC limit? ### Answer: Most people who have over $250,000 in liquid cash savings would not want to start putting their ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do rich people guarantee the safety of their money, when savings exceed the FDIC limit? ### Answer: Even assuming hypothetically that you are able to split money in different bank accounts to get ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do rich people guarantee the safety of their money, when savings exceed the FDIC limit? ### Answer: The FDIC has been pretty good at recovery lost money from failed banks. The problem is the tempo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do rich people guarantee the safety of their money, when savings exceed the FDIC limit? ### Answer: With a lot excess cash you eventually have two goals: Since interest on cash bank deposits does ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Tax implications of having some self-employment income? ### Answer: You would put your earnings (and expenses, don't forget) on Schedule C, and then do a Schedule SE for self-employment tax. http://ww...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Tax implications of having some self-employment income? ### Answer: Havoc P's answer is good (+1). Also don't forget the other aspects of business income: state filing fees, county/city filing fees, b...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can an International student of F1 VISA accept money in her US bank account on behalf of someone else? ### Answer: There might be a problem. Some reporting paperwork will have to be done for the IRS, ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Found Mistake on 2013 1120S Form ### Answer: I don't know if it's common or necessary to include capital stock as a liability? Yes, if you look at the title of the nonasset part of the balance sheet i...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why Are Credit Card Rates Increasing / Credit Limits Falling? ### Answer: Because people are going deeper into debt and filing for bankruptcy more often, there is more risk on behalf of the credit com...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why Are Credit Card Rates Increasing / Credit Limits Falling? ### Answer: Of course your situation is very hurtful at a personal level, and I sympathize. I just don't get your point about being driven...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does dividend on 401K have any effect on gains ### Answer: Adjusting for a market change from day to day, the dividend should have no impact on you. Your X shares time $Y should be nearly identical ri...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does dividend on 401K have any effect on gains ### Answer: It appears from your description that the 401k account has the automatic dividend reinvestment policy, and that the end result is exactly the...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why an inner suburbs small apartment considered a risky investment ### Answer: The banks see small apartments as a higher risk because usually very small apartments are harder to sell, especially duri...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Might it make sense not to look into debt that is in collections? ### Answer: It's your business to pay what you owe but it's not your business to determine what you owe. The "Fair Debt Collections P...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What do I need to do to form an LLC? ### Answer: I know that there are a lot service on the internet helping to form an LLC online with a fee around $49. Is it neccessarry to pay them to have an LLC o...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What do I need to do to form an LLC? ### Answer: You can file an LLC yourself in most states, although it might be helpful to use a service if you're not sure what to do to ensure it is correct. I fi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How should we organize our finances to effectively plan and prepare for an retirement in next 10 years? ### Answer: Wow! First, congratulations! You are both making great money. You should be able to ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How should we organize our finances to effectively plan and prepare for an retirement in next 10 years? ### Answer: The biggest issue is your lack of diversification. Your real estate investments hav...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If I have some old gold jewellery, is it worth it to sell it for its melt value? ### Answer: Get your jewelery appraised. (Don't let whoever does the appraisal be the same person whom you would sell ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If I have some old gold jewellery, is it worth it to sell it for its melt value? ### Answer: I have a buddy that used to run one of those companies that buys gold like the ones you see on TV. Here's t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If I have some old gold jewellery, is it worth it to sell it for its melt value? ### Answer: I just came across an article from the CBC on this subject: Here's one tip from the article, which echoes w...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If I have some old gold jewellery, is it worth it to sell it for its melt value? ### Answer: Avoid gold brokers who do business through the mail. Video Full Article ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why is there some latency between the time a check deposit was processed and when one can withdraw the money on Fidelity CMAs? ### Answer: Every bank and credit union in the US has a Deposit Agreement...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: I'm getting gouged on prices for medical services when using my HSA plan. How to be billed fairly? ### Answer: The big difference for me under the High deductible plan has been that instead of paying ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: I'm getting gouged on prices for medical services when using my HSA plan. How to be billed fairly? ### Answer: I had an HSA for two or three years. I found very routinely that my insurance company had...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: I'm getting gouged on prices for medical services when using my HSA plan. How to be billed fairly? ### Answer: First, as noted in the comments, you need to pay attention to your network providers. If...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: 18 year old making $60k a year; how should I invest? Traditional or Roth IRA? ### Answer: 1) Usually, the choice between Traditional vs. Roth is whether you believe that your tax rate will be higher o...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: 18 year old making $60k a year; how should I invest? Traditional or Roth IRA? ### Answer: With this level of income, you might consider a Solo 401(k). It would allow you a much higher level of contrib...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: 18 year old making $60k a year; how should I invest? Traditional or Roth IRA? ### Answer: In asnwer to your questions: As @joetaxpayer said, you really should look into a Solo 401(k). In 2017, this al...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How are the $1 salaries that CEOs sometimes take considered legal? ### Answer: Part of your first link has this statement that I suspect you are missing: However, Section 13(a)(1) of the FLSA provides...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How are the $1 salaries that CEOs sometimes take considered legal? ### Answer: Even under the executive exemption, see Exemption for Executive Employees Under the Fair Labor Standards Act (FLSA) Secti...