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Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: In Canada, can a limited corporation be used as an income tax shelter? ### Answer: Revenue Canada allows for some amount of tax deferral via several methods. The point is that none of them allow you t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: When does a pricing error become false advertising? ### Answer: It's definitely annoying, but it's not necessarily false advertising. There is no rule or law that says they have to fix a pricing error...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where can I find a Third Party Administrator for a self-directed solo 401K? ### Answer: You setup a self-directed solo 401k by paying a one time fee for a company to setup a trust, name you the sole t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where can I find a Third Party Administrator for a self-directed solo 401K? ### Answer: Fidelity Investments offers Solo 401(k) plans without any management fees. The plan administrator is typically t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do some online stores not ask for the 3-digit code on the back of my credit card? ### Answer: As a general premise: In most of the online transactions in case of dispute the benefit of doubt is gi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do some online stores not ask for the 3-digit code on the back of my credit card? ### Answer: Given that the laws on consumer liability for unauthorized transactions mean no cost in most cases, th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do some online stores not ask for the 3-digit code on the back of my credit card? ### Answer: There are different ways of credit card purchase authorizations. if some choose less secure method it'...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do some online stores not ask for the 3-digit code on the back of my credit card? ### Answer: nan ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do some online stores not ask for the 3-digit code on the back of my credit card? ### Answer: Some businesses verify the shipping address with the credit card company, and refuse to ship to an alt...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do some online stores not ask for the 3-digit code on the back of my credit card? ### Answer: @Jeremy Using CVV doesn't decrease the transaction cost. I know this because I have quotes for CC tran...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do some online stores not ask for the 3-digit code on the back of my credit card? ### Answer: The truth is that Visa does not require a merchant to enter the cvv number before authorizing a transa...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Americans really use checks that often? ### Answer: When you start at a new job here in the U.S., the default means of payment is usually a paper check. Most folks will quickly set up direct deposi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Americans really use checks that often? ### Answer: In my business (estate planning law practice), probably 60-70% of my income is in the form of checks, with the balance as credit/debit cards. I p...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Americans really use checks that often? ### Answer: A very interesting topic, as I am moving to the US in a month. I realise this thread is old but its been helpful to me. My observations from my ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Americans really use checks that often? ### Answer: I still use checks to pay rent and occasionally some bills/liabilities. That said, I did notice an (elderly) lady paying by check at the supermar...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Americans really use checks that often? ### Answer: Sorry for this late reply. I currently live in Iceland (I am a United Statesian). People here told me they thought checks were just something th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Americans really use checks that often? ### Answer: I know this an old thread, but one that caught my interest as I just moved to the USA from Australia. As per the OP I had never written a check i...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Americans really use checks that often? ### Answer: Typically your paychecks are direct deposited into your bank account and you receive a paycheck stub telling you how much of your money went wher...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Americans really use checks that often? ### Answer: There are some people that still get an old-fashioned paycheck but for the most part if you are an employee at a company you get a paystub while ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Americans really use checks that often? ### Answer: Many small businesses are still cash and check. For example my landlord does not take credit card or online transfer. My choices are cash and ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Americans really use checks that often? ### Answer: People who rent an apartment will typically pay by check. Probably 90% of the checks I have written are for rent. To some extent this falls under...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Americans really use checks that often? ### Answer: Ever since my apartment complex started accepting rent payments online, I've almost never written a check. I use my debit card for everything. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Americans really use checks that often? ### Answer: I receive checks from my tenant. Also, from our medical reimbursement account. I'm sure there's an option somewhere to get that direct deposited,...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Americans really use checks that often? ### Answer: From a Canadian point of view, I think we are generally very similar to how you describe Austria. The only thing I use cash for, is to pay for m...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Americans really use checks that often? ### Answer: It is possible to not use checks in the US. I personally use a credit card for almost everything and often have no cash in my wallet at all. I ne...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Anyone please explain the meaning of turnover in this pic? ### Answer: The Business Dictionary has three definitions of "turnover". When it comes to share dealing, the most likely one is the total va...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can my friend send $3K to me without using Paypal? ### Answer: Three ideas: PayPal is probably the best/cheapest way to transfer small/medium amounts of money overseas. ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can my friend send $3K to me without using Paypal? ### Answer: Many banks offer online payment. He can add a payee and just type your name and address in. The bank will mail the check out if they ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can my friend send $3K to me without using Paypal? ### Answer: Most bank bill pay services will work for this purpose. Generally you can pay any person or business that has a valid address. As an ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can my friend send $3K to me without using Paypal? ### Answer: Not to overkill the theres a few more I can think of right now ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can my friend send $3K to me without using Paypal? ### Answer: Have his bank put the money on a gift card or gift cards and have somebody send them to you in the mail. In fact, if you are going to...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can my friend send $3K to me without using Paypal? ### Answer: If wire transfer through your bank does not work then perhaps one of the more popular money transfer services may be what you are loo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Finding out actual items bought via credit card issuer and not the store receipt? ### Answer: The store keeps track of what you buy. It is all part of their big data. The knowledge of what you buy hel...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Finding out actual items bought via credit card issuer and not the store receipt? ### Answer: As a merchant I can tell you that the only thing the bank gets from me. Is the total amount and a categor...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Finding out actual items bought via credit card issuer and not the store receipt? ### Answer: The stores track the individual items for inventory planning and marketing purposes. Having worked in the ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is income from crypto-currencies taxed? ### Answer: Mining is income at the value at time of earning, I would use an index like XBX to determine price. Asset appreciation is capital gains. These aspec...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is income from crypto-currencies taxed? ### Answer: In Canada, it is similarly taxed as CQM states. Mining is considered business income and you need to file a T1 form. Capital appreciation is no diff...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I cash a cashier's check at any bank? ### Answer: The classic Nigerian scam involves sending fraudulent cashier's checks to unwitting recipients who then deposit them in their account. The bank r...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I cash a cashier's check at any bank? ### Answer: At least in the US, a Cashier's Check is just like a regular personal check - only it's guaranteed by the bank itself, so the person accepting it ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I cash a cashier's check at any bank? ### Answer: Normally if the amount of a cashiers check is over $5,000, a bank (like Wells Fargo) may put a 10 business day hold on it to make sure the transac...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I cash a cashier's check at any bank? ### Answer: Cashiers check is as good as cash. I use them all the time as banks don't carry over 2-3k anymore. I can bring the cashiers check anywhere and thu...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How is Massachusetts state tax on unrealized capital gains calculated? ### Answer: Massachusets does no such thing. The 5.25% tax is only on realized gains. "Unearned" means "doesn't tie to your trade...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it possible to get life insurance as a beneficiary before the person insured dies? ### Answer: I recall the following business from the AIDS crisis: viatical settlement But because there were life-...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it possible to get life insurance as a beneficiary before the person insured dies? ### Answer: If the insurance policy is a whole-life (or variable life) policy, it might have a surrender value tha...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it possible to get life insurance as a beneficiary before the person insured dies? ### Answer: Generally no. It does not make sense for insurance company to alter terms and if there are such rules ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it possible to get life insurance as a beneficiary before the person insured dies? ### Answer: The short answer is "No". There a 2 ways to get cash from a life insurance policy. If the policy has ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If I go to a seminar held overseas, may I claim my flights on my tax return? ### Answer: You can deduct this if the main purpose of the trip is to attend the seminar. Travel expenses relating to the ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If I go to a seminar held overseas, may I claim my flights on my tax return? ### Answer: I think you can. I went to Mexico for business and the company paid for it, so if you are self employed you sho...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If I go to a seminar held overseas, may I claim my flights on my tax return? ### Answer: Disclaimer: My answer is based on US tax law, but I assume Australian situation would be similar. The IRS would...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Double entry for mortgage ### Answer: For the purpose of personal finance, treating $500 as Interest Expense is sufficient. For business accounting, it involves making the $500 a contra-liability and...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Double entry for mortgage ### Answer: The £500 are an expense associated with the loan, just like interest. You should have an expense account where you can put such financing expenses (or should crea...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why doesn’t every company and individual use tax-havens to pay less taxes? ### Answer: I believe that an understanding of the taxation system can help to understand our place in it, and how that impac...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why doesn’t every company and individual use tax-havens to pay less taxes? ### Answer: Your "average company and taxpayer" generally wouldn't have significant off-shore/foreign income. In the U.S., fo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why doesn’t every company and individual use tax-havens to pay less taxes? ### Answer: In a nutshell, there are significant entrance hurdles, legally and especially financially. The fixed cost and eff...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why doesn’t every company and individual use tax-havens to pay less taxes? ### Answer: Ditto @GradeEhBacon, but let me add a couple of comments: But more relevantly: GradeEhBacon mentioned transaction...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why doesn’t every company and individual use tax-havens to pay less taxes? ### Answer: There are tax free bonds in the United States. They are for things like public housing and other urban projects....
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why doesn’t every company and individual use tax-havens to pay less taxes? ### Answer: And yet, the same law that these individuals and companies use to lower their taxes applies for every citizen a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why doesn’t every company and individual use tax-havens to pay less taxes? ### Answer: Many of the Financial intermediaries in the business, have extraordinary high requirements for opening an account...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why doesn’t every company and individual use tax-havens to pay less taxes? ### Answer: However, if you are employed by a company that exists in a tax haven and your services are provided to an employe...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: US taxation of stock purchase plan for non-resident alien ### Answer: From my research it looks like its an income NOT effectively connected with the trade of business. This page has the exact details...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Am I legally allowed to offset the tax I pay on freelance work? (UK) ### Answer: Yes, you can deduct from your taxable profits (almost) any expenses incurred in the course of your business. See here f...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is Bitcoin a commodity or a currency [duplicate] ### Answer: It has properties of both. Tax authorities will eventually give their opinion on this. Through its properties of finite quantity, fungibi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is Bitcoin a commodity or a currency [duplicate] ### Answer: Its neither. Its a scam. there's no value underlying it, and it has proven to be the most speculative and untrustworthy investment there is...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is Bitcoin a commodity or a currency [duplicate] ### Answer: I would classify Bitcoin as a hybrid. Currency : It is accepted by e-businesses as a form of payment Commodity : Chart illustrating the v...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: S-Corp and distributions ### Answer: Does the corporation need the money for its ongoing business? If so, don't transfer it. If not, feel free. This decision has nothing to do with whether the corpora...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I diversify investments across currencies in ISA? ### Answer: You have to check if the investment vehicle you are planning to buy is acceptable for ISA on a case by case. Then if it is allowed...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I diversify investments across currencies in ISA? ### Answer: Just buy a FTSE-100 tracker. It's cheap and easy, and will hedge you pretty well, as the FTSE-100 is dominated by big mining and o...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: When filing a US 1065 as a General Partnership, do we combine our expenditures for a home office? ### Answer: Your home doesn't belong to the partnership, it belongs to you. So you can (if qualified) ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: ACH processing time of day ### Answer: It depends on the bank and network. Banks are to provide outgoing data at the certain time for the processing by the central clearing house (the Federal Reserve ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: ACH processing time of day ### Answer: Each bank is different, so your question needs to be more specific. For instance, I believe Paypal and Chase settles at 7pm EST on business days. Bank of America...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: In what cases can states tax non-residents? ### Answer: From the Massachusetts Department of Revenue: 1st - Massachusetts Source Income That is Excluded Massachusetts gross income excludes certain...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is there any US bank that does not charge for incoming wire transfers? ### Answer: There are banks and credit unions that don't charge fee for incoming wire transfer. You most likely won't get that f...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is there any US bank that does not charge for incoming wire transfers? ### Answer: Schwab High Yield Investor Checking does not charge for incoming wires. ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is there any US bank that does not charge for incoming wire transfers? ### Answer: Being into Business since years and having clients worldwide I receive a lot of payments via wire transfers. Some in...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is there any US bank that does not charge for incoming wire transfers? ### Answer: Yes, a business account at Chase bank offers free incoming wire transfer fees when you keep a minimum balance of ove...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it possible to borrow money to invest in a foreign country? ### Answer: Most likely, this will not work they way you think. First things first, to get a loan, the bank needs to accept your collater...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it possible to borrow money to invest in a foreign country? ### Answer: Yes it is possible. It would depend on Banks policies whether they would lend. Quite a few large corporations borrow money in...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it necessary to pay tax if someone lends me money to put into my mortgage? ### Answer: I can't vouch for Australian law, but in the US there is actually a recognized mechanism for "in-family loans"...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it necessary to pay tax if someone lends me money to put into my mortgage? ### Answer: This answer is specifically for the UK, but one building society has an account set up specifically for this. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it necessary to pay tax if someone lends me money to put into my mortgage? ### Answer: A revocable trust? Else the title would be his...vs recieving a gift that large. Make it a business investment...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the tax guidelines for a Canadian freelancer working for a US company? ### Answer: I do NOT know the full answer but I know here are some important factors that you need to consider : Do you ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the consequences of being classified as a day trader, in Australia? ### Answer: In Australia the ATO can determine if you are considered a shareholder or a share trader. The ATO defines a sha...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: As a Sole Proprietor, will “employer” Solo 401k contributions count towards gross income? ### Answer: This seems to depend on what kind of corporation you have set up. If you're set up as a sole propr...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do margins on tracker mortgages (variable rate mortages) vary over time? ### Answer: how do these margins vary over time Depends on a lot of factors. The bank's financial health, bank's ongoing bu...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why charge gross receipts taxes to the customer? ### Answer: the state of New Mexico provides guidance in this exact situation. On page 4: Gross receipts DOES NOT include: Example: When the seller pas...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why charge gross receipts taxes to the customer? ### Answer: I'll address one part of your question: There are other taxes that companies pay as well, such as income tax, but don't charge to the custo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why charge gross receipts taxes to the customer? ### Answer: It sounds like "gross receipt tax" is essentially the same thing most states call "sales tax", which is always handled this way -- prices d...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: 1099 Misc for taking care of foreign exchange students ### Answer: In general, you are allowed to deduct up to $50/month per student (see page 4), but only if you aren't reimbursed. In your case, sinc...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: 1099 Misc for taking care of foreign exchange students ### Answer: According to Intuit, you cannot claim the $50 charitable contribution, so the entire $2000 / month will be taxable instead of $1900. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the opportunities/implications of having a designated clearing bank in my home country? ### Answer: For an individual there will not be much impact immediately. This arrangement will help Cor...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the opportunities/implications of having a designated clearing bank in my home country? ### Answer: I strongly urge you against this despite the fact that you may enjoy lucrative interest rat...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Reporting financial gains from my online store ### Answer: As a new (very!) small business, the IRS has lots of advice and information for you. Start at https://www.irs.gov/businesses/small-businesses...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why are there so many stock exchanges in the world? ### Answer: Nearly every country has its own exchange because so many countries have their own currency, and currency permeates every part of an exc...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why are there so many stock exchanges in the world? ### Answer: Stock exchanges have been undergoing a period of consolidation for the past hundred years for the exact reasons you mentioned. The exist...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why are there so many stock exchanges in the world? ### Answer: Why are there so many stock exchanges in the world? The simple answer is that there is a lot of money to be made by charging fees to fa...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Are large companies more profitable than small ones? ### Answer: There is no general theory to support the notion that larger companies will be more profitable than smaller companies. Economies of sc...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Are large companies more profitable than small ones? ### Answer: This isn't as rigorous as it should be, but may offer some useful insight into how big and small companies differ operationally. Puttin...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Are large companies more profitable than small ones? ### Answer: Small companies could have growth prospects. Large companies may not have that many. So look at ROE of companies by quatile to determin...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I use investments to lower my taxes [US]? ### Answer: Not exactly. There are a few ways to manage your taxes with investments. 1) For most investments you get taxed on any gain in value in the ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I use investments to lower my taxes [US]? ### Answer: Probably the biggest tax-deferment available to US workers is through employee-sponsored investment plans like the 401k. If you meet the i...