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Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How does Robinhood stock broker make money? ### Answer: Yes, there is a lot they are leaving out, and I would be extremely skeptical of them because of the "reasons" they give for being able to charge...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How does Robinhood stock broker make money? ### Answer: Disclosure: I don't have an iPhone, so I don't use RobinHood. That being said, I have a less "they're-out-to-get-ya" view of what they're doing...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How does Robinhood stock broker make money? ### Answer: Charging very high prices for additional standard services: See Commission & Fees: https://brokerage-static.s3.amazonaws.com/assets/robinhood/le...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Credit Card Approval ### Answer: Banks use quite a few parameters to arrive at the decision for card approval. The credit score is just one input. There are multiple other inputs it would source, for ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Credit Card Approval ### Answer: Three big ones that are common in almost all banks (though, individually, they may have other criteria): Other criteria I've seen (while working in the banking industr...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Credit Card Approval ### Answer: Bigger than the three mentioned above is on-time payment and/or collections activity. If your report shows you have not paid accounts on time, or have accounts in coll...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: When should I start an LLC for my side work? ### Answer: The major reason to start an LLC for side work is if you want the additional personal liability protection afforded by one. If you're operatin...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: When should I start an LLC for my side work? ### Answer: An LLC is overkill for 99% of 1 man small businesses. Side-businesses should remain as sole proprieterships until they get much larger and need...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: When should I start an LLC for my side work? ### Answer: Not all of the reason to start an LLC is liability (although that is implicit). There are two main reasons as far as I have experienced it: I a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: When should I start an LLC for my side work? ### Answer: It really depends on the type of business you are running. If there is any chance of liability, you should protect yourself with an LLC. The...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I open a personal bank account with an EIN instead of SSN? ### Answer: According to IRS Publication 1635, Understanding your EIN (PDF), under "What is an EIN?" on page 2: Caution: An EIN is for us...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why are bank transactions not instant? ### Answer: If you want your bank to pay $1 to a beneficiary Bob, then the service (no matter how implemented) needs to result in Bob's bank saying to Bob "Hey, ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why are bank transactions not instant? ### Answer: It is a rather complex system, but here is a rough summary. Interbank tranfers ultimately require a transfer of reserves at the central bank. As a co...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What is network marketing? ### Answer: Network Marketing (also called multi-level marketing) isn't necessarily a skill that you learn in a course. It's a type of business model that's used by compani...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I claim mileage for traveling to a contract position? ### Answer: The short answer is yes you can, but you have to make sure you do it correctly. If you are employed by a tech company that does c...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: When an investor makes money on a short, who loses the money? ### Answer: The correct answer to this question is: the person who the short sells the stock to. Here's why this is the case. Say we hav...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: When an investor makes money on a short, who loses the money? ### Answer: Michael gave a good answer describing the transaction but I wanted to follow up on your questions about the lender. First, the...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: When an investor makes money on a short, who loses the money? ### Answer: Not really. The lender is not buying the stock back at a lower price. Remember, he already owns it, so he need not buy it agai...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: financial institution wants share member break down for single member LLC ### Answer: What exactly would the financial institution need to see to make them comfortable with these regulations The LLC...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Excessive Credit Check from Comcast ### Answer: In general, it is unusual for a credit check to occur when you are terminating a contract, since you are no longer requesting credit. If the credit chec...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Deposit a cheque in an alternative name into a personal bank account (Australia) ### Answer: You don't have much choice other than to open an account in your business name, then do a money transfer, a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Deposit a cheque in an alternative name into a personal bank account (Australia) ### Answer: You actually don't have to open a business account with your bank, you can have a personal account with the...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Deposit a cheque in an alternative name into a personal bank account (Australia) ### Answer: Banks has to complete KYC. In case you want to open a bank account, most will ask for proof of address. I a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Deposit a cheque in an alternative name into a personal bank account (Australia) ### Answer: Unfortunately, Australian bureocrats made it impossible to register a small business without making the per...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: why if change manufacturing of a product not change the price for the buyer? ### Answer: In highly developed and competitive industries companies tread a continuous and very fine line between maximis...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: I'm self-employed with my own LLC. How should I pay myself, given my situation? ### Answer: You're conflating LLC with Corporation. They're different animals. LLC does not have "S" or "C" designations...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Form 1042-S for foreign resident and owner of trade account ### Answer: As you have indicated, the 1042-S reflects no income or withholding. As such, you are not required to file a US tax return unle...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Under specific conditions can I write off Spotify or other streaming audio services? ### Answer: Nice try. No. If you were in the music industry, you might have a case. Depending on the exact job, cer...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: File bankruptcy, consolidate, or other options? ### Answer: If your parents' business isn't viable (regardless of what combination of the economy or their management of it caused it not to be viable) ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: File bankruptcy, consolidate, or other options? ### Answer: If your parents can afford to shell out $1,250 a month for 5 years, they would pretty much have the debt paid off, provided the credit card ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: File bankruptcy, consolidate, or other options? ### Answer: A couple of thoughts from someone who's kind of been there... Is the business viable at all? A lot of people do miss the jumping-off point w...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: File bankruptcy, consolidate, or other options? ### Answer: I think you're asking yourself the wrong question. The real question you should be asking yourself is this: "Do I want to a) give my parent...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: File bankruptcy, consolidate, or other options? ### Answer: Tough spot. I'm guessing the credit cards are a personal line of credit in their name and not the company's (the fact that the business can ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Are companies in California obliged to provide invoices? ### Answer: We run into this all the time with our EU clients. As far as I can tell, the only requirements when it comes to invoicing have to d...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Obtaining Private Prospectuses ### Answer: How can I get quarterly information about private companies? Ask the owner(s). Unelss you have a relationship and they're interested in helping you, they wi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What amount of money can a corporation spend on entertainment ### Answer: There is no simple rule like "you can/can't spend more/less than $X per person." Instead there is a reasonableness test. There...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Estimated Taxes Fall Short of tax liability — how do I pay extra online (Federal and NYS) ### Answer: If you qualify for the safe harbor, you are not required to pay additional quarterly taxes. Of co...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Sole proprietorship or LLC? ### Answer: The primary advantage is protection of your personal assets. If your LLC gets sued, they can't take your house/car/dog/wife. There aren't really any financial i...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: why is buying trading-stock from cash not regarded as an expense? ### Answer: Because the stock still has the same value as the money paid for it - you are just exchanging one asset for another (of c...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does being involved in the management of a corporation make me ineligible for a workshare program? ### Answer: Assuming you are paying into and eligible to collect regular Employment Insurance benefit...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do I only have to pay income tax on capital gains? ### Answer: On the revenue only. This amount of 10$ will be considered as interest and fully taxable. It will not be a capital gain. But why would yo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: how to show income from paypal as export income ### Answer: PayPal pays with service tax, where ever you have exported you would have given the invoice, and the statement should be shown. I am also an...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Renting out rooms in my home, what's the proper way to deal with utilities for tax purposes? ### Answer: It's the same result either way. Say the bills are $600, and you are reimbursed $400. You'd be...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I treat the income from an ESPP I sold now that I am a non-resident alien? ### Answer: That's a tricky question and you should consult a tax professional that specializes on taxation of non-res...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Should I keep copies of my business's invoices for tax records? ### Answer: It's always beneficial to have detailed business records. There are any number of reasons where you'd need to prove both th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Ways to invest my saved money in Germany in a halal way? ### Answer: The UK has Islamic banks. I don't know whether Germany has the same or not (with a quick search I can find articles stating intenti...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Ways to invest my saved money in Germany in a halal way? ### Answer: You can invest in a couple of Sharia-conform ETFs which are available in Germany and issued by Deutsche Bank (and other financial i...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Ways to invest my saved money in Germany in a halal way? ### Answer: What is actually a halal investment? Your definition of halal investment is loose and subject to interpretation. On one hand, nothi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Ways to invest my saved money in Germany in a halal way? ### Answer: What is not permitted in Islam is the practice of making unethical or immoral monetary loans that unfairly enrich the lender. Origi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: My company owed taxes for many years, An accountant asked me to ignore it and register a new one. Is it a right thing to do? ### Answer: I think the first step is to get an accountant whose advice you...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Tax planning for Indian TDS on international payments ### Answer: Tax Deducted at source is applicable to Employee / Employer [contract employee] relations ... it was also made applicable for cases wh...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Tax planning for Indian TDS on international payments ### Answer: I am an Israeli based citizen who represents and Indian company who sells its products in Israel. As an agent I am entitled to commiss...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I deduct my individual Health Insurance Premium in Tax ### Answer: Yes, you can. See the instructions for line 29 of form 1040. Self employed health insurance premiums are an "above the line" dedu...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Tax deductions on car and/or home? ### Answer: If you itemize your deductions then the interest that you pay on your primary residence is tax deductible. Also realestate tax is also deductible. Both g...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What happens to your spouse's sole proprietorship if they die? ### Answer: For sure you should get a lawyer on this one, but it would seem to me that the simplest path forward would be to convert the ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Are banks really making less profit when interest rates are low? ### Answer: profit has nothing to do with the level of interest rates. Is this correct? In theory, yes. The difference that you're get...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Are banks really making less profit when interest rates are low? ### Answer: I've read this claim many times in the news: banks are making less profit from the lending business when interest rates ar...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Are banks really making less profit when interest rates are low? ### Answer: Banks make less profit when "long" rates are low compared to "short" rates. Banks lend for long term purposes like five ye...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would a company care about the price of its own shares in the stock market? ### Answer: Stock price is an indicator about the health of the company. Increased profits (for example) will drive the...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would a company care about the price of its own shares in the stock market? ### Answer: The other answer has some good points, to which I'll add this: I believe you're only considering a company'...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would a company care about the price of its own shares in the stock market? ### Answer: Shareholders get to vote for the board, the board appoints the CEO. This makes the CEO care, which in turn m...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would a company care about the price of its own shares in the stock market? ### Answer: Fiduciary They are obligated by the rules of the exchanges they are listed with. Furthermore, there is a str...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would a company care about the price of its own shares in the stock market? ### Answer: Why do companies exist? Well, the corporate charter describes why the company exists. Usually the purpose is...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would a company care about the price of its own shares in the stock market? ### Answer: The fact you are asking this question, the number of up votes, uncovers the real cause of the banking crisis...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would a company care about the price of its own shares in the stock market? ### Answer: The most significant reason is that if the board of directors of a company neglects the stock value, the sto...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would a company care about the price of its own shares in the stock market? ### Answer: The main reason is that a public company is owned by its share holders, and share holders would care about t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would a company care about the price of its own shares in the stock market? ### Answer: Overpriced shares: Cheaper to raise new capital through secondary share offerings or debt using shares as a ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would a company care about the price of its own shares in the stock market? ### Answer: Aside of the other (mostly valid) answers, share price is the most common method of valuating the company. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would a company care about the price of its own shares in the stock market? ### Answer: Originally, stocks were ownership in a company just like any other business- you expected to make a profit f...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would a company care about the price of its own shares in the stock market? ### Answer: Because it's a good indicator of how much their asset worth. In oversimplified example, wouldn't you care ho...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would a company care about the price of its own shares in the stock market? ### Answer: Investors are typically a part of the board of directors of the company. Because of their ownership in the c...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Deducting SEP-IRA contributions as a sole proprietor with no employees ### Answer: SEP IRA deduction goes to line 28 of your 1040, which is above the line (i.e.: pre-AGI). It should not be included in...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What percentage of my company should I have if I only put money? ### Answer: There is no universal answer here; it depends on how much risk each person is taking, how you want to define the value of t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What percentage of my company should I have if I only put money? ### Answer: Question (which you need to ask yourself): How well are your friends paid for their work? What would happen if you just too...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is the repayment of monies loaned to my company considered income? ### Answer: I'm a Finance major in Finland and here is how it would go here. As you loan money to the company, the company has no inc...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where to request ACH Direct DEBIT of funds from MY OWN personal bank account? ### Answer: Call Wells Fargo or go to a branch. Tell them what you're trying to accomplish, not the vehicle you think you...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can Schwab afford to refund all my ATM fees? ### Answer: I am using my debit card regularly: in ATM's with a pin, in stores with my signature, and online. But later you say But from what I recall...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can Schwab afford to refund all my ATM fees? ### Answer: Schwab is a highly diversified operation and has a multitude of revenue streams. Schwab obviously thinks it can make more off you than you...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can Schwab afford to refund all my ATM fees? ### Answer: Like a lot of businesses, they win on the averages, which means lucrative customers subsidize the money-losers. This is par for the course...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: UK companies house - what can I glean from an abbreviated balance sheet? ### Answer: What this abbreviated balance sheet tells you is that this company has negative equity. The liabilities are greate...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How much accounting knowledge is needed to read financial statements of publicly traded companies? ### Answer: I'm a senior majoring in accounting and management information systems. Here is a questio...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How much accounting knowledge is needed to read financial statements of publicly traded companies? ### Answer: From my experience you don't need knowledge of accounting to pick good stocks. The type o...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: US Self-Employment Tax: Do expenses stack with the 50% SE deduction? ### Answer: Business expenses reduce business income. The SE tax is paid on business income. The credit for 1/2 the SE tax is based...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: I am under 18 years old, in the US, my parents have terrible credit, how can I take out a loan? ### Answer: Depending on the state this might not be possible. Loans are considered contracts, and vario...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: I am under 18 years old, in the US, my parents have terrible credit, how can I take out a loan? ### Answer: I am 17 and currently have a loan out for a car. My parents also have terrible credit, and b...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: UK limited company and personal bank account ### Answer: I don't think there is a legal requirement that you need a separate bank account. Just remember that you can only take money from your LLC as ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does receiving a 1099-MISC require one to file a tax return even if he normally would not be required to file? ### Answer: Does he need to file a tax return in this situation? Will the IRS be concerne...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: US taxes and refunding/returning payment ### Answer: Get the worker put it in writing, and deduct it in December under constructive receipt rules. The fact that you're getting the actual cash in Janua...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Are there any issues with registering an LLC in a foreign state? ### Answer: No, there are no issues. When you form the corp in DE, you pick a business there to serve as your "agent" (essentially som...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Are there any issues with registering an LLC in a foreign state? ### Answer: This is an older question but I thought I'd give the correct response for anyone else that might look. Yes there definitely...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Challenged an apparently bogus credit card charge, what happens now? ### Answer: Yes. For $15 it's not worth anyone's time to dig deep just for this specific occurrence. What you should do, however, ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the tax consequences if my S corporation earns money in a foreign country? ### Answer: Be careful here: If ACME were in California, I would pay taxes on USD 17,000 because I had revenue of ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can limits be placed by a merchant on which currency notes are accepted as legal tender? [duplicate] ### Answer: Can they reject a hundred dollar bill as a payment of debt?! No. A creditor cannot refu...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do I need to pay taxes in India? ### Answer: Do I need to pay taxes in India in this scenario? For India tax purposes, you would still qualify as "Resident Indian". As a resident Indian you have to pa...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Capital gains tax when I sell my home if I use a portion of it for an AirBnB ### Answer: Getting the first year right for any rental property is key. It is even more complex when you rent a room, or r...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Condo Purchase - Tax Strategies [US] ### Answer: If it's a rental, you will write off the losses via Schedule E. You should read this document and its instructions to understand this fully. You will a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Condo Purchase - Tax Strategies [US] ### Answer: You will need to see a tax expert. Your edited question includes the line For the short term, we will be "renting" it to my wife's grandmother at a dee...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Will depositing $10k+ checks each month raise red flags with the IRS? ### Answer: You're getting confused between several different things. 10K - cash transactions over $10,000 are reported to FinCEN ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Will depositing $10k+ checks each month raise red flags with the IRS? ### Answer: Contractors regularly deposit checks like this; if the income is legitimate don't worry. Report it to the IRS as incom...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Will depositing $10k+ checks each month raise red flags with the IRS? ### Answer: I do not think banks have an obligation to report any deposits to the IRS, however, they probably have an obligation t...