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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: Your main concern seems to be to be accused of something called 'smurfing' or structuring. http://en.wikipedia.org/wik...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is issuer's bank allowed to charge fee when cashing check? ### Answer: Some banks charge their own customers if they make use of a teller. That is what you are doing. You are going to a bank where you...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to invest 10k dollars, at the age of 23? ### Answer: An investment in knowledge always pays the best interest, as Ben Franklin said. However, this is not a question I can answer for you, as it dep...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Employer options when setting up 401k for employees ### Answer: If you were looking to maximize your ability to save in a qualified plan, why not setup a 401K plan in Company A and keep the SEP in B? ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Investment time horizon: When is it acceptable to withdraw money from investments? ### Answer: shouldn't withdraw stock investments for at least 5 years would be better re-phrased as: "don't invest mo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Investment time horizon: When is it acceptable to withdraw money from investments? ### Answer: To summarize your starting situation: You want to: Possible paths: No small business Get a job. Invest th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Tax rules for United States citizens living in the US but being paid from outside the US ### Answer: You can and are supposed to report self-employment income on Schedule C (or C-EZ if eligible, which...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Estimated Taxes after surge in income ### Answer: You will not necessarily incur a penalty. You can potentially use the Annualized Income Installment method, which allows you to compute the tax due f...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Estimated Taxes after surge in income ### Answer: Well a definitive answer would require a lot of information. Instead of posting that kind of info online, you should take a look at the instructions ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to reconcile a credit card that has an ongoing billing dispute? ### Answer: You could make an entry for the disputed charge as if you were going to lose the dispute, and a second entry that revers...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to reconcile a credit card that has an ongoing billing dispute? ### Answer: What I would prefer is top open a new category charges under dispute and park the amount there. It can be made as an acc...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Income tax on international income with money not deposited in India ### Answer: If the work is done in India, then the income arising out of it, is taxable when received by you, and not when it come ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Income tax on international income with money not deposited in India ### Answer: Three points for you to keep in mind. 1. In the very first year, you should have 182 days outside India. So that in the...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to represent “out of pocket” purchases in general ledger journal entry? ### Answer: You're lending the money to your business by paying for it directly. The company accounts must reflect a credit...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to represent “out of pocket” purchases in general ledger journal entry? ### Answer: Journal entry into Books of company: 100 dr. expense a/c 1 200 dr. expense a/c 2 300 dr. expanse a/c 3 // cr...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can this check still be honored? [duplicate] ### Answer: You could talk to them, but (assuming you're in the U.S.), it's highly doubtful any bank would honor a check from 26 years ago. Most checks in...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What does the phrase “To make your first million” mean? ### Answer: I'd interpret it as "Net Worth" reached 1M where "net worth" = assets - liabilities. ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What does the phrase “To make your first million” mean? ### Answer: I've not heard it used in any way other than one's net worth reaching a million. No 30 yr old lawyer brags that his cumulative inco...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What does the phrase “To make your first million” mean? ### Answer: When people are crowing about their achievements, they often take liberties with those achievements. Vitalik's interpretation -- net...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it ok to use a check without a pre-printed check number? ### Answer: For the clearing house, only the routing number and the check amount [which gets encoded before its presented to clearing] is im...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it ok to use a check without a pre-printed check number? ### Answer: They are valid checks, but you're going to get hassled when you try to use them. There's a perception that people using starter ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would selling off some stores improve a company's value? ### Answer: Two different takes on an answer; the net-loss concept you mentioned and a core-business concept. If a store is actually a net-...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would selling off some stores improve a company's value? ### Answer: I'd like to modify the "loss" idea that's been mentioned in the other two answers. I don't think a retail location needs to be...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why would selling off some stores improve a company's value? ### Answer: Maybe the location isn't yet, but will soon become a new loss. For example older soon out of warranty equipment, new tax laws ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How important is reconciling accounts for a small LLC (Quickbooks)? ### Answer: I would suggest opening a new account (credit card and bank) for just your business. This protects you in multiple ways,...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Get the maximum interest rate from a bank on short term holdings ### Answer: You can open Savings Bank Account with some Banks that offer better interest rate. Note there would be restriction on numbe...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Following an investment guru a good idea? ### Answer: The best answer here is "maybe, but probably not". A few quick reasons: Its not a bad idea to watch other investors especially those who can move ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Following an investment guru a good idea? ### Answer: I think following the professional money managers is a strategy worth considering. The buys from your favorite investors can be taken as strong si...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If a stock is selling for less than book value, is the company headed for bankruptcy? ### Answer: No, but it is certainly a possibility. the efficient market hypothesis would say that this means that ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If a stock is selling for less than book value, is the company headed for bankruptcy? ### Answer: An answer can be found in my book, "A Modern Approach to Graham and Dodd Investing," p. 89 http://www....
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I get bill collectors who call about people I know to stop calling me? ### Answer: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf if you are in the US Look at section 805 and 805 abo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I get bill collectors who call about people I know to stop calling me? ### Answer: I agree about not wanting to get into your friend's personal business, and it's a scummy bill collector that r...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I get bill collectors who call about people I know to stop calling me? ### Answer: If they really won't stop calling you, just waste their time. Usually the best thing I do to telemarketers (th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I get bill collectors who call about people I know to stop calling me? ### Answer: I had a similar situation, except the debtor had no connection to us whatsoever, other than holding our phone ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is there a reason to buy a 0% yield bond? ### Answer: 0% bonds are desirable for some individuals. It depends on your situation. 0% bonds are usually sold well below par value (eg a 100$ face value bo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is there a reason to buy a 0% yield bond? ### Answer: No, there isn't. There are a number of reasons that institutions buy these bonds but as an individual you're likely better off in a low-yield cash...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the implications of lending money to my sole member S-corp? ### Answer: You can make a capital contribution, not a loan. It's not a taxable event, no interest, and you can take a distribution...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Are you allowed to have both a 401(k) and a SIMPLE IRA? If so, what about limits? ### Answer: I am not 100% sure, but I think the answer is this: You can't max out both. You could theoretically max ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Foreign Earned Income Exclusion - Service vs. Product? ### Answer: Even though you will meet the physical presence test, you cannot claim the FEIE because your tax home will remain the US. From the IR...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Foreign Earned Income Exclusion - Service vs. Product? ### Answer: As the name says, its for income earned in a Foreign country. If you have been paying US income tax on this while living in the US, n...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Foreign Earned Income Exclusion - Service vs. Product? ### Answer: Fear tactics posted above, likely by IRS agents. Yes, you qualify based on the residence test. You perform your work outside the US. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What is a good open source Windows finance software ### Answer: Have you tried others on Wikipedia's list? ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What is a good open source Windows finance software ### Answer: You really shouldn't be using class tracking to keep business and personal operations separate. I'm pretty sure the IRS and courts frown...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to find out if a company has purchased government (or other) bonds? ### Answer: This is in the balance sheet, but the info is not usually that detailed. It is safe to assume that at least some por...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Should a retail trader bother about reading SEC filings ### Answer: There are many different kinds of SEC filings with different purposes. Broadly speaking, what they have in common is that they are ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Should a retail trader bother about reading SEC filings ### Answer: I use 10-K and 10-Qs to understand to read the disclosed risk factors related to a business. Sometimes they are very comical. But wh...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What should I be aware of when renting a home to a corporation instead of an individual? ### Answer: This is business as usual, except that you need to keep in mind that the corporate entity is separa...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Quickbooks custom field for computing a value ### Answer: Custom fields are limited to non-calculated values. Read more here: http://qbblog.ccrsoftware.info/2008/07/custom-fields-in-quickbooks/ To d...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Are individual allowed to use accrual based accounting for federal income tax? ### Answer: Yes. But once you chose the method (on your first tax return), you cannot change it without the IRS approval....
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If I take a loss when I sell my car, can I claim a capital loss deduction on my income tax return? ### Answer: While you'd need to pay tax if you realized a capital gain on the sale of your car, you g...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: After a stock dividend, how do you calculate holding periods for capital gains taxes? ### Answer: Stock acquired through a (non-taxable) stock dividend has the same holding period as the stock on whic...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to know if I can have NOL (U.S. tax)? ### Answer: Individuals most definitely can have NOL. This is covered in the IRS publication 536. What is the difference between NOL and capital loss? NOL is ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What does “Income generated in the U.S.” mean? ### Answer: It means you must pay federal (and possibly state) tax on any income you produce in America -- including Internet and mail-order sales. Tax t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Will one’s education loan application be rejected if one doesn't have a payslip providing collateral? ### Answer: A bank can reject a loan if they feel you do not meet the eligibility criteria. You c...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is there a dollar amount that, when adding Massachusetts Sales Tax, precisely equals $200? ### Answer: No. $188.23 has $11.76 tax = $199.99 $188.24 has $11.77 tax - $200.01 So, unless the based price ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is there a dollar amount that, when adding Massachusetts Sales Tax, precisely equals $200? ### Answer: Don't worry about it. The State doesn't care about rounding error. All you need to do is say "W...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is there a dollar amount that, when adding Massachusetts Sales Tax, precisely equals $200? ### Answer: Yes, it's a simple calculation. (x+0.0625x)=200 or x=200/1.0625 = $188.24 Technically $188.24 plu...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do the activities of my LLC need to be limited to a particular field? ### Answer: No. When you file your Articles of Organization, simply state that your business will operate under the law. You don't...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Deductible expenses paid with credit card: In which tax year would they fall? ### Answer: According to this discussion, there was a Tax Court ruling that likened deductibility for charitable giving by...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Deductible expenses paid with credit card: In which tax year would they fall? ### Answer: I'm assuming you're operating on the cash basis of accounting, based on your comment "Cash, I think that's the...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Deductible expenses paid with credit card: In which tax year would they fall? ### Answer: Assuming that it's not inventory that is sold in the following year or a depreciable asset, you can deduct it ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Deductible expenses paid with credit card: In which tax year would they fall? ### Answer: Being a professional auditor and accountant, deduction against expenses are claimed in the year in which expen...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Deductible expenses paid with credit card: In which tax year would they fall? ### Answer: I'm a CPA and former IRS agent and manager. Whether you are a cash or accrual basis taxpayer, you get to deduc...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Transfering funds from India to the US ### Answer: Can I transfer funds from India to USA which I have borrowed in India. Funds borrowed in India may not be transferred outside of India as per Foreign...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Replacement for mint.com with a public API? ### Answer: Check Buxfer here are the details about the API: http://www.buxfer.com/help.php?topic=API ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Replacement for mint.com with a public API? ### Answer: Yodlee's Moneycenter is the system that powered Mint.com before Intuit bought them. It works great for managing accounts in a similar fashion ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Replacement for mint.com with a public API? ### Answer: Plaid is exactly what you are looking for! It's docs are easy to understand, and you can sign up to their API and use their free tier to get st...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Expensive agenda book/organizer. Office expense or fixed asset? ### Answer: If your business pays taxes, it is in your best interest to expense it. Even if you don't pay taxes, setting your capitaliza...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Expensive agenda book/organizer. Office expense or fixed asset? ### Answer: I cannot imagine an organizer being worth enough to consider depreciating the expense over a period of time greater than one...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Are ACH transfers between individuals possible? ### Answer: Yes, many banks offer such a service. Often such payments can be made through their "bill pay" interface. You log in to your account on the ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can we amend last year's Schedule C to indicate reduced income due to a customer refund this year for a product we sold last year? ### Answer: I am not an accountant, but I have a light accounting bac...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do Islamic Banking give loans for housing purposes? ### Answer: If the customer pays 20% of the payment in advance, then he is he owns 20% of the house and the bank owns 80%. Now they say he pays ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do Islamic Banking give loans for housing purposes? ### Answer: As I understand it, if the "borrower" puts a down payment of 20% and the bank puts down 80%, then the bank and the "borrower" own th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What is a clearing bank, in specific, what does RMB clearing bank do? ### Answer: Clearing means processing unsettled transactions. Specifically - all the money transfers between the banks, in this ca...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Canadian accepting money electronically from Americans ### Answer: I am not aware of a version of Interac available in the U.S., but there are alternative ways to receive money: Cheque. The problem wi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How does a Value Added Tax (VAT) differ from a Sales Tax? ### Answer: Sales taxes are charged at the point of purchase, while a VAT is assessed during the production process of the item. In the end, t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Changing Mailing Adress ### Answer: If you call them, you can make sure they'll use the new address, but if you want to do it online, there is some risk that the update is delayed. Note also that an a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Self-directed RRSP into mortgage investment ### Answer: The Globe and Mail has an interesting article on what you can do with your RRSPs. Be aware that the article is from early 2011 and rules change....
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Paying myself a distribution caused a negative Owner's Equity account balance? Is this normal? ### Answer: It's not abnormal for a company that is as young as yours seems to be. It seems (based on wha...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it wise to have plenty of current accounts in different banks? ### Answer: Its actually a good thing. The #1 factor to your credit score is your credit utilization. So if you don't spend money un...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it wise to have plenty of current accounts in different banks? ### Answer: You should not open bank accounts just to get additional credit cards. You should be careful about carrying too many credi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it wise to have plenty of current accounts in different banks? ### Answer: Another thing to factor in are deals provided by banks. In general, banks care about new customers more than their existin...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it wise to have plenty of current accounts in different banks? ### Answer: I don't think there's any law against having lots of bank accounts. But what are you really gaining? Every new account is ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it wise to have plenty of current accounts in different banks? ### Answer: The original poster indicates that he lives in the UK, but there are likely strong similarities with the US banking system...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How May Cash be Spent Approaching Bankruptcy? ### Answer: Bankruptcy law is complex. You need a lawyer who can advise you both on the statute and relevant case law for the district where you file. You...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Accidentally opened a year term CD account, then realized I need the money sooner. What to do? ### Answer: I did find this information from the US Department of the Treasury: What are the penalties fo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Accidentally opened a year term CD account, then realized I need the money sooner. What to do? ### Answer: In my experience, the only penalty to breaking a CD is to lose a certain amount of accumulate...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Taxation of shares ### Answer: If you sell your shares for more than their value at the time you received them (i.e. you make a profit) then you will be liable for capital gains tax - but only if the ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: ACH debit blocks/filters on consumer account ### Answer: The technical feature exists to (1)block all ACH activity, (2)block all ACH credits, or (3)block all ACH debits attempting to post to the depos...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where should I invest to hedge against the stock market going down? ### Answer: If you believe the stock market will be down 20-30% in the next few months, sell your stock holdings, buy a protective p...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where should I invest to hedge against the stock market going down? ### Answer: If you were certain you would probably do best by short selling an ETF that tracked the index for the market you think w...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where should I invest to hedge against the stock market going down? ### Answer: Sometimes the simple ways are the best: ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where should I invest to hedge against the stock market going down? ### Answer: Put Options. They're less risky than shorting, and have similar upsides. The major difference is that if the price goes ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where should I invest to hedge against the stock market going down? ### Answer: There are multiple ETFs which inversely track the common indices, though many of these are leveraged. For example, SDS ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: LLC in states with customers with and without employees in the state ### Answer: If I hire someone in Utah to do sales for me over the phone, and he works out of his home, am I required to register ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: FATCA compliance for small Foreign Company. What do I need to do? ### Answer: Unless you started a bank or other kind of a financial institution (brokerage, merchant processor, etc etc), the page you ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: is the bankruptcy of exchange markets possible? ### Answer: You seem to think that stock exchanges are much more than they actually are. But it's right there in the name: stock exchange. It's a place ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: is the bankruptcy of exchange markets possible? ### Answer: @MichaelBorgwardt gave an excellent answer. Let me add a little analogy here that might help. Suppose you bought a car from Joe's Auto Sales...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: is the bankruptcy of exchange markets possible? ### Answer: It might be easiest to think of stock exchanges like brokers. If you buy a home, and your broker goes bankrupt, you still own your home, bu...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Filing Form 7004 if an LLC's only members are husband and wife ### Answer: Since you both are members of the LLC - it is not a single-member LLC, thus you have to file the tax return on behalf of the ...