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Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What to do if my aging father is sustaining a hobby that is losing several thousand dollars every month? ### Answer: You've already counted the cost. It will cost your family ~$10,000 per month until ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What to do if my aging father is sustaining a hobby that is losing several thousand dollars every month? ### Answer: If this was going on in the UK, I would try to get a mental capacity assessment don...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What to do if my aging father is sustaining a hobby that is losing several thousand dollars every month? ### Answer: How about opening a Coffee shop section in the bookshop to generate some cash flow ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What tax rules apply to selling of digital goods, specifically in-game currencies? ### Answer: Believe it or not, unless you directly contact an accountant with experience in this field or a lawyer, y...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What is the field “Folio” in an accounting book for? ### Answer: It's used as a reference column: In journals folio coloumn is used to mention the reference or “address” of ledger in which the jou...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How much can you write off on a car lease through a LLC? ### Answer: An expense is an expense. You can deduct your lease payment subject to some limitations, but you don't make out by having more exp...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is there a difference between managerial accounting and financial accounting? ### Answer: From Wikipedia: Managerial accounting is used primarily by those within a company or organization. Reports c...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to register LLC in the US from India? [duplicate] ### Answer: Wyoming is a good state for this. It is inexpensive and annual compliance is minimal. Although Delaware has the best advertising campa...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can a company charge a closed credit card? ### Answer: If this is a pre-authorized automatic billing, and if you have signed any contract with the merchant, cancelling may not block any future ch...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can a company charge a closed credit card? ### Answer: You should contact the Company who purchased your visa balance and ask/write the following questions: 1. Dispute the charge from Emusic.com ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can a company charge a closed credit card? ### Answer: Wow, I had never heard of this before but I looked into it a bit and Mikey was spot on. It seems that if you don't pay attention to the fine ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How long does a bank's “Know Your Customer” (KYC) process typically take? ### Answer: The idea is to positively identify you with properly issued government ID. If you show up with your passport, visa...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Sage Instant Accounts or Quickbooks? ### Answer: The company I work with uses Intuit QuickBooks Online and have had zero problems with it. The functionality is effective and it fits the size of our co...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Sage Instant Accounts or Quickbooks? ### Answer: Note: Specific to UK. I can't recommend anything higher than Crunch - they act as your accountant and have their own cloud accounting software, so it's...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Asset protection: When should an individual seriously consider shielding their assets? ### Answer: If your meaning of "asset protection" is buying gold and canned food in the name of a Nevada LLC beca...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What prevents interest rates from rising? ### Answer: A lot of loans are taken out on a fixed rate basis, so the rate is part of the contract and is therefore covered by contract law. If the loan is t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What prevents interest rates from rising? ### Answer: Interest rates are market driven. They tend to be based on the prime rate set by the federal reserve bank because of the tremendous lending capaci...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What prevents interest rates from rising? ### Answer: To protect yourself from an increase in interest rates get a fixed rate loan. The loan terms: interest rate, number of payments, monthly payments ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What prevents interest rates from rising? ### Answer: There do not appear to be any specific legal measures to prevent bankruptcies. In fact, they seems to be part of the means for which rates are ra...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Sales Tax Licence/Permit - When is it required and how can I make a use of it as a non-US resident selling in USA? ### Answer: Sales tax permits come from the state in which your business is operating...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Sales Tax Licence/Permit - When is it required and how can I make a use of it as a non-US resident selling in USA? ### Answer: Disclaimer: I am not a tax specialist You probably need a sales tax permi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is expense to freelancers tax deductible? ### Answer: Yes, legitimate, documented, expenses are written off against that income. ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is expense to freelancers tax deductible? ### Answer: If it's a legitimate cost of doing business, it's as deductible as any other cost of doing business. (Reminder: be careful about the distinctions ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is expense to freelancers tax deductible? ### Answer: Yes, but make sure you issue a 1099 to these freelancers by 1/31/2016 or you may forfeit your ability to claim the expenses. You will probably nee...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What IT form to use in India? ### Answer: As you have income from Business / Profession, you would need to use form ITR4S ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can dividends be exploited? ### Answer: Yes, somebody could buy the shares, receive the dividend, and then sell the shares back. However, the price he would get when he sells the shares back is, ignor...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can dividends be exploited? ### Answer: The moment the dividend is announced, especially from a company that doesn't normally pay dividends, the dividend is factored into everybody's analysis. In the ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can dividends be exploited? ### Answer: No, the dividends can't be exploited like that. Dividends settlement are tied to an ex-dividend date. The ex-dividend, is the day that allows you to get a divid...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can dividends be exploited? ### Answer: In an ideal world Say on 24th July the share price of Apple was $600. Everyone knows that they will get the $ 2.65 on 16th August. There is not other news that ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can dividends be exploited? ### Answer: In addition to the other answers it's also noteworthy that the stock exchanges themselves adjust the price quotes via their ex-div mechanism. All limit orders ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to prevent misusing my Account details ### Answer: This is more legal and less personal finance question. You should immediately lodge a police complaint mentioning that some persons are using you...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why does the Brexit cause a fall in crude oil prices? ### Answer: Uncertainty has very far reaching effects. Oil is up ~100% since February and down ~40% from it's 52 week high (and down even more ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why can't I short a stock that sells for less than $5? Is there another way to “go short” on them? ### Answer: I think George's answer explains fairly well why the brokerages don't allow this - it's n...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why can't I short a stock that sells for less than $5? Is there another way to “go short” on them? ### Answer: A bit of poking around brought me to this thread on the Motley Fool, asking the same basi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why can't I short a stock that sells for less than $5? Is there another way to “go short” on them? ### Answer: Timothy Sykes specializes in this type of trade, according to his website. He has some re...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why can't I short a stock that sells for less than $5? Is there another way to “go short” on them? ### Answer: If this is the initial transaction, the rules of a short margin account say that if you s...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Tax exemption on personal loan interest component in India ### Answer: Am I eligible for the tax exemption if yes then under which section. Generally Personal loans are not eligible for tax exemption...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is having a 'startup fund' a good idea? ### Answer: Saving money for the future is a good thing. Whether spending those savings on a business venture makes sense, will depend on a few factors, includi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is having a 'startup fund' a good idea? ### Answer: I am asking because startups are super risky and 99% of the times you fail and lose the money. First of all, that 99% number is exaggerated. Only 96...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Supporting a Kickstarter project: Should a customer's pledge payment include sales tax, e.g. GST/HST in Canada? ### Answer: You can only claim an input tax credit if tax was actually collected by the ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Are marijuana based investments promising, or just another scam? ### Answer: Is there any truth to this, or is this another niche scam that's been brewing the last few years? While it may not be an ou...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Are marijuana based investments promising, or just another scam? ### Answer: Any advertisement for a "business opportunity" is nearly always a scam of some kind. In such deals, the seller is the one m...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does a US LLC owned by a non-resident alien have to pay US taxes if it operates exclusively online? ### Answer: As you said, in the US LLC is (usually, unless you elect otherwise) not a separate tax e...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does a US LLC owned by a non-resident alien have to pay US taxes if it operates exclusively online? ### Answer: Since as you say, an LLC is a pass-through entity, you will be making income in the U.S....
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Buying from an aggressive salesperson ### Answer: In my experience when a salesperson says a particular deal is only good if you purchase right now, 100% of the time it is not true. Of course I can't ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Buying from an aggressive salesperson ### Answer: There are few main reasons I can think of that the salesperson would do this: A lot of people assume it's the 3rd option always. But if the person is...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Buying from an aggressive salesperson ### Answer: This is way too long for a comment, so I am posting this as an answer. My bet is that you're buying a new piano. It is the only instrument that makes ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Buying from an aggressive salesperson ### Answer: I often spend weeks or months (and sometimes even years) deciding whether to buy something. Certainly the dealer should recognize you by now if you ta...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Buying from an aggressive salesperson ### Answer: My advice is to quit worrying about the salesman's tactics. They are a distraction. What do you want? How much are you willing to pay for it. If y...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Buying from an aggressive salesperson ### Answer: I have a very simple rule. For anything other than trivial purchases (a small fraction of my monthly income), the only final decision I will make in t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Buying from an aggressive salesperson ### Answer: From your question and how you have framed it, I get you find Agressive Sales tactics disturb the buying process for you. ;) I understand because I al...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Buying from an aggressive salesperson ### Answer: He sounds like a very bad salesman and I should know, because I was a sales manager at a bike shop which sold bikes from $200 to $10k. Now I had a cle...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Buying from an aggressive salesperson ### Answer: As described by the other answers, there are pretty harmless explanations for that behaviour. You could be slightly worried because he gave you except...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Buying from an aggressive salesperson ### Answer: If something in any transaction in life—financial or otherwise—doesn’t make you feel comfortable and the choice is between saving money with one thing...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Would extending my mortgage cause the terms to be re-negotiated? ### Answer: Run the numbers in advance. Understand what are the current rates for an additional 2nd mortgage, what are the rates for a ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Landlord Tax Relief Changes UK ### Answer: This article on the landlord website Property118.com shows a simple example, demonstrating that a private landlord with a mortgage could see a huge jump in t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Are there any viable alternatives to Paypal for a small site? ### Answer: I found out about Google checkout today, it looks like it may meet my needs, but I'd still be interested to find out about oth...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Are there any viable alternatives to Paypal for a small site? ### Answer: While I've never used the service, there's also Amazon Flexible Payments Services (AFPS): (emphasis below is mine) Amazon Flex...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I report book royalties for tax purposes? ### Answer: (Insert the usual disclaimer that I'm not any sort of tax professional; I'm just a random guy on the Internet who occasionally looks throug...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do I live in a state for tax purposes if my permanent home is in another state? ### Answer: You're most likely required to file in both for 2013 - since you've lived in both. From 2014 and on you're d...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: 183 day rule in conjunction with expatriate ### Answer: There's no "183 days" rule. As a US citizen you must pay taxes on all your income, where you live is irrelevant. ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Would I need to keep track of 1099s? ### Answer: You have to file and issue each one of them a 1099 if you are paying them $600 or more for the year. Because you need to issue a 1099 to them (so they ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Receiving important daily wires from abroad? ### Answer: You can receive all the Money in your Bank. By Problem if you mean whether it will raise any alarms at the Bank. Most likely yes, such kind of ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Reporting software subscriptions ### Answer: Generally prepaid services should be capitalized over the period prepaid. But if it is up to a year - you can just expense them. As to the technicalities -...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can you lease a secondary residential apartment for a job in NYC, and declare it as expense in tax return? ### Answer: As I understand it... Generally housing can't be considered a business expense un...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does the low CAD positively or negatively impact Canadian Investors? ### Answer: If you buy US stocks when the CAD is high and sell them when the CAD is lower you will make a currency gain on top of a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does the low CAD positively or negatively impact Canadian Investors? ### Answer: At the time of writing, the Canadian dollar is worth roughly $0.75 U.S. Now, it's not possible for you to accurately pr...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does the low CAD positively or negatively impact Canadian Investors? ### Answer: When you want to invest in an asset denominated by a foreign currency, your investment is going to have some currency r...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Credit and Debit ### Answer: It took me a while to understand the concept, so I'll break it down as best as I can. There are three parts to the accounting equation: Assets = Liabilities + Owner's Eq...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Credit and Debit ### Answer: In view of business, we have to book the entries. Business view, owner and business are different. When capital is invested in business by owner, in future business has t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: 1099 for settlement what about lawyer fees? ### Answer: You report it as an expense against the 1099 income when you do your taxes. You will only be taxed on the amount after the lawyers fees (but if ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Individual Client or Customer fining or charging a Company a penalty fee ### Answer: What's the primary factor keeping a consumer from handing out fees as liberally as corporations or small businesses...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Tax intricacies of MLP in a Roth IRA ### Answer: You seem to have it right. Unless you have a big position, having MLP shares in your IRA will not cause you any tax hassles. Your IRA will get a Sche...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: I am a Resident Alien for tax purposes. Can I claim exemptions from the India - US Tax Treaty (21)? ### Answer: I was able to find several references that claim that the Indo-US treaty provision is li...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Loan to S-Corp cannot be paid back, how to deduct from personal taxes? ### Answer: Once the business is shut down, you'll need to show that the corporation is in bankruptcy and the amounts are unrecov...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Mortgage implications if I were to quit my job shortly after being approved? ### Answer: You mention that you would quit right after getting approved. But in the United States there would be one last ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can my U.S. company do work for a foreign company and get wire transfers to my personal account? ### Answer: It seems that you're complicating things quite a bit. Why would you not create a business ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What tax-free retirement accounts are available for self-employed individuals? ### Answer: You can open a self-employed 401k, here's an example. You can deposit up to 50K (including the personal cap a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to know more about my tax situation in the States ### Answer: The LLC (not you) is probably in debt to the California FTB. Any LLC registered in California must pay at least $800 a year, until it ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Beyond RRSP deductions, how does a high income earner save on taxes? ### Answer: That's not especially high income, and while I can't speak for Canadians, most of us south of the border just pay the ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Freelance trading of products in India ### Answer: For most goods there is no license required, unless you are trading in restricted goods. Remittance need to be routed via banks and they should compl...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Cost is (maybe) part of basis for two assets ### Answer: For accounting purposes, consider the costs of acquisition as part of the cost of the asset as opposed to expensing. This will be important to...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Online tool to connect to my bank account and tell me what I spend in different categories? ### Answer: I'm not convinced this is completely possible without additional data. I'm categorizing my pur...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Online tool to connect to my bank account and tell me what I spend in different categories? ### Answer: I use Banktivity. It's very much not free, but it automatically downloads all my bank and cred...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Receive credit card payment sending my customer details to a credit card processing company? ### Answer: Yes, there are a bunch. I have used Paypal and it worked quite nicely. I see endless ads these ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Obtaining California SOS number for out-of-state LLC ### Answer: SOS stands for Secretary of State. The California Department of State handles the business entities registration, and the website is he...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to categorize credit card payments? ### Answer: Using the Transfer category is the best place to put these categories, as that accurately reflects what the transaction is. If you have your credit ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can an Indian citizen/resident invest in a US company and collect the profits in India? ### Answer: Every month I will get a return in from my share of the profit which would be used for repayment of ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What would happen if the Euro currency went bust? ### Answer: Each country would have to go back to its own currency, or the rich countries would just kick the poor ones out of the EU. It would be ba...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What would happen if the Euro currency went bust? ### Answer: These rumors are here just to help dollar stay alive. Euro have problems, but they are rather solvable, unlike dollar situation. Even if s...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What would happen if the Euro currency went bust? ### Answer: If the Euro went bust then it would be the 12th government currency to go belly up in Europe (according to this website). Europe holds th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What would happen if the Euro currency went bust? ### Answer: I'd have anything you would need for maybe 3-6 months stored up: food, fuel, toiletries, other incidentals. What might replace the curren...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What would happen if the Euro currency went bust? ### Answer: Krugman (Nobel prize in Economy) has just said: Greek euro exit, very possibly next month. Huge withdrawals from Spanish and Italian banks...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What would happen if the Euro currency went bust? ### Answer: The result would be catastrophic. The almost-reserve currency would collapse which would produce a medium sized depression, perhaps same w...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How does LLC ownership work in relation to U.S. tax law? ### Answer: It really depends. If it is offered as compensation (ie in leiu of, or in addition to salary or cash bonus) then it would be repor...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: S Corp with Straddles Income ### Answer: If this activity were to generate let's say 100K of profit, and the other corporate activities also generate 100K of revenue, are there any issues tax-wise...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Executor of will ### Answer: I strongly doubt that being executor will make the assets of the estate vulnerable to a suit against him personally. The estate is it's own separate legal entity with its...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Executor of will ### Answer: The creditors will not be able to go after his father's estate (assuming the father had nothing to do with the business), but at some point, the estate will be divided up...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Online streaming video/audio financial/stock programs ### Answer: The CNBC site is littered with videos. Whenever I click a link to one of their articles, it seems to be a video instead. Not like havi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What does this statement regarding put options mean? ### Answer: The trader has purchased 1095 options, each of which is a contract which entitles him to sell 100 shares of Cisco stock for $16 a share...