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Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Helping my family sell their oil stocks. What to buy? ### Answer: *("Fee-only" meaning the only money they make is the fee your folks pay directly; no kickbacks from financial products they're sellin...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Value investing ### Answer: As an aside, why does it seem to be difficult to get a conclusive answer to this question? I'm going to start by trying to answer this question and I think the answer here ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Value investing ### Answer: The June 2014 issue of Barclays Wealth's Compass magazine had a very nice succinct article on this topic: "Value investing – does a rules-based approach work?". It examine...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Value investing ### Answer: One aspect of this - no matter which valuation method you choose - is that there are limited shares available to buy. Other people already know those valuation methods and ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Value investing ### Answer: The Investment Entertainment Pricing Theory (INEPT) has this bit to note: The returns of small growth stocks are ridiculously low—just 2.18 percent per year since 1927 (v...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can you deduct hobby expenses up to hobby income in Canada? ### Answer: Yes, your business needs to be in the business of making money in order for you to deduct the expenses associated with it. I sup...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it acceptable to receive payment from U.S. in Indian saving bank account via PayPal? ### Answer: It is fine to receive payments into Indian Savings Bank account. There are no restriction on deposit...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: H&R Block says form 1120 not finalized? IRS won't take it yet? ### Answer: This form is due March 15. This year, the 15th is Saturday, so the deadline is Monday March 17th. Keep in mind, the software...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: H&R Block says form 1120 not finalized? IRS won't take it yet? ### Answer: The forms get updated every year, and the software providers need to get approved by the IRS every year. "Form is not yet fin...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I locate the name of an account holder by the account number and sort code? (U.K.) ### Answer: No, the best you can do is (probably) determine the bank, from the sort code. using an online checker...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Opening and funding an IRA in three days - is this feasible? ### Answer: Some banks and credit unions have IRA accounts. They pay interest like a savings account or a CD but they are an IRA. After the...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Opening and funding an IRA in three days - is this feasible? ### Answer: A few years ago, I did something like this at a Wells Fargo; I realized I could put money into an IRA a few days before 4/15, a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How does one's personal credit history affect one's own company's credit rating? ### Answer: For a newly registered business, you'll be using your "personal" credit score to get the credit. You will ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Simple income and expense report in gnucash ### Answer: The official guide can be found here, but that can be a little in depth as well. To make good use of you need at least a little knowledge of do...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Capital improvement and depreciation in restaurant LLC ### Answer: First, you should probably have a proper consultation with a licensed tax adviser (EA/CPA licensed in your State). In fact you should...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: US Expatriate, do I have to file for an extension, or do I automatically get it, as in without doing anything? ### Answer: The 2 months extension is automatic, you just need to tell them that you're u...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does the CRA reprieve those who have to commute for work? ### Answer: The answer on the Canadian Government's website is pretty clear: Most employees cannot claim employment expenses. You cannot dedu...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do you report S-corporation Shareholder loans / capital contributions? ### Answer: As the owner of the S-corp, it is far easier for you to move money in/out of the company as contributions and dis...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Company is late in paying my corporate credit card statement - will it hurt my credit? ### Answer: According to an article on Bankrate.com from 2011, yes, it can hurt your credit: With individual liab...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Company is late in paying my corporate credit card statement - will it hurt my credit? ### Answer: After doing some investigating, my employers contract with the credit card company has a clause that ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How long do credit cards keep working after you disappear? ### Answer: how can I keep my website running for posterity after I die? If this is the real problem, incorporate a non-profit corporation ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How long do credit cards keep working after you disappear? ### Answer: Generally speaking the bank accounts and credit card accounts remain open. Banks and the credit card companies don't monitor pub...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to declare foreign gift of nearly $10,000 ### Answer: Actually banks aren't required to (and don't) report on 8300 because they already report $10k+ cash transactions to FinCEN as a Currency Trans...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Should I pay myself a dividend or a salary? ### Answer: In cases like this you should be aware that tax treaties may exist and that countries are generally willing to enter into them. Their purpose is...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Capital gains and flow through tax treatment ### Answer: For some reason this can result in either the flow through income being UNTAXED or the flow through income being taxed as a capital gains. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Precedent and models for 100% equity available via initial offering? ### Answer: Founder makes available 100% equity, but uses a reasonable amount of the proceeds to pay him/herself a salary (or wage)...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Precedent and models for 100% equity available via initial offering? ### Answer: Specifically I was wondering, how can the founder determine an appropriate valuation and distribution of shares; ie- th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can stock market gains be better protected under an LLC arrangement? ### Answer: All corporate gains are taxed at the same rate as corporate income, for the corporate entity, so this actually can be W...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can stock market gains be better protected under an LLC arrangement? ### Answer: The thing you get wrong is that you think the LLC doesn't pay taxes on gains when it sells assets. It does. In fact, i...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Owned house for less than 2 years - 1031 exchange? ### Answer: Yes, your realtor is a moron. (I am a realtor, and sorry you have such a bad one) Every industry has its good and bad. You really should ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: California tells me I didn't file documents for an LLC that isn't mine. What do I do? ### Answer: Did it show just your address, or was your name on it as well? You didn't share how long you've live...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I handle taxes on a very large “gift” from my employers? ### Answer: You're right about your suspicions. I'm not a professional (I suggest you talk to a real one, a one with CPA, EA or Attorney...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I handle taxes on a very large “gift” from my employers? ### Answer: You should be aware that the IRS considers all gifts of cash or cash equivalents from an employer (the partnership in this c...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Online Return Policies ### Answer: If you paid by credit card, file a dispute with the credit card company. They will credit you the money immediately while they investigate. The burden of proof will ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I set up a recurring payment to an individual (avoiding fees)? ### Answer: I think about as close as you're going to get is to use a personal PayPal account, and set up a reminder to yourself ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I set up a recurring payment to an individual (avoiding fees)? ### Answer: Ask your bank or credit union. Mine will let me issue recurring payments to anyone, electronically if they can, if no...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I set up a recurring payment to an individual (avoiding fees)? ### Answer: Many U.S. banks now support POPMoney, which allows recurring electronic transfers between consumer accounts. Even if...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I set up a recurring payment to an individual (avoiding fees)? ### Answer: A handful of well-known banks in the United States are part of the clearXchange network, which allows customers of th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can a freelancer get a credit card? (India) ### Answer: Typically Banks look for a steady source of income or savings based on which they issue a credit card. If you can't show that build a cash b...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can a freelancer get a credit card? (India) ### Answer: The OP might have obtained his credit card by now but I'm answering now as there is one more easy way to get a credit card. All major Indian...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can a freelancer get a credit card? (India) ### Answer: I don't know about India, but here in the US banks, and more friendly institutions such as credit unions, use to offer the option of a 'secu...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to teach personal reconciliation and book balancing ### Answer: If you are wanting to teach your kids basic accounting principles there is some good stuff on Khan Academy. However most of the stuf...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Determining the minimum dividend that should be paid from my S corporation ### Answer: There are no dividends from S-Corp. There are distributions. Big difference. S-Corps fill form 1120S and schedule...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can expenses for attending stockholders meetings be deducted in U.S. income taxes? ### Answer: Nope, not deductible. It's true that some investment expenses are deductible, mainly as "miscellaneous it...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How do I set up Quickbooks for a small property rental company that holds its properties in separate LLC's? ### Answer: You need one "company file" for each company that you want to track through Qui...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Creating a Limited company while still fully employed ### Answer: I was just thinking ahead, can I apply for Limited company now, while fully time employed, and not take any business until I get a con...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Creating a Limited company while still fully employed ### Answer: Can I apply for limited company now, while fully time employed, and not take any business until I get a contract? Some employment cont...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Creating a Limited company while still fully employed ### Answer: You can register a limited company and leave it dormant, that's no problem. You just need to make sure that later on you notify HMRC w...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Best Practices for Managing Paper Receipts ### Answer: I store all my receipts digitally, and make sure to input them into accounting program sooner than later, just so I don't forget about it. For pr...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Using 2 different social security numbers ### Answer: While I agree with keshlam@ that the gym had no reason (or right) to ask for your SSN, giving false SSN to obtain credit or services (including gy...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Using 2 different social security numbers ### Answer: Social security number should only be needed for things that involve tax withholding or tax payment. Your bank or investment broker, and your empl...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: offshoring work and tax dilemma ### Answer: Generally for tax questions you should talk to a tax adviser. Don't consider anything I write here as a tax advice, and the answer was not intended or writt...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Travel expenses for an out-of-state rental ### Answer: While the question is very localized, I'll answer about the general principle. My main question is with how far away it is (over 1000 miles), how...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is this understanding of S-corp taxes correct? ### Answer: I think you're misunderstanding how S-Corp works. Here are some pointers: I suggest you talk with a EA/CPA licensed in your state and get you...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Online Currency Exchanges' registration with the government guarantee safety and reliability? ### Answer: Government registering of financial institutions usually is to make the government safe (eg...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Virtual Terminal WITHOUT merchant account? ### Answer: You would need to setup a company (even if it's just a sole proprietorship, in the US) to be able to apply for a true merchant account. And thu...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: declaring payments to a credit card for a shared expense ### Answer: If this is a business expense - then this is what is called reimbursement. Reimbursement is usually not considered as income since ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: I'm thinking about selling some original artwork: when does the government start caring about sales tax and income tax and such? ### Answer: First - get a professional tax consultation with a NY-licen...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: I'm thinking about selling some original artwork: when does the government start caring about sales tax and income tax and such? ### Answer: If you sell through an intermediate who sets up the shop fo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Maxing out HSA after maxing out Roth IRA ### Answer: Unless the hypothetical fellow is immune to disease, and indestructible, with no risk of injury, the HSA is an ideal place for this money. It offe...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to report a personal expense for an LLC partnership paid in one year and reimbursed in another? ### Answer: You report it when the expense was incurred/accrued. Which is, in your case, 2014. There...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If I helped my friend to file taxes; can I represent her on a phone call with FTB? ### Answer: In order for you to be able to talk to the FTB on someone's behalf, that someone has to submit form 3520....
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the costs to maintain an Inc? ### Answer: According to this FAQ published by the state of Delaware, your annual filing fees will be: Anything above and beyond that is based on company income...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Self-employment alongside full-time job ### Answer: What you need to do is register as a sole trader. This will automatically register you for self assessment so you don't have to do that separately. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: “Occupation” field on IRS Form 1040 ### Answer: It doesn't generally matter, and I'm not sure if it is in fact in use by the IRS other than for general statistics (like "this year 20% of MFJ returns w...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I deduct personal loans or use them as tax “write offs?” ### Answer: You will have to write it off as an offset of capital gains or as bad debt against personal income, limited to $3k/ yr. Write o...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Mortgage or not? ### Answer: I often say "don't let the tax tail wag the investing dog." I need to change that phrase a bit to "don't let the tax tail wag the mortgage dog." Getting a tax deduction on...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Mortgage or not? ### Answer: Better in terms of what? less taxes paid? or more money to save for retirement? In terms of retirement, it would be better for you to keep the condo you currently have for...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Mortgage or not? ### Answer: Short answer: No. Longer answer: The only reason to move would be to get out of the condo and into a SFR of equal cost because condos can be quite difficult to sell and ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Mortgage or not? ### Answer: In addition to the other answers, I think you would also need to account for the increased utility and maintenance costs on the more expensive house. Typically it is recom...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Mortgage or not? ### Answer: Here is something that should help your decision: Currently you are 57, suppose that means that you will still work for 10 years, and then be retired for another 20 before...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Mortgage or not? ### Answer: A primary residence can be an admirable investment/retirement vehicle for a number of reasons. The tax savings on the mortgage are negligible compared to these. A $200,00...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Mortgage or not? ### Answer: If you do as you propose you are going to get burned. You need to sell, then start to rent. amongst other things. Since 2008, the economy never "recovered," but was sort o...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Mortgage or not? ### Answer: Buy a rental property instead. You get tax benefits as well as passive income. And it pays for itself ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Working out of India for UK company from 1 Jan 2016 on contract ### Answer: Work under UK umbrella company. By this you are thinking of creating a new legal entity in UK, then its not a very great id...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can a high down-payment on a house offset the need for proof of income? ### Answer: It's difficult to provide an exact answer as this will very much depend on the bank & the local regulatory scheme. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: The equivalent of the standing order in the internet age for the UK specifically ### Answer: A standing order is still the right way to do this. Most bank accounts have online access and will let your...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Generally Accepted Accounting Principles question ### Answer: You recognize expense when you sell the hot dog. When you pay for the buns you have inventory, which is an asset. When you sell the hot do...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I determine if a FHA loan refinance offer is from a reputable lender ### Answer: In my book if it comes in the mail with official looking envelopes, language and seals to try and get you to op...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I determine if a FHA loan refinance offer is from a reputable lender ### Answer: Start with the list of mortgage companies approved to work in your area. There are 80 within 10 miles of my hou...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Freelancer: Should I start a second bank account? ### Answer: I feel the need to separate my freelance accounts from my personal accounts. Yes, you should. Should I start another savings account or a ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Automate Savings by Percentage on varying paychecks? ### Answer: When I have been faced with this sort of situation I have done the split at the bank. They had the ability to recognize the deposit as...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Automate Savings by Percentage on varying paychecks? ### Answer: You just need to average out the weekly hours and income over the year. So if his yearly income is $100,000 p.a. then this would averag...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I judge loan availability? ### Answer: It sounds like your current loan is in your name. As such, you are responsible for paying it. Not your family, you. It also sounds like the loan payments...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I judge loan availability? ### Answer: Your credit rating will rise once the loan is repaid or paid regularly (in time). It will not get back to normal instantly. If the property is dead weigh...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is freelance income earned by a U.S. citizen while living abroad subject to state income tax? ### Answer: No state taxes, but Italy also has a favorable treaty with the US Federal Government. Look int...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is freelance income earned by a U.S. citizen while living abroad subject to state income tax? ### Answer: New York will want to you to pay taxes on income from "New York sources". I'm not sure what th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can I find out how much a currency is traded? ### Answer: This is actually a fairly hard question to answer well as much of the currency trading that is done in financial markets is actually done...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can a company charge you for services never requested or received? ### Answer: In general, you can only be charged for services if there is some kind of contract. The contract doesn't have to be writt...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can a company charge you for services never requested or received? ### Answer: No. A company cannot bill you for services you did not request nor receive. If they could, imagine how many people would ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can a company charge you for services never requested or received? ### Answer: I have had a couple of businesses do this to me. I simply ask them to come over to talk about the bill. Sometimes this ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can a company charge you for services never requested or received? ### Answer: Here's another example of such a practice and the problem it caused. My brother, who lived alone, was missing from work ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Should I have more than one brokerage account? ### Answer: I believe the answer here is no: SIPC protection of customers with multiple accounts is determined by "separate capacity." Each separate capa...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Should I have more than one brokerage account? ### Answer: I use two different brokerages, both well-known. I got a bit spooked during the financial crisis and didn't want to have all my eggs in one b...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I deduct taxes for home office as a freelance computer software developer? ### Answer: This answer is assuming you're in the US, which apparently you're not. I doubt that the rules in the EU are s...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I deduct taxes for home office as a freelance computer software developer? ### Answer: You can do it, provided that the bedroom is ONLY set up as an office. That is, no bed, TV or other stuff. You...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Received a late 1099 MISC for income I reported already, do I have to amend? ### Answer: Why would the IRS be coming after you if you reported the income? If you reported everything, then the IRS will...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to correct a tax return filed electronically and already approved? ### Answer: Simply file an amended return to correct the mistake. This happens all the time and is a standard procedure that ever...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do sole proprietors in India generally use a current account? ### Answer: No. Current account is not a requirement. You can use savings account. You would need to pay taxes on interest. Savings ac...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do sole proprietors in India generally use a current account? ### Answer: Current account offers a lot of benefits for sole proprietors. Think of it like bank account for a company. The bank provi...