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11654 | "You will need to file a US income tax return, and declare all income world-wide. Whether this results in any tax owed depends on your particular circumstances, and the effect of any tax treaties between the US and India. There are additional requirements for the filing of information on the amounts in foreign accoun... | |
11791 | I would apply extra cash left over at the end of the month as follows, in order of priority: Realize, though, that this is my take on priority. My experience has been that a liquidity crisis is much more stressful than having a mortgage or other debt -- illiquid wealth is almost useless when you need cash. So if you st... | |
11884 | The only way someone can take money out of your account using just your sort code and account number is if you set up a direct debit to pay them (or someone pretending to be you sets up the direct debit). Even with Paperless DD's this can take some time. Anyone who can process debit card transactions can take money fro... | |
11885 | Collection agencies will eventually find you if you work for an employer that uses the credit bureaus for pre-employment screening, or you sign up for utilities or services that check your credit, or you enter into public record any other way (getting arrested, buying land, etc.). Such inquiries will put you on the gri... | |
12119 | "I think the math is wrong. Note that in Scenario #1, you are only out of pocket $1000, while in Scenario #2, you are out of pocket $1250; the contribution and the tax you paid with respect to it. A better concept than tax rate is ""Retention Rate"". This is the fraction of your money that the Feds let you keep. And... | |
12140 | Housing plus transportation should be about 40%, according to your given rule of thumb, and that's where yours are, so I think you're okay. Guidelines are not rules, and must be related to one's individual circumstances. That said, double-check that your transportation expenses are really zero. | |
12229 | ||
12318 | "> but the other countries are just decline stage. I think you have a typo. Could you please explain what you mean? If I understand correctly, you are saying that the US produces ""value"" and other countries do not. As the US has tended to run a high deficit since the Reagan era (i.e. it increases its debt every ... | |
12329 | Your mortgage represents a negative cash flow of $X for N months. The typical mortgage prepayment doesn't reduce your next payment, but does reduce the length of the mortgage. If you look at the amortization table of a 30 year loan, you might see a payment of $1000 but only $50 going to principal. So if on day one you ... | |
12382 | I am a (small time!) Zopa user in the UK and have been for over a year. The rates that loans are accepted at on Zopa seem to me to be 0.5-1% higher than the best deals in the commercial market. The rates did used to be up at 8% even for A* short term, but now that bracket is getting about 5.5%. That's just talking abou... | |
12488 | easier access to your money That can be a disadvantage for some people. Based on the number of people who tap their 401K for non-retirement reasons, or just cash it in when they change jobs; making it painful to use before retirement age does keep some people from spending it too early. They need to be able to compartm... | |
12614 | Defined Benefit - the benefit you receive when you retire is defined e.g. $500 a month if you retire at age 65. It is up to the plan administrators to manage the pension fund, and ensure that there is enough money to cover the benefits based on the life expectancy of the retiree. Defined Contribution - the amount you c... | |
12623 | I would say your decision making is reasonable. You are in the middle of Brexit and nobody knows what that means. Civil society in the United States is very strained at the moment. The one seeming source of stability in Europe, Germany, may end up with a very weakened government. The only country that is probably s... | |
12729 | No, you can't claim personal expenses as business expenses. What is the alternative to paying someone to do your chores? Letting the chores go undone. How does it affect your business if your household chores go undone? It doesn't; it only affects your personal life--that's why they are personal expenses. | |
12822 | avoid corporation tax There aren't many avenues to save on corporation tax legally. The best option you can try is paying into a generous pension for yourself, which will save some corporation tax. Buying a house You can claim deduction for the mortgage payments, but profits on selling the house will require paying cap... | |
13209 | You're technically 'allowed' to do other investments with your Roth, but you get taken to the cleaners by the financial 'services' community who wants to take a slice. Non-securities investments from a Roth typically require a 'custodian' or other intermediary to handle your investment, e.g. buying silver coins and pa... | |
13596 | You have two different operations going on: They each have of a set of rules regarding amounts, timelines, taxes, and penalties. The excess money can't be recharacterized except during a specific window of time. I would see a tax professional to work through all the details. | |
13631 | The answer provide by @mbhunter is correct, however there are contexts, shorting in spot market and carrying the position over settlement usually does not entail payment of dividend to the broker, one of the reason being post ex-date the price of the share downward adjusts to the extent of the dividend, so practically ... | |
13656 | The first thing I assess when looking at new credit cards is whether it has no annual fee, the second thing I look at is how long the interest free period is. I always pay my credit card off in full just before the due date. Any rewards program is a bonus. My main credit card is with CBA, I have a credit limit of $20K ... | |
13908 | "The ""par value"" is a technicality that you can ignore in this case, and it has nothing directly to do with the merger. When a company issues stock, it puts a ""par value"" on the shares. If it later issues more shares, they cannot be issued at less than par value. The rest of the notice seems to be as you said: If... | |
13975 | "Imagine that, a car dealership lied to someone trusting. Who would have thought. A big question is how well do you get along with your ""ex""? Can you be in the same room without fighting? Can you agree on things that are mutually beneficial? The car will have to be paid off, and taken out of his name. The mechani... | |
14111 | If you've already used TurboTax on your 2015 taxes, you can use the numbers TurboTax gave you as your reasonable estimate. Line 4 is your estimate of total tax liability for 2015. This would be line 63 of form 1040. This is Federal income tax only, not Social Security tax. Line 5 is the total of tax payments you made... | |
14185 | Your link is pointing to managed funds where the fees are higher, you should look at their exchange traded funds; you will note that the management fees are much lower and better reflect the index fund strategy. | |
14313 | It is true that it may be somewhat of a loss. I would not lose any money with the other options as I have already made my money back but I would be at a loss as far as time investment goes. I agree number 1 is most logical but emotionally my heart is just not in it anymore that is why I put 2 and 3 in there too. | |
14364 | Yes, you would have to report the gain. It is not relevant that you traded the stock previously, you still made a profit on the trade-at-hand. Imagine if for some reason this type of trade were exempt. Investors could follow the short term swings of volatile stocks completely tax-free. | |
14382 | "I can guarantee you that no one in IBanking and consulting is pulling in a 110k base. Even 75 is really pushing it in this market. 70k base is standard on the street and some bansk have been dropping it to 65. And you won't be working at a ""legit"" hedge fund or prop shop straight out of undergrad. Source: I work i... | |
14463 | "You really don't know how credit scoring works. Let's think about the purpose of a credit score: to assess whether you're a high default risk. A lender wants to know, in this order: Utilization factors into the solvency assessment. If you are at 100% utilization of your unsecured credit, you're insolvent -- you can't ... | |
14472 | This is very insightful, I think. As an open question, consider what *downside* a nation (or bank) has to acknowledging bitcoin or other cryptocurrencies. Obviously nations may lose some monetary control by endorsing bitcoin, but I don't know if there's much of a downside for banks considering bitcoin's easy conversion... | |
14538 | Of course you don't need to take a mortgage - if you happen to have enough cash (or other assets) to pay your sister her share, or if she is willing to take it in installments over the next years. Mortgages are not needed to buy houses, but to pay for them - subtle difference. If you can pay - in whichever agreed way -... | |
14609 | "ITR-4 is for incorporated business. For freelancing, You can fill ITR 2 and declare the freelancing income as ""income from other source"". Refer to the Income Tax website for more details" | |
14699 | I suppose it depends on how liquid you need, and if you're willing to put forth any risk whatsoever. The stock market can be dangerous, but there are strategies out there that will allow you to insure yourself against significant loss, while likely earning you a decent return. You can buy and sell options along with ... | |
14732 | "You uncle is liable to pay ""Capital-Gains"" tax. Essentially the sale price less of cost would be treated as gains. The gains are taxed at 10% without indexation and 20% with Indexation. The capital gains tax can be avoided if your uncle invests the gains into specified ""Infrastructure bonds"" or buys another prope... | |
14745 | My assumption here is that you paid nearly 32K, but also financed about 2500 in taxes/fees. At 13.5% the numbers come out pretty close. Close enough for discussion. On the positive side, you see the foolishness of your decision however you probably signed a paper that stated the true cost of the car loan. The truth ... | |
14967 | you'll need 25k to start or 2k in multiple accounts, that way you have access to margin, and don't have to worry about Pattern day trading limits. Be right more than you are wrong. Go up look for 3x potential up vs down risk. Compound daily. you can't double a penny every day every day for a month it becomes to diffic... | |
14989 | I know this is heresy but if you have funds for significantly more than 6 months of expenses (let's say 12 months), how risky would it be to put it all into stock index funds? Quite risky as if you do need to dip into it, how fast could you get the cash? Also, do you realize the tax implications when you do sell th... | |
15169 | "The difference between dividend and growth in mutual funds has to do with the types of stocks the mutual fund invests in. Typically a company in the early stages are considered growth investments. In this phase the company needs to keep most of its profits to reinvest in the business. Typically once a company gets a s... | |
15270 | Your freelance income will not qualify you for the work-from-home deductions, for that you would need a T2200 form signed by your employer. But, you are allowed to be self employed as a sole-proprietorship while still being an employee of another company. If you take that route, you'll be able to write-off even more ex... | |
15385 | I do this very thing, but with asset allocation and risk parity in mind. I disagree with the cash or bust answers above, but many of the aforementioned facts are valuable and I don't mean to undermine them in anyway. That said, let's look at two examples: Option 1: All-in For the sake of argument let's say you had $100... | |
15473 | I don't see any reason to worry about a check being deposited via cell phone. There isn't anything you can write on a check to make it physical deposit only or similar. If you really want to keep your check from being read electronically you could always smudge the numbers but you run the risk of the bank not cashing ... | |
15728 | I trust the 401(k) was a traditional, pre tax account. There was no tax paid, and any withdrawals would be taxable. The account could go to zero, and there's no write off, sorry. I have to ask - were there any withdrawals along the way? What was it invested in that lost 90% of its value? Edit - I'm sorry the OP came a... | |
15824 | "The danger of overdrawing the account via the use of a debit card, and the exorbitant fees that can result make me hesitant to use a debit card. The ability to cover all the transactions with one payment is why I use a credit card for these ""debit"" transactions. Yes there is a risk of a late payment, but that can b... | |
16175 | "The best strategy for RSU's, specifically, is to sell them as they vest. Usually, vesting is not all in one day, but rather spread over a period of time, which assures that you won't sell in one extremely unfortunate day when the stock dipped. For regular investments, there are two strategies I personally would follow... | |
16187 | The business and investment would be shown on separate parts of the tax return. (An exception to this is where an investment is related and part of your business, such as futures trading on business products) On the business side of it, you would show the transfer to the stocks as a draw from the business, the amount ... | |
16270 | In Houston, Texas USA where I went to a private high school they had a half-semester class in personal finance, but it was optional and didn't give you any credits towards graduation. You are right though, it should be a standard class. After all, who doesn't need that information in their adult lives, and not everyone... | |
16626 | "Here's a number-crunching example of how the ""Zero interest rate"" offer is misleading. Suppose the offer is that a car ""costs $24,000.00 with zero percent financing over 24 months"" or as an alternative, ""$3,000.00 off for cash"". Ignore the hype: the quoted prices and the quoted interest rates. Look at what re... | |
16924 | It depends on why the stocks crashed. If this happened because interest rates shot up, bonds will suffer also. On the other hand, stocks could be crashing because economic growth (and hence earnings) are disappointing. This pulls down interest rates and lifts bonds. | |
17081 | Very true. Just open your eyes. We no longer have soup lines, they just pass out debit cards now. You want to see it first hand try a job as a grocery checker in middle america, that is if you can find one to begin with. | |
17208 | See my comment for some discussion of why one might choose an identical fund over an ETF. As to why someone would choose the higher cost fund in this instance ... The Admiral Shares version of the fund (VFIAX) has the same expense ratio as the ETF but has a minimum investment of $10K. Some investors may want to event... | |
17215 | The answer seems to depend on where you live. Perhaps you already found this, but the summary from the IRS is: The insurance laws in some states do not allow a corporation to purchase group health insurance when the corporation only has one employee. Therefore, if the shareholder was the sole corporate employee, the s... | |
17488 | Absolutely. The overhead for a product based business like that is particularly high. Service based businesses tend to have much better profit margins. But if she was running a plant nursery she has to pay huge heating costs, renting the area she operates in, not to mention inventory and employees. That $300k vanishes ... | |
17528 | It's monopoly money. Everybody treats it like that. Of course it doesn't work. It would be vastly different if you had you budget **plus** (a) freedom of choice for the supplier, internal or external, (b) your group could spend any budget surplus on whatever they wanted (well, for the office). But that wi... | |
17680 | The company struck a truce with Elliott. They elected 3 of Elliott's nominees to the board, agreed to annual board elections, and placed Elliott on the committee for the firm's CEO search (Elliott targeted their previous CEO trying to push change and he had to resign after sending a threatening letter to Elliott). | |
17759 | Yes -- you can refund the sales tax and adjust your return. Make sure you have a copy of your customer's reseller permit on file. If the item sold was for their own use (instead of resale), then sales tax is due, so you might want to check with the customer and ask them what they want to do. | |
17795 | You should apply for 83(b) within 30 days. 10 months is too late, sorry. | |
17823 | "I'd suggest you start by looking at the mutual fund and/or ETF options available via your bank, and see if they have any low-cost funds that invest in high-risk sectors. You can increase your risk (and potential returns) by allocating your assets to riskier sectors rather than by picking individual stocks, and you'll... | |
17923 | Passive implies following an index. Your question seems to ask about a hypothetical fund that starts, say, as an S&P fund, but as the index is adjusted, the old stocks stay in the fund. Sounds simple enough, but over time, the fund's performance will diverge from the index. The slight potential gain from lack of cap ga... | |
18001 | You are wildly over-estimating your taxes. First, remember that your business expenses reduce your gross income. Second, remember that taxes are progressive, so your flat 35% only applies if you're already making a high salary that pushed you into the higher brackets of US and CA. I think the deeper problems are: 1) ... | |
18065 | "I looked into the ""We buy houses"" people when I was trying to sell my house a few years back. The amount they are normally willing to pay is far below value. If I was going to take that little, I would just set the price at that amount and sell it to somebody, maybe making a young couple really happy getting into ... | |
18200 | The best thing is to diversify across multiple currencies. USD and EUR seem reliable. But not 100% reliable to keep all your investments in this types of currencies. Invest part of your savings in USD, part - in EUR, and part in your home country's currency. Apart from investing I recommend you to have certain sum in c... | |
18257 | Never co-sign a loan for someone, especially family Taking out a loan for yourself is bad enough, but co-signing a loan is just plain stupid. Think about it, if the bank is asking for a co-signer its because they are not very confident that the applicant is going to be paying back the loan. So why would you then step ... | |
18388 | You should pull your credit report from all the credit reporting agencies annually to make sure only the accounts you know of are being reported. | |
18436 | Dollar cost averaging is an great way to diversify your investment risk. There's mainly 2 things you want to achieve when you're saving for retirement: 1) Keep your principal investment; 2) Grow it. The best methods recommended by most financial institutions are as follows: 1) Diversification; 2) Re-balance. There ... | |
18539 | Here are the general guidelines on what you should report and pay - but the overall rule is that if it's not a business-related cost then you can't claim it. In your example, a client meeting may warrant a claim for 'entertaining clients' which could be claimed as a business cost - but buying yourself a coffee to get o... | |
18551 | Subprime Auto Loan Defaults on the Rise [https://youtu.be/4XrdNmgon2c] Jul 30, 2017 Bill Black the white collar criminologist says It is a very severe problem for consumers who are going to lose not only their cars, but their credit ratings | |
18671 | Despite a fair number of views, no one besides @mbhunter answered, so I'll gather the findings of my own research here. Hopefully, this will help others in similar situations. If you spot any errors, please let me know! | |
18727 | Will 2 millions dollars check to be cash? Will a bank convert a check to cash? In my experience, no. Even for small checks. Unless you happen to have a VERY good relationship with your banker (read as: have an existing large bank balance.) The exception is if you go to the bank the check is drawn on. But even t... | |
18792 | "You are confining the way you and the other co-founders are paid for guaranteeing the loan to capital shares. Trying to determine payments by equity distribution is hard. It is a practice that many small companies particularly the ones in their initial stage fall into. I always advise against trying to make payments w... | |
18805 | The CBOE had a great article on this. I will search for it and edit. The normal dividends are not adjusted. Which is why you see early exercise of just out of the money options sometimes. To get that dividend. A special dividend, say a $50 stock with $1/yr dividend but now has a $3 one time dividend would likely result... | |
18844 | This is either laundering money or laundering non-money. All the other answers point out how a cheque or bank transfer will take days to actually clear. That is a red herring! There are lots of ways to illegally transfer real money out of existing accounts. Stolen cheque books, stolen banking details (partly in conn... | |
18850 | The IRS Guidance pertaining to the subject. In general the best I can say is your business expense may be deductible. But it depends on the circumstances and what it is you want to deduct. Travel Taxpayers who travel away from home on business may deduct related expenses, including the cost of reaching their destin... | |
18900 | The only consequence I could see is that they have your money until they pay you back. I'd just do what JoeTaxpayer says and get it back. | |
18939 | Average rates of return usually assume compounding, so your formula would be for annual compounding ,or for continuous compounding. | |
18950 | I don't know the term sole trader but usually the trade off is a corporation allows for shield from liability (i.e. creditors) more flexibility with respect to personal tax management, but higher operating costs (incorporation, financial statements, etc). I always incorporate. | |
19107 | "Envelope budgeting is pretty simple. It's easy enough that you can teach it to children, and flexible enough you can use it as an adult. The general idea is that you take your cash money (no bank accounts involved in the simple version), and stick it in envelopes marked for what it's supposed to be for. So for examp... | |
19184 | I agree with this. I like to buy stocks that are priced low according to value investing principles but set limits to sell if the stock happens to get priced at a point that exceeds X% annualized return, for instance 15% or 30% depending on preference. If the price goes up, I cash out and find the next best value stock... | |
19245 | You're not subject to the US tax laws, and since the income is not US-sourced, it is not subject to withholding. Your employer doesn't need any form, but if they insist - you can provide them a W8-BEN to certify your non-resident status. Keep in mind that if you do come to the US, the money you earn while in the US is ... | |
19794 | Systems to research that may help you out: Less Accounting and Wave are great because they can import data from banks / credit cards. I know you said your bank doesn't export it but it seems like something as a small business you would want. | |
19999 | You need the Present Value, not Future Value formula for this. The loan amount or 1000 is paid/received now (not in the future). The formula is $ PMT = PV (r/n)(1+r/n)^{nt} / [(1+r/n)^{nt} - 1] $ See for example http://www.calculatorsoup.com/calculators/financial/loan-calculator.php With PV = 1000, r=0.07, n=12, t=3 w... | |
20036 | That's really not something that can be answered based on the information provided. There are a lot of factors involved: type of income, your wife's tax bracket, the split between Federal and State (if you're in a high bracket in a high income-tax rate State - it may even be more than 50%), etc etc. The fact that your ... | |
20054 | See the Mortgage Professor's calculators (#3). Go to bankrate and look up rates so you know what to punch in to those calculators. | |
20076 | The shareholders have a claim on the profits, but they may prefer that claim to be exercised in ways other than dividend payments. For example, they may want the company to invest all of its profits in growth, or they may want it to buy back shares to increase the value of the remaining shares, especially since dividen... | |
20140 | "Not sure what your needs are or what NIS is: However here in the US a good choice for a single fund are ""Life Cycle Funds"". Here is a description from MS Money: http://www.msmoney.com/mm/investing/articles/life_cyclefunds.htm" | |
20261 | "A ""balance transfer"" is paying one credit card with another. You probably get offers in the mail to do this all of the time. As other posters have noted, however, this usually comes with finance fees rather than the rewards that you get for normal purchases because it's written into your credit card agreement as a... | |
20335 | "The textbook answer would be ""assets-liabilities+present discounted value of all future profit"". A&L is usually simple (if a company has an extra $1m in cash, it's worth $1m more; if it has an extra $1m in debt, it's worth $1m less). If a company with ~0 assets and $50k in profit has a $1m valuation, then that impl... | |
20504 | that's just it, though - they are splitting up the 1%! and in most cases, especially vanguard, they are splitting up far less. ETFs don't have 12b-1 fees. explaining why you're experiencing different returns for ETFs will almost certainly involve something other than their expense. again, this is especially true for v... | |
20529 | I meant bitcoin. The issuer is the designer of the currency, which I have stated multiple times, has structural issues. The exchanges are the banks, which have been shown to be susceptible to hacking. Bitcoin is also a fiat currency, just like every other currency, just one with no faith or guarantees behind it and no ... | |
20539 | "Note that it isn't always clear that ""turning it all into an annuity"" is the right answer. Annuities are essentially insurance policies -- you're paying them a share of your income to guarantee a specific payout. If you outlive the actuarial tables, that may be a win. If the market crashes, that may be a win. But I'... | |
20844 | In all honesty, the best solution I've come across is Microsoft's now defunct Money. | |
20880 | >Falls Church VA Falls Church is an independent city. It has no county to levy taxes. The FY2017 budget shows a 1% city and 4% restaurant tax. Then you've got 4.3% VA state tax, and 0.7% Northern Virginia regional tax. Totaling 10%. | |
20988 | I'll point out that you don't actually have to pay your income taxes on time, just make sure to file on time. You will be charged interest (currently 5% ann., compounded daily). This is no big deal, I know plenty of people who do this. Note that if they pay you interest you have to report it on your taxes, but if you... | |
20994 | "This functionality is widely available, not only on brokerage sites, but also financial management and even financial information sites. For instance, two of the latter are Google Finance and Yahoo Finance. If you are logged in, they let you create ""portfolios"" listing your stocks and, optionally, the size of your... | |
21313 | An oxymoron is something that contradicts itself. Inside trading is sharing information that isn't public. How the fuck do you think these hedge funds and investment banks can offer almost 50% returns during these times in our economy??? Oh yea it's called inside trading. Reason why it's an oxymoron is because trading ... | |
21468 | "If you've already got emergency savings sufficient for your needs, I agree that you'd be better served by sending that $500 to your student loan(s). I, personally, house the bulk of my emergency savings in CDs because I'm not planning to touch it and it yields a little better than a vanilla savings account. To address... | |
21688 | > If you're saddled with a ton of debt and also don't have a degree to show for it, I'd say it's much more likely you're going to have trouble paying it off. This is how generational poverty continues. | |
21695 | "I believe money market ""funds"" (ie a mutual fund) would pay dividends, and you would get a 1099-DIV. A money market ""account"" however is probably actually a bank account, and you would get a 1099-INT for that. It depends how the broker has set it up. I have one of each with different brokers. If your ""money mark... | |
21846 | You're right. That's pretty much it. You get a deduction for any medical expenses above 10% of your Adjusted Gross Income. You also have to itemize your deductions; claiming the standard deduction won't do. | |
21883 | "Insufficient funds will cause a check to bounce. If there is evidence that you ""kited"" the check deliberately, that's a potential fraud charge. If the vendor accepts that you were just stupid/careless, you'll probably just have to pay a penalty processing fee in addition to making good the payment. It is your respo... | |
21957 | "I don't understand the OP's desire "" I'd love to have a few hundred dollars coming in each month until I really get the hang of things. "" When growing your wealth so that it will be large enough in retirement to throw off enough profits to live on ... you must not touch the profits generated along the way. You mus... | |
22067 | You keep a copy of the dashed check, and tell him to pound sand. If he contacts you again, you tell him that you will charge him with fraud. By accepting the check and cashing it, he acknowledged the debt is paid. | |
22425 | "From IRS Publication 970 Tax Benefits for Education Note: Qualified tuition programs (QTPs) are also called ""529 plans."" Changing the Designated Beneficiary There are no income tax consequences if the designated beneficiary of an account is changed to a member of the beneficiary's family. See Members of the ben... |
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