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Given a financial question, retrieve user replies that best answer the question
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The formula equivalent of EBITDA for personal finance? | This should not be taken to be financial advice or guidance. My opinions are my own and do not represent professional advice or consultation on my part or that my employer. Now that we have that clear... Your idea is a very good one. I'm not sure about the benefits of a EBITDA for personal financial planning (or for f... |
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Given a financial question, retrieve user replies that best answer the question
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What's the least risky investment for people in Europe? | "First of all, congratulations on saving some money. So many people these days do not even get that far. As far as investments, what is best for you depends heavily on your: Here is a quick summary of types of assets that are likely available to you, and my thoughts on why they may or may not be a good fit for your sit... |
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Given a financial question, retrieve user replies that best answer the question
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What's the least risky investment for people in Europe? | Putting the money in a bank savings account is a reasonably safe investment. Anything other than that will come with additional risk of various kinds. (That's right; not even a bank account is completely free of risk. Neither is withdrawing cash and storing it somewhere yourself.) And I don't know which country you are... |
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Given a financial question, retrieve user replies that best answer the question
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How do multi-currency bank accounts work? What is the advantage? | Today typically a Business needs to hold accounts in more than one currency. Banks in certain countries are offering what is called a dual currency account. It is essentially 2 accounts with same account number but different currency. So One can have an account number say 123456 and have it in say AUD and USD. So the b... |
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Given a financial question, retrieve user replies that best answer the question
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what is the meaning of allowing FDI in Insurance and pension funds | Insurance in India is offered by Private companies as well [ICICI, Maxbupa, SBI, Max and tons of other companies]. These are priavte companies, as Insurance sectors one has to look for long term stability, not everyone can just open an Insurance company, there are certain capital requirements. Initially the sharehold... |
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Given a financial question, retrieve user replies that best answer the question
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I am the sole owner of an LLC. Does it make a difference if I file as an S-Corp or a sole-member LLC? | "S-Corp are taxed very different. Unlike LLC where you just add the profit to your income with S-Corp you have to pay yourself a ""reasonable"" salary (on w-2) which of course is a lot more paperwork. I think the advantage (but don't hold me accountable for this) is if your S-Corp makes a lot more than a reasonable sal... |
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Given a financial question, retrieve user replies that best answer the question
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I am the sole owner of an LLC. Does it make a difference if I file as an S-Corp or a sole-member LLC? | "Be careful of the other answers here. Many are wrong or partially wrong. The question implies that you knew this, but for everyone else's benefit, you can keep you LLC organization and still elect to be treated as a S-Corp by the IRS just for tax purposes. You do this by filing Form 2553 with the IRS. (You can also, ... |
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Given a financial question, retrieve user replies that best answer the question
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I am the sole owner of an LLC. Does it make a difference if I file as an S-Corp or a sole-member LLC? | "I'm assuming that when you say ""convert to S-Corp tax treatment"" you're not talking about actually changing your LLC to a Corporation. There are two distinct pieces of the puzzle here. First, there's your organizational form. Your state, which is where the business is legally formed and recognized, creates the LLC o... |
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Given a financial question, retrieve user replies that best answer the question
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I am the sole owner of an LLC. Does it make a difference if I file as an S-Corp or a sole-member LLC? | "In the United States, with an S-Corp, you pay yourself a salary from company earnings. That portion is taxed at an individual rate. The rest of the company earnings are taxed as a corporation, which often have great tax benefits. If you are making over $80K/year, the difference can be substantial. A con is that t... |
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Given a financial question, retrieve user replies that best answer the question
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How do the wealthy pay for things? | "This is second hand information as I am not a millionaire, but I work with such people everyday and have an understanding of how they handle cash: The wealthy people don't. Simple. Definitely not if they don't have to. Cash is a tool to them that they use only if they get benefit of it being a cash transaction (one of... |
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Given a financial question, retrieve user replies that best answer the question
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How do the wealthy pay for things? | "While you would probably not use your ATM card to buy a $1M worth mansion, I've heard urban legends about people who bought a house on a credit card. While can't say its reliable, I wouldn't be surprised that some have actual factual basis. I myself had put a car down-payment on my credit card, and had I paid the stic... |
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Given a financial question, retrieve user replies that best answer the question
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How do the wealthy pay for things? | I was once the personal assistant to two wealthy NYC sisters. They did not pay for anything. For example, if we were riding the subway, I would pay, and be reimbursed by the Company. They had multiple residences and investment properties. Each property was purchased through a separate Limited Liablity Corporation, and ... |
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Given a financial question, retrieve user replies that best answer the question
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As an employer, how do I start a 401k or traditional IRA plan? | Here is a nice overview from Vanguard on some options for a small business owner to offer retirement accounts. https://investor.vanguard.com/what-we-offer/small-business/compare-plans I would look over the chart and decide which avenue is best for you and then call around to investment companies (Vanguard, Fidelity, ... |
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Given a financial question, retrieve user replies that best answer the question
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As an employer, how do I start a 401k or traditional IRA plan? | OK, so first of all, employers don't set up IRAs. IRA stands for Individual Retirement Account. You can set up a personal IRA for yourself, but not for employees. If that is what you're after, then just set one up for yourself - no special rules there for self employment. As far as setting up a 401(k), I'd suggest c... |
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Given a financial question, retrieve user replies that best answer the question
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As an employer, how do I start a 401k or traditional IRA plan? | "If you are the sole owner (or just you and your spouse) and expect to be that way for a few years, consider the benefits of an individual 401(k). The contribution limits are higher than an IRA, and there are usually no fees involved. You can google ""Individual 401k"" and any of the major investment firms (Fidelity, S... |
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Given a financial question, retrieve user replies that best answer the question
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Acquiring first office clothes | While in the interview stage you need one good outfit. Take care of them and they will see you through this stage of the process. Shoes, ties, shirt, and a suit can all be purchased on sale. The fact that you have months before graduation give you time to purchase them when there is a sale. Off-the-rack is good enough... |
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Given a financial question, retrieve user replies that best answer the question
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Acquiring first office clothes | Like the other answers, I'm not entirely sure the equivalent exists in your country. But in the US there are thrift stores run by charities like GoodWill or the Salvation Army that sell clothes for very little money. When my wife was in a similar situation very early in her career she learned the trick of driving to t... |
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Given a financial question, retrieve user replies that best answer the question
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Acquiring first office clothes | Sounds like you're a man, so you're in luck. Our formalwear all looks similar enough that you can get by on a very short rotation. You can buy 1 pair of decent slacks in a versatile color like navy or grey with a pair of brown shoes with matching belt then have as little as 2 button down shirts (white and light blue). ... |
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Given a financial question, retrieve user replies that best answer the question
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How can I import customers and invoices from a previous year's Gnucash file? | There does not appear to be a way to export the customers and invoices nor a way to import them into another data file if you could export them. However, as said in the comments to your question, your question seems predicated upon the notion that it is 'best practice' to create a new data file each year. This is not c... |
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Given a financial question, retrieve user replies that best answer the question
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Why does it take 3 days to do electronic transfers between banks? [duplicate] | "I was perplexed by this until a few days ago when it finally clicked in a meeting with our fraud and money laundering teams in work (I work on trading surveillance). Apparently fraud detection and prevention of money laundering are currently the biggest delayers when it comes to electronic transfer of funds, checking ... |
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Given a financial question, retrieve user replies that best answer the question
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Why does it take 3 days to do electronic transfers between banks? [duplicate] | "When Laurence Olivier took the role of Douglas Macarthur in the Unification Church's filming of Inchon, he told the press, ""People ask me why I'm playing in this picture. The answer is simple: Money, dear boy."" Banking systems are typically decades old and subject to innumerable legal and technical restrictions. Mov... |
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Swiss-style Monetary Policy | "This is what is called ""weasel words"". They're trying to put some authority into their ad, but since they don't have any - they're putting meaningless words that sound important. Monetary policy is the state/central bank policy to control the supply of the available currency. Cannot think of a way to connect it to p... |
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Given a financial question, retrieve user replies that best answer the question
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Swiss-style Monetary Policy | "I'm not sure what is traditionally meant by ""Swiss-style monetary policy"" but lately it has meant the same thing as US monetary policy, or Japanese monetary policy, or Euro monetary policy: PRINT. Look how many Swiss Francs it takes to buy a currency that cannot be printed: I'm not sure why they would be touting ""... |
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Given a financial question, retrieve user replies that best answer the question
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Why does capital gains tax apply to long term stock holdings? | "Why only long term investments? What do they care if I buy and sell shares in a company in the same year? Simple, your actually investing when you hold it for a long term. If you hold a stock for a week or a month there is very little that can happen to change the price, in a perfect market the value of a company sh... |
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Given a financial question, retrieve user replies that best answer the question
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Why does capital gains tax apply to long term stock holdings? | "Most well-off people have investments which they have held for long periods of time, often of very substantial value such as a large part of a company. They also have influence on legislators and officials through various social contacts, lobbyists, and contributions. They managed to convince these law makers to off... |
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Given a financial question, retrieve user replies that best answer the question
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Why does capital gains tax apply to long term stock holdings? | "It's a matter of social policy. The government wants people to make long term investments because that would lead to other long-term government goals: employment, manufacturing, economical growth in general. While speculative investments and day-trading are not in any way discouraged, investments that contribute to th... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
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Why does capital gains tax apply to long term stock holdings? | In Australia we have a 50% capital gain discount if you hold the asset for more than 12 months, whether it is in shares, property or other assets. The main reason is to encourage people to invest long-term instead of speculating or trading. The government sees speculation or short term trading as more risky than long t... |
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Given a financial question, retrieve user replies that best answer the question
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Self Assessment UK - Goods and services for your own use | The problem with your profession is that it is hard to distinguish those activities as 'services rendered' or just a 'pastime hobby'. If you believe that both of those activities constitutes a 'service rendered in a professional capacity', then you should include it into the 'Goods and services for your own use' field.... |
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Given a financial question, retrieve user replies that best answer the question
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Self Assessment UK - Goods and services for your own use | Work on your own site is certainly not relevant here, that's just a part of your trade, not a service you provided to yourself. The business received the benefit of that work, not you. Suppose your business sold televisions. If you took a TV from stock for your own lounge, that would be included in this box because you... |
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Early Retirement Options (UK) | It's highly unlikely that you will be able to achieve 8% and would consider myself lucky to get 4% in the current interest rate environment. You might want to read some reviews of peer-to-peer lending and even try it out some yourself. Give yourself something like 2000 Euros/Dollars and a year. If you truly need 8% ... |
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Given a financial question, retrieve user replies that best answer the question
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Early Retirement Options (UK) | Some people put money into Venture Capital Trusts for the yields they offer. The risks are different and they are considered higher risk than ordinary equities; you need to be a sophisticated investor or high net worth individual to consider them. https://www.wealthclub.co.uk/articles/investment-news/why-i-never-sold-v... |
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Given a financial question, retrieve user replies that best answer the question
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Online accounting with Stripe/PayPal transactions | "Crickets here, so I'll respond with what I ended up doing. At the end of each month, I download transaction data from each of Stripe and PayPal. For each, I do the following: So it is just six entries in Wave per month plus a little spreadsheet manipulation to determine revenues and fees. Takes about 10 minutes to d... |
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Given a financial question, retrieve user replies that best answer the question
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How to handle taxes related to affiliate marketing? | Is it right that I request form W-9 or form W-8BEN (for non U.S. citizens) from the affiliate users before sending them payments? Not just OK. Required. I know that I have to send form 1099, but I don't know where does this form should go to. Should I send it to the IRS or the affiliate user or both? Both. There'... |
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Given a financial question, retrieve user replies that best answer the question
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How does per-annum depreciation for taxes work after the first year of depreciation? | The first method is the correct one. You bought an asset worth of $1000 and you put it on your depreciation schedule. What it means is that you get to write off the $1000 over a certain period of time (and not at once, as you do with expenses). But the value you're writing off is the $1000 regardless of how much you've... |
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Given a financial question, retrieve user replies that best answer the question
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How to categorize shared income? | My company did not have income of $1000 and have a $500 expense Why not? Your company received $1000 from you, and based on its agreement with the other company - transferred out half of it. How does it not translate to having $1000 income and $500 expense? When I run a report I want to see that my business has $500 of... |
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Given a financial question, retrieve user replies that best answer the question
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How prudent would it be to invest (stocks/equity) in businesses that are based on Cash transactions? | If they're hiding their profits from the government, what makes you think they wouldn't hide their profits from their shareholders? |
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Given a financial question, retrieve user replies that best answer the question
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How prudent would it be to invest (stocks/equity) in businesses that are based on Cash transactions? | Every listed company needs to maintain book of accounts, when you are investing in companies you would have to look at what is stated in the books and along with other info decide to invest in it. |
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Why buy stock of a company instead of the holding company who has more than 99% of the stocks | In a situation like this, I presume you'd invest in the child company if you thought that the child company would increase in value at a higher rate than the parent. You'd invest in the parent company if you thought the parent company would perform well as a whole, but you did not want to assume the risk of an individu... |
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Given a financial question, retrieve user replies that best answer the question
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Why buy stock of a company instead of the holding company who has more than 99% of the stocks | Also VW has more brands, i.e. is more diversified This isn't necessarily a good thing for investing. It makes the company less likely to go down, but it limits your portfolio. For example, say you think that Hyundai is a good alternative to Volkswagen (VW) but really like Audi. If you buy VW, you get some Audi but a... |
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Do I have to pay taxes in the US if my online store sells to US customers even though I don't live in the US? | You're not physically present in the US, you're not a US citizen, you're not a green card holder, and you don't have a business that is registered in the US - US laws do not apply to you. You're not in any way under the US jurisdiction. Effectively connected income is income effectively connected to your business in t... |
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Given a financial question, retrieve user replies that best answer the question
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Is it possible to block previously authorized ACH access? | I had a similar situation a while ago, and here's what I learned: What are our options here to ensure that this company can't retry to take our money again via ACH? Close existing account and create a new one that has different account number? Yes. As a temporary solution keep ~$0 balance in the account so that their r... |
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How can a school club collect money using credit cards? | Large and small universities have procedures in place regarding the use of the universities name, logo, facilities, and budget. They should have in place guidelines regarding the collection and use of funds from members, and participants. These guidelines are what allows you to have an account with the university. Gene... |
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How can a school club collect money using credit cards? | You should check with the Office of Student Affairs (or equivalent) at your University to see if you can accept Credit Cards. Many will only allow you to accept student organization dues paid in cash, check, or money order. Many universities will also provide your organization with basic operating funds, if you request... |
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Advantages of Shareholder over Director in new Company | I don't know Australian law, but I will give my US perspective here. The custom in the US is for officers and directors to be indemnified by the corporation, and that LLCs have an even broader power to indemnify (even to remove the duty of loyalty!). Moreover, directors will typically be able to purchase D&O insuranc... |
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Advantages of Shareholder over Director in new Company | I know the general principles of acting as a director in a company, and am familiar with the rights of shareholders. In the last ten years or so, I believe Australia has introduced legislation that strongly punishes those directors who do not act in a professional or prudent manner. While I will of course attempt to fu... |
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Multi-state K-1 earnings to S-Corp | I'm not sure why you think that it matters that the distribution goes to an S-Corp vs an individual tax payer. You seem to think it has any relevance to your question, but it doesn't. It only confuses your readers. The situation is like this: LLC X is deriving income in State #2. It has two members (I and S) residents ... |
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Bank statements - should I retain hardcopies for tax or other official purposes (or keep digital scanned copies)? | "In the UK Directgov don't specify anything more than ""records"", which leads me to think that a digital copy might be acceptable. With regards to bank statements, individuals (i.e. not self-employed, or owning a business) need to keep them for between 12 and 15 months after your tax return, depending on when you file... |
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Given a financial question, retrieve user replies that best answer the question
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Bank statements - should I retain hardcopies for tax or other official purposes (or keep digital scanned copies)? | I am in the United States. There is no need to keep the statements in any form forever. Once the bank gives you a 1099 stating how much interest you have earned, you don't need to keep them. If you only have them in electronic form, that is good enough for the IRS. When you do need to show a bank statement, such as whe... |
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Given a financial question, retrieve user replies that best answer the question
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Bank statements - should I retain hardcopies for tax or other official purposes (or keep digital scanned copies)? | Digital records are fine, but record-keeping practices are important. Be consistent. |
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Given a financial question, retrieve user replies that best answer the question
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Multiple SEO companies claiming I have a past-due invoice | Reading stuff like this makes me want to go into the debt collection business. Just send letters to random people demanding money. Sounds like an easy way to make a living. What's your name and address? Just kidding. If they are sending stuff to a Virginia PO Box, close the box with no forwarding address and consider i... |
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Self Employed, but not required to pay estimated taxes? | "The annualized method allows you to take a look at each quarter independently and pay the tax in the quarter that you earned it. -- According to Linda Durand, a certified public accountant with Drolet & Associates PLLC in Washington, D.C., from the Bankrate article ""Paying quarterly estimated taxes"" And after payin... |
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LLC Partnership Earned Income vs. Partnership Share | "Why would you file four K-1s for each partner? You file one K-1 per partner, on which you report the total of income attributed to that partner. It shouldn't and cannot ""vary"". There's no variables here, the income you report is the income already earned and attributed to that partner. What's there to vary? How you ... |
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LLC Partnership Earned Income vs. Partnership Share | "It would appear that you are not actually ""equal"" partners. You have differently valued interests and those values fluctuate based on individual performance. The TurboTax advice is simplified for entities that don't track interests relative to partner inputs. IRC § 704(a), partner's distributive share is set by th... |
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What significant negative factors affect Yahoo's valuation? | There are two very large negative factors that affect Yahoo's valuation. The first is that their search business is in decline and continues to lose ground to Google and even Bing. There's no sign that they have any plan or product in the works to offset this decline, so there's tremendous uncertainty about the comp... |
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How do I tell the Canada Revenue Agency that they're sending someone else's documents to my address? | "Maybe just put all his correspondence back in the Post Box and mark it ""Wrong address""? Precisely. Without opening. Just tell the postman that that person doesn't live there and have it returned to sender. The Revenue will figure it out. Most definitely do not accept any certified or registered mail not addressed ... |
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Advice on what to do with my equity? | "How will 45K-60K ""end up in your pocket""? Are you selling your home? Where are you going to live? You talk about moving to Arizona, what is so magical about that place? Congratulations on making a wise purchase. Some people with new found money use it to correct past mistakes. However, if they do not change the... |
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Advice on what to do with my equity? | What to do with your equity? Leave it alone... |
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Child is on the way, invest for college and car fund options - opinions | Look at your options with a 529 program. If the money is used for education expenses: that currently includes tuition, room & board (even if living off campus), books, transportation; it grows tax free. Earnings are not subject to federal tax and generally not subject to state tax when used for the qualified educatio... |
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If I were to get audited, what would I need? | While IANAL (tax or otherwise), I have always found that keeping original receipts is the only way to go. While anything can, at some level, be forged or faked, a photo is one more step removed from the original. A mere listing on a web site isn't much proof of anything. Keep your originals for a suggested seven years... |
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Getting a mortgage while self-employed | Would it be worth legitimizing his business or is it too late at this point? To be blunt, you're asking if we recommend that he stop breaking the law. The answer is obviously yes, he should be declaring his income. And it would probably benefit him to get on the same page as his employer (or client) so they can both st... |
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Tax liability in US for LLC's owned by an Indian Citzen | The LLC will not be liable for anything, it is disregarded for tax purposes. If you're doing any work while in the US, or you (or your spouse) are a green card holder or a US citizen - then you (not the LLC) may be liable, may be required to file, pay, etc. Unless you're employing someone, or have more than one member ... |
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Tax liability in US for LLC's owned by an Indian Citzen | I am from India. I visited US 6-8 times on business VISA and then started 2 Member LLC. Myself and My wife as LLC Members. We provide Online Training to american students from India. Also Got EIN number. Never employed any one. Do i need to pay taxes? Students from USA pays online by Paypal and i am paying taxes in Ind... |
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What can I expect to pay when meeting my first financial planner? | My suggestion would be to ask the planner as an initial question as there could be a couple possible explanations for a free meeting: Initial consultation - Within some industries there will be that first meeting which is free to see how well do two people work together. In Canada there are some lawyers that will give... |
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What can I expect to pay when meeting my first financial planner? | A complete analysis of your current situation, goals, and formulating a plan to meet those goals, including discussing your risk tolerance cannot be completed during the initial meeting. The first meeting should be him trying to convince you of his skills and services, he will also be collecting the required data from ... |
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How to systematically find sideways stocks? | You can likely use bollinger band values to programmatically recognize sideways trending stocks. Bollinger band averages expand during periods of volatility and then converge on the matched prices the longer there is little volatility in the asset prices. Also, look at the bollinger band formula to see if you can glean... |
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Who Can I Hire To Calculate the Value of An Estate? | "Generally, it would be an accountant. Specifically in the case of very ""private"" (or unorganized, which is even worse) person - forensic accountant. Since there's no will - it will probably require a lawyer as well to gain access to all the accounts the accountant discovers. I would start with a good estate attorney... |
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Is it ok to just report to 1 credit bureau instead of all 3 | The reason you would want to report to all three is because lenders don't usually query all three. Thus, it may be that your negative mark will be missed by a future lender because that lender didn't query the agency you chose to report to. Generally, it is cheaper to report to more agencies than to query more agencies... |
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Why do stocks track the price of Oil? | "Anthony Russell - I agree with JohnFx. Petroleum is used in making many things such as asphalt, road oil, plastic, jet fuel, etc. It's also used in some forms of electricity generation, and some electric cars use gasoline as a backup form of energy, petrol is also used in electricity generation outside of cars. Source... |
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(Almost) no credit unions in New York City, why? | There are 2 credit unions in the Metro NY area that are open to everyone: You might also want to check out aSmarterChoice.org to see if there are other credit union options based on where you live, work, worship & more. |
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(Almost) no credit unions in New York City, why? | I would have been tempted to dismiss your claim, but the data I found shows that you're correct. On the plus side, the growth rate in credit union market share is higher in New York than it is in California. While there is no question that bankers hate credit unions, I can't tell you why credit unions have a smaller ma... |
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The Intelligent Investor: Northern Pacific Railway example | Without reading the source, from your description it seems that the author believes that this particular company was undervalued in the marketplace. It seems that investors were blinded by a small dividend, without considering the actual value of the company they were owners of. Remember that a shareholder has the righ... |
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The Intelligent Investor: Northern Pacific Railway example | "The company was paying ""only"" $1 a share in dividends, compared to $10 a share in earnings. That is a so-called payout ratio of 10%, which is low. A more normal payout ratio would be 40%, something like $4 a share. If a $13 stock had a $4 dividend, the dividend yield would be about 30%, which would be ""too high,"" ... |
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The Intelligent Investor: Northern Pacific Railway example | Two of the main ways that investors benefit financially from a stock are dividends and increases in the price of the stock. In the example as described, the benefits came primarily from dividends, leaving less benefits to be realized in terms of an increase in the value of the company. Another way to put that is that ... |
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Why is a home loan (mortgage) cheaper than gold loan? | My doubt is whether Govt./Reserve Bank of India gives any explicit incentives to banks to offer cheaper home loans ? Currently NO. In the past Loan against GOLD was considered priority sector lending [Loans to poor and agriculture etc]. Every Bank need to lead around 25% to priority sector. Hence quite a few Banks gave... |
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Why is a home loan (mortgage) cheaper than gold loan? | Why is a home loan (mortgage) cheaper than gold loan? It has to do with risk. Lending money secured by gold is inherently riskier than a loan secure by your home. Increased risk means the lender must charge more. That's why home loans are cheap compared to loans for other purposes. Home loans are secured by the house. ... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
Is human interaction required to open a discount brokerage account? | You definitely do not need human interaction to open an account at Schwab. You just need to provide a social security number and US drivers license. See http://www.schwab.com/public/schwab/investing/accounts_products/accounts/brokerage_account You can do it online or through the mail. They usually have some questions a... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
Transfering money from NRE account in India to family member | I am a US citizen and I want to transfer some amount 10 lakhs+ to my brother from my NRE account in India to his account. My brother is going to purchase something for his business. He is going to return my amount after 3-4 Months From the description it looks like you would like to loan to your brother on repatriation... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
Can a Zelle Bank Transfer be reversed or denied after credit has been added? | After collecting information via web searching, the comments above, and a additional call to BOA, i have concluded the following to the best of my knowledge. Zelle Transfers are final. Irreversible. As Jay mentioned above, funds are subtracted from the sending account before the transfer is made, therefore it eliminate... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
Setting up a LLC for two partners in different states, what should we look into? | "TL;DR: Get a tax adviser (EA/CPA licensed in your State) for tax issues, and a lawyer for the Operating Agreement, labor law and contract related issues. Some things are not suitable for DIY unless you know exactly what you're doing. We both do freelance work currently just through our personal names. What kind of t... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
What are the procedures or forms for a private loan with the sale of a vehicle? | The Nebraska DMV web site has a neat page about this. It seems to be fairly simple, and not costly to record a lien and later release it. Just go there with the title and the sales agreement that details the terms, and pay the $7 fee. |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
What are the procedures or forms for a private loan with the sale of a vehicle? | Draft up a promissory notes. Have a lawyer do it use one of those online contract places if you have simple needs. Your promissory note need to cover Be specific. There are probably a lot more items that can be included, and if a quick internet search is any indication it gets deep fast. http://lmbtfy.com/?q=car+sal... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
What is the point of owning a stock without dividends if it cannot be resold? | Shares often come associated with a set of rights, such as ability to vote in the outcome of the company. Some shares do not have this right, however. With your ability to vote in the outcome of the company, you could help dictate that the company paid dividends at a point in time. Or many other varieties of outcomes. ... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
What is the point of owning a stock without dividends if it cannot be resold? | If that condition is permanent -- the stock will NEVER pay dividends and you will NEVER be able to sell it -- then yes, it sounds to me like this is a worthless piece of paper. If there is some possibility that the stock will pay dividends in the future, or that a market will exist to sell it, then you are making a lon... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
Does setting up a company for your own improves credibility? | The key here is that you are defacto running your own company no matter if you acknowledge it or not. In the end these questions have the goal of deciding if you can and will repay the loan. Presumably you filed taxes on your income. These can be shown to the loan officer as proof you have the ability to repay your ... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
How to account for startup costs for an LLC from personal money? | Typically you give a loan to the company from yourself as a private person, and when the company makes money the company pays it back to you. Then the company pays for all the expenses with the money from the loan. Even if you don't want a business account yet, you can probably ask your bank for a second account (mine... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
How to account for startup costs for an LLC from personal money? | You don't even need to formally loan the LLC any money. You pay for the setup costs out of pocket, and then once the LLC is formed, you reimburse yourself (just like with an expense report). Essentially you submit an expense report to the LLC for the startup costs, and the LLC pays out a check to you, categorized for t... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
How to account for startup costs for an LLC from personal money? | "If you are using software like QuickBooks (or even just using spreadsheets or tracking this without software) use two Equity accounts, something like ""Capital Contributions"" and ""Capital Distributions"" When you write a personal check to the company, the money goes into the company's checking account and also incre... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
How to account for startup costs for an LLC from personal money? | How do I account for this in the bookkeeping? Here is an example below: This is how you would accurately depict contributions made by an owner for a business. If you would want to remove money from your company, or pay yourself back, this would be called withdrawals. It would be the inverse of the first journal entry ... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
How to account for startup costs for an LLC from personal money? | "If you have a single member LLC there is no need to separate expenses in this way since it is simply treated as part of the owner's normal tax returns. This is the way I've been operating. Owner of Single-Member LLC If a single-member LLC does not elect to be treated as a corporation, the LLC is a ""disregarded ent... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
How to account for startup costs for an LLC from personal money? | An LLC is a pass-through entity in the USA, so profits and losses flow through to the individual's taxes. Thus an LLC has a separate TIN but the pass-through property greatly simplifies tax filings, as compared to the complicated filings required by C-corps. |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
What should I do with my freshly opened LLC in California after I've moved? | There's no reason to keep the California LLC if you don't intend to do business in California. If you'll have sales in California then you'll need to keep it and file taxes accordingly for those sales. You can just as easily form a new LLC in Washington state and even keep the same name (if it's available in Washingt... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
Should I use an NRE or NRO account to transfer money from India to the US? Any reports needed? | Deposits into NRE account can only be done from funds outside India. So your brother cannot deposit into your NRE account. He can deposit in NRO account or directly wire transfer the funds. Both these require some paper work depending on the amount. |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
Should I use an NRE or NRO account to transfer money from India to the US? Any reports needed? | NRE is better. It's a tax free account, exempt from income tax. NRE account is freely repatriable (Principal and interest earned) while the NRO account has restricted repatriability |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
What's the point of a chargeback when they just ask the merchant whether they owe money to the buyer? | When you initiate a chargeback, the merchant has the right to dispute the chargeback. If they can provide proof that the purchase actually took place, the chargeback will fail. We don't know all the details of your situation, of course, but it appears from what you have said that the tax chain probably has documents t... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
What's the point of a chargeback when they just ask the merchant whether they owe money to the buyer? | So, what's the point of a charge-back, if they simply take the word of the merchant? tl;dr: They don't. As both a merchant and a consumer I have been on both ends of credit card chargebacks, and have received what I consider to be mostly fair outcomes in all cases. Here are some examples: Takeaways from this: I strongl... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
What's the point of a chargeback when they just ask the merchant whether they owe money to the buyer? | The point of a chargeback is to force merchants to do the paperwork. Many merchants don't, and are easy targets for chargebacks, even when they have, in fact, provided the good or service. You used a tax prep service. They may have given you poor (technical) advice, but such firms are usually very good about doing the ... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
What's the point of a chargeback when they just ask the merchant whether they owe money to the buyer? | You may be using the wrong method to get your money back. As others have said, this is not a valid use for chargeback; that is when a fraudulent charge occurred, or when a merchant charges you incorrectly. However, many cards have various kinds of guarantees, one of which might cover this situation. Particularly in so... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
Corporate Equity Draw vs Income | You tagged with S-Corp, so I assume that you have that tax status. Under that situation, you don't get taxed on distributions regardless of what you call them. You get taxed on the portion of the net income that is attributable to you through the Schedule K that the S-Corp should distribute to you when the S-Corp fil... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
What happens if a bank no longer use an intermediary bank? | If your counterparty sent money to a correspondent account at another bank, then it is completely up to the other bank what to do with the money. If the wire transfer completed, then the account is not closed. If I were your business partner, I would immediately contact the bank to which the transfer was made and expla... |
Instruct:
Given a financial question, retrieve user replies that best answer the question
Query:
How quickly will the funds be available when depositing credit card checks? | For those who don't know, credit card checks are blank checks that your credit card company sends you. When you fill them out and spend them, you are taking a cash advance on your credit card account. You should be aware that taking a cash advance on your credit card normally has extra fees and finance charges above ... |
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