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In cases where these activities don't cost any money (other than my time), should I just consider them part of what I do to earn my salary from my corporation? Most definitely. In cases where I do have to pay for these activities, would it be more advantageous to consider them reimbursable employee expenses or direct corporate expenses? ...


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I'm not sure what you mean by "writing off your time," but to answer your questions: Remember that, essentially, you are a salaried employee of a corporation. So if you are spending time at your job, even if you are not billing anything to a client, you are earning your salary. If there are costs involved with these activities (maybe class fees, a book ...


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In northwest Arkansas, most of the houses this company offers do cost about 90 - 110 dollars per square foot. The exceptions use the Whitney plan, which has the following design features (and/or problems) which happen to save the builder a lot of money: Most rooms only have "light on one side", not "light on two sides". And the few windows are rather ...


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Assume your salary is $100K. Case 1: Your company will match up to 4% of your eligible compensation, to the maximum of $10600, which in your case is $4000. Case 2: assume your salary is $1M. Now the company match maximum is $10600, since 4% of your salary is more than that. The company will match, meaning the company will only deposit the same amount ...


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Please don't take this personally, but your question asserts some investing philosophies that really don't apply to this situation. First, I'd like to share with you my favorite Warren Buffet Quote, being: "Diversification is cover up for ignorance" (i didn't google it to get it exactly right so this is the gist) You seem to be wanting to hedge more than ...


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Simple answer: the house you are living in is not an investment. It is part of your net worth, as is any mortgage against it, but since it is completely illiquid you shouldn't count it as part of your portfolio. You've taken money out of your investments and spent it; rebalance what's left.


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Answering the second half of your question - how can you convince your employer to set one up: FSAs don't exactly have a direct benefit to the employer - they don't get a tax break for having one, at least as far as I've seen. However, they have a number of indirect benefits - and even a tax-related one. Like other benefits, an FSA is an employee benefit ...


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Unfortunately, no. An FSA is exclusively an employer-established plan. Even self-employed people aren't eligible for an FSA. From IRS Publication 969: Qualifying for an FSA Health FSAs are employer-established benefit plans. These may be offered in conjunction with other employer-provided benefits as part of a cafeteria plan. Employers have ...


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The slips from your bank for your HSA account are for an account already established and thus the bank is willing to accept your deposits even if they arrive at the bank after the April 15 deadline, as long as the postmark is April 15 or earlier. The account exists in the bank, they know who you are, and that the payment is received after April 15 is just ...


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No. $1M income already puts you in the highest income tax bracket, so your capital gains tax would also be the highest + medicare. While the capital gains are taxed at special rates, they do affect your AGI. The special rates for capital gains are based on the AGI. It is only if your AGI is less than that amount will you pay 0% capital gains tax.


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A 25% variance in price, in most markets, isn't so crazy as to require it be some sort of terrible scam, but that doesn't mean much else. It could be the inclusion of floor plans that are carefully designed to add square footage at minimum cost and thus reduce the average cost per square foot without actually being cheaper otherwise, less insulation, thinner ...


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The advantage of a Traditional IRA is: tax deduction today. The advantage of a Roth IRA: no tax on withdrawal. Both types are tax-deferred, and have no bearing on the question.


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I had a situation like this also. A client deposited an IRA check to his local P.O. prior to collection p/up, thinking this meant it would be postmarked April 15. It may have been picked up, but wasn't postmarked until the next day, and my firm refused to consider it as timely. I do remember discussing it w/my Retirement Services Dept. Maybe they made an ...


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Basically, no. You have retirement plan options and can either go with a Roth option, which won't change your current tax burden, or go with a traditional plan, which is tax deductible but won't change your business deductions or self-employment taxes. This article has an explanation of options for setting up SEP or Solo 401k plans. Key quote for all the ...


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You can deduct retirement contributions (above the line even), but not as a business expense. So you can't avoid the SE taxes, sorry.


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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 taxes are we looking into paying ...


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You have several options: Insist that you will pay them from the HSA only when the final bill has been determined. Insist that they reverse the charges back into the account. This works great if you have a credit/debit card for the HSA account. If they refuse the second option, and the incident has already happened look on the HSA website for the form ...


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The "must be postmarked" language might be just from the old bank itself, not from the IRS. The language I see in Publication 969 only says "You can make contributions to your HSA for 2014 until April 15, 2015." In this case, it is understandable that the credit union you have the new account with does not want to accept the contribution for tax year 2014. ...


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This is referred to as a Mistaken Distribution. An HSA mistaken distribution occurs when you take a distribution and later find out that it is not for a qualified medical expense. For example, this could occur if you accidentally pay for a restaurant dinner with your HSA debit card. It can also occur if you take a distribution to pay for a medical ...


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Amounts on line 1 of the K-1 are translated into taxable income to you. Amounts on line 16 of the K-1 with code D are translated into reduction of your cost basis for the shares. If your cost basis is already $0 - they are translated into capital gains. You need to track and adjust your cost basis in the shares. When you sell your shares - you'll pay ...


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You still own the shares, so cost basis is not relevant because there's no gain or loss on the shares until you sell them. It's much simpler than you fear: fill out a Schedule E with the $2000 from box one of the K1. Answer the questions on the Schedule E and the final amount goes on Line 17 of your 1040. It'll probably be the same $2000 on Line 17 if you ...


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A friend of mine, who works on Wall Street, once asked me, "What do you think is the biggest worry of mortgage lenders - defaults or pre-payments?" Hands down I replied, defaults. And most people would agree with me. And we would be wrong. What scared these bankers the most is pre-payments. Why? Because that's lost income. If you got aggressive and ...


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It varies by the issuing institution and state, but typically there are some minimum (set by the financial institution) and maximum (set by the state based off of an estimate of the maximum amount college could end up costing) contribution limits and you're free to contribute anywhere in that range annually. Edit for Georgia: Maximum contributions: Accepts ...


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As you already mentioned, a traditional 401K is tax-deferred, so you don't pay any taxes on the money in the account until you retire. A Roth 401K has already been taxed, so you don't pay taxes on withdrawal (assuming you withdrawal after 59 1/2 years of age) The Roth 401K is advantageous if you believe you'll be in a higher tax bracket than you are ...


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Age. Current marginal rate. Total saved so far. Current rate of savings. Joint or single filer. These are among the variables that go into making this decision. Without this, my answer is a general response. In general, you have one marginal rate today. (Unless you happened to be straddling a bracket limit). In retirement, you have your marginal rate, of ...


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I personally don't think that this program will do anything for you. 120 payments is 10 years. You'll have this loan paid off in about 5 or 6 years, at your current rate of payment. I'd encourage you to pay it off much quicker than that if you can find a way. The longer you take to pay, the more interest you'll pay. If you tried to refinance to attempt ...


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Nice idea, but you will have a potential problem. State lawmakers have already considered this option: I looked at this site: Saving for college because it include info for on all the plans. For Illinois it discuses income tax recapture. Effective January 1, 2007, rollovers from this plan to an out-of-state program are included in Illinois taxable ...


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This is from India point of view, Someone would come along and answer taxes from US point of view. Can stocks/shares held in the name of Indian parents be transferred to children living in U.S and what is the tax implication on it ? Assuming you are PIO and now US citizen, you would be treated at par with NRI. You have to open an NRI Demat NON-PINS ...


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Bankruptcy law is complex. You need a lawyer who can advise you both on the statute and relevant case law for the district where you file. Your lawyer can advise you whether actions you contemplate are allowed. You can obtain advice prior to filing as you seek to determine whether the law and the relief it offers are suitable to your situation. Anyone ...


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I can't give an authoritative answer to this, but I was in the same position in 2000 and 2001 and this was my experience as far as I can remember: I visited a HMRC drop-in centre and asked if I needed to do anything to pay tax in the UK on the foreign income. They said I didn't because it would be taxed in the US. I wasn't entirely convinced by this but I ...


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What is the maximum cash gift a person can receive from Indian parents? There's no limit on what a US citizen can receive. The only thing to keep in mind is that if you get $100K or more in gifts/inheritance from foreign persons - you'll need to report it (not pay any taxes!) to the IRS on form 3520 as part of your tax return. Beyond what limit ...


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From a federal tax point of view, withdrawals from 529 plans are treated as taxable unless they are used on qualified expenses: The part of a distribution representing the amount paid or contributed to a QTP does not have to be included in income. This is a return of the investment in the plan. The designated beneficiary generally does not have ...


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For cross-border transactions like this you should really take advice from an accountant or lawyer who specialises in them, because there may be tax treaties between the two that complicate the situation. However, in general borrowing money doesn't have tax implications in itself, and there's no limit as such. You do need to consider the following points: ...


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Financial institutions including banks and investment firms (stockbrokers, mutual funds, etc.) are subject to Patriot Act provisions that impose stiff supervisory requirements for "suspicious activity" and certain customers and transactions. For example, the Office of Foreign Activity Control (OFAC), maintains a list of countries deemed to be prone to money ...


1

I don't know that you can do anything about the event that happened in the past itself, but you can find out now if you/she can get a bank account and if not, why you were denied. To be clear, there are federal consumer protection laws that require "adverse action" to be presented to you in writing, with the details of the consumer agency/report that ...


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Yes, typically a condominium mortgage would require this policy - which is not the same as your homeowner's insurance. It is required for any Fannie Mae loan; see their policy on the subject, and other mortgage holders typically have similar policies. AOL has a good explanation of the difference. What it largely comes down to is that in a condo, you don't ...


5

If you are talking about a single family house the lender dictates that hazard insurance is required. This type of policy is generally easy to buy. If covers their investment, and it also covers the stuff in your house, and may have liability coverage in case somebody falls in your home. When dealing with some townhouses, and all condo/co-ops there are two ...


1

I'm a bit loathe to offer this response, but some pre-paid credit card vendors offer "direct deposit" to the card. Not surprisingly, Wal-Mart is one of them -- the very first "how to reload" option is direct deposit from an employer: https://www.walmartmoneycard.com/walmart/account/learn-how I think this sort of service encourages bad money habits. People ...


3

According to the TN DOL FAQ, the employer can choose how to pay wages. Other options include checks and cash. However, it is the employer's choice, not the employees, on how to pay the wages. In case of direct deposit, the employee can choose the bank at which to receive the money. Why would opening an account be unpractical is beyond me. You can also ...


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There's a report similar to credit report that banks use when they evaluate potential customers. This record holds prior bank accounts and the problems arisen from them. You can order your copy (your wife - hers) here. I believe the rule of a free annual report extends to this as well. What you describe usually happens if that reports contains some (very) ...


4

Considering I'm in a nearly identical situation, I'll speak to my personal strategy and maybe there's some value for you as well. You have ~$22k in loans, which you say you could pay off today. So, what I read is that you're sitting there with a $22k investment and want to know which investment to make: pay down debt, invest in yourself/start up, or some ...


1

It's a what-if? sort of question. What if rates stay down or trend only slightly higher, despite no QE? look at other countries response to tepid economies. My experience as professional advisor (25 yrs) tells me the future is unknowable and diversity is good. Make alternative choices- they all won't work wonderfully, but some will.


0

Where companies are domiciled isn't very relevant any more- many "US Companies" have significant non-US business earnings i.e. Coke, MacDonalds, Walmart, 7-Eleven, Cisco, Apple. US companies have been investing overseas for years, and have very profitable subsidiaries. The US economy is the largest in the world, though China is now a close second. If you ...


1

To expand a bit on @MSalters's answer ... When I read your question title I assumed that by "retirement funds" you meant target-date funds that are close to their target dates (say, the 2015 target fund). When I saw that you were referring to all target-date funds, it occurred to me that examining how such funds modify their portfolios over time would ...


1

Starting up a company is fun, stressful, and exciting. It's also often a lot harder than you expect. Income, revenue, and cash flow are big concerns, and you need to be able to eat while you're hunting down your first paying customers. Don't pay off all the debt if that will leave you without any money for living expenses. Perhaps a compromise is in order? ...


1

You need a source of delisted historical data. Such data is typically only available from paid sources. According to my records, AULT (Ault Inc) began as an OTC stock in the 1980s prior it having an official NASDAQ listing. It was delisted on 27 Jan 2006. Its final traded price was $2.94. It was taken over at a price of $2.90 per share by SL Industries. ...


3

I really like questions about customer service and how to handle tricky situations when money, expectations, and agreements are all in play. The simple answer is, "no, you shouldn't have to pay for lousy service." But that's not really the issue. The real question is, "what will happen if I don't pay?" In my experience, these things are best worked out ...


4

My advice is that if you've got the money now to pay off your student loans, do so. You've saved up all of that money in one year's time. If you pay it off now, you'll eliminate all of those monthly payments, you'll be done paying interest, and you should be able to save even more toward your business over the next year. Over the next year, you can get ...


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In order to not be considered a gift, the appropriate Applicable Federal Rate must be charged. This varies by the term of the loan; short term is 0-3 years, medium is >3-9, long is >9+. Investopedia discusses this a bit more, particularly including the time periods. In your case, of course check the AFR for the month in which it's lent, but it will be ...


2

Your actual question is a bit confusing, but parts of it are answerable. If your parents give you cash to buy a home, you use it for a cash sale, and you then repay them, then if they don't charge you interest (above and beyond any they may pay - treat their loan as entirely separate from yours.) that amount of not-charged interest is considered a gift. ...



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