109

You can't prove a negative. Therefore, you cannot prove that an invoice is unpaid; it is assumed to be unpaid on claiming so, and the payer has to prove that he paid. That should be easy for him, if they did pay.


41

In the US, "Traditional" retirement accounts are generally subjected to something called Required Minimum Distributions (RMDs). For clarity, a "traditional" account is one where there is a tax benefit confered on contribution to the account, but distributions from the account are subject to tax. RMDs exist to force taxable events on these retirement-type ...


41

Business expenses don't need to be smart business expenses in order to be deductible. They just need to be somehow connected to your commercial activity. If you incurred an expense because you or your client made a mistake or changed their mind, that's also a business expense. A common litmus test for what is and is not a business expense is to ask: "If ...


26

Yes. Just like if your business entered into a contract with a penalty for non-completion.


14

In the USA, you must take a Required Minimum Distribution (RMD) from your (traditional IRA, 401k, 403b) retirement account starting at age 70.5. If all of your retirement investments are in stock, then you will need to sell stock and move it out of the retirement account (or possibly transfer some of the stock out of the retirement account). Your financial ...


10

You don't need proof. If you believe someone owes you, just bill them for whatever you think is owed. The burden of proof is on them to show they paid. On the off-chance they have, any competent business will have no trouble showing this. However, that should not be happening. Sometimes, that is a routine issue that is easily explained, like paper ...


9

The IRS mandates a Required Minimum Distribution from IRA, 401(k) and 403(b) accounts once you reach a certain age. The quoted pundit says Boomers will be thinking ‘I’ve got too much equities,’ which they do have. All these Boomers allegedly selling a mandatory chunk of stock is what is supposed to make the market drop. It's a reasonable hypothesis, but ...


5

One option you may have missed is the concept of a back-door Roth IRA. In this case, you contribute to a traditional IRA for the year. As you note, if your income is too high, this contribution will not be tax-deferred. However, you can ask that your traditional IRA be converted into a Roth IRA -- you ask for this conversion to occur immediately after your ...


5

You bought something for your business. You used it in your business. You didn't need it anymore. You disposed of it as effectively as you could but nevertheless at a loss. If you could have treated the original purchase as a deductible business expense had you not later realized you didn't need it, you still can. The return of the item is effectively a sale ...


5

I am sorry for your loss and the most important thing is to remain calm during this difficult time. The tone of your question suggests that there might be an adversarial relationship with the boyfriend. "All the money" is a vague term. So let us break it down a bit. The car: My assumption is that the car was totaled. So first, the insurance company ...


4

You will not lose any of your refund as long as you file within 3 years of the date that your return is due. From the IRS website: In most cases, an original return claiming a refund must be filed within three years of its due date for the IRS to issue a refund. Generally, after the three-year window closes, the IRS can neither send a refund for the ...


3

The bank considers a few items when approving a mortgage: Your credit history. A great history/score helps, and bad one hurts. It can show up in the rate, or even may be the determining factor if the financial numbers are close. Your income. If you have no other debts this number is used to determine the maximum amount you can afford. For a mortgage they ...


2

That's somewhat misleading. What is true is that age 70-1/2, they must start withdrawing a fraction of their traditional IRA, traditional 401K, 403B, etc. every year. This does not apply to Roth versions of these assets. However, this does not oblige a stock sell-off. Because nothing prevents the owner from simply selling the stock in the IRA, ...


2

This is a case where proper punctuation vastly changes the meaning of a statement. The claim that people are required to sell a portion of their individual retirement accounts in general is absurd. However, there is a particular type of account called an Individual Retirement Account, or IRA. "Individual Retirement Account" is a proper noun that refers to a ...


2

Possible award of $500. I wouldn't count on getting any money BUT if there was I would rather bet it would be on the lower side. Yes - if you pursed this, AMEX could cancel your card on the ground that such involvment is equal to you not agreeing on Table of Payments, regulations etc.


2

If you have not been told by the IRS in a formal letter that you are subject to back-up withholding, then you should answer that you are not subject to back-up withholding when filling out the W9 form. Those people who have been told that they are subject to back-up withholding have bee. understating their income regularly (by not declaring all income on the ...


2

Best guess is that the arm (or maybe tentacle?) of the SSA that requested the return wasn't yet informed of the success by the other arm that processed the returned money - any incoming money has to go through a processing where it gets assigned to the proper account, and that might just take a while. Otherwise...things get lost... this is government we ...


2

"is there even a reason to contribute to a Traditional IRA since you've lost the tax incentive? " Even under a non-deductible Traditional IRA, you would defer your taxes on gains until you retire. However (unless the political situation between now and then leads to tax law changes), your gains will be taxed then at the regular income rate and not the ...


2

Don't time the market Every time there's some risk that could cause stocks to halve (or lose more of) their value. Most of the time, it won't happen. I'm sure you won't find any period where negative news don't exist. You just need to learn to ignore negative news. Instead, invest as much into stocks as you are comfortable Stocks yield more than bonds. In ...


2

If the client is not willing to cooperate, which I'm assuming is the case, there is no way to prove it definitively. Any sane authority should agree that the burden of proof rests on the client to prove that it has been paid. If the client is unable to produce such proof, he is generally judged as not having paid. Also payer's (client's) bank account ...


1

The risk is that the routing and account information of the person who sent you the check will be exposed if the check falls into the wrong hands. They can use that information to make a fake check. You writing void on the check does nothing to stop that from happening. Destroying the check in a manner that obliterates those numbers will keep others from ...


1

If the property is jointly owned, technically you can mortgage your undivided one-half interest, but I doubt that any bank would be willing to do that. If you didn't pay, foreclosure would be much more complicated.


1

Basically the W9 is just to reveal that you are an independent contractor getting paid from the website you are currently getting an income from. Backup withholding basically means you have to properly report your name and social security number to the payer. Instead of your taxes being withheld by your employer in a w2 form. You would get a tax bill (if ...


1

I didn't withdraw any money from the account and gained interest. Money is still there as of today. CUR depreciated during 2018 in 2 times. The CPA is right, because your currency loss is unrealized. This is no different from owning a stock that has lost value during the year and which you still hold. Only when you sell the currency will you realize ...


1

You will have a long-term capital gain of $9 per share (less whatever sharespost charges you). That's about it. You'll pay Federal and State income tax (if your State taxes capital gains) on the income.


1

I'm not sure why you're asking about the pros and cons as well as the differences and similarities between Securities lending and Margin. Though intertwined, they're separate issues. When someone wants to short a stock, his broker borrows it from an in house account. If no shares are available in house, he borrows it from another broker. This assumes ...


1

The important figure is how much interest you are saving each month by refinancing, which is what offsets the upfront cost of refinancing over time. (For simplicity, I'm ignoring the increase in your monthly payment realized by moving from a 30-year to a 15-year mortgage and assuming you are OK with the trade-off to pay down the principal faster.) On your ...


1

Overnight repo: I sell this bond to you today and agree to buy it back from you tomorrow. Term repo: I sell this bond to you today and agree to buy it back from you [next week, next month, ...].


Only top voted, non community-wiki answers of a minimum length are eligible