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Re: Explain me some tax law!

K 1 does imply ownership, and the way I understood it was that you only pay taxes on your "taxable income" as opposed to your actual income received from the dividends. Assuming minimal ownership, the taxes will be minimal given that the company shows marginal profit. One's taxable income ...
by Gemini
Sun Jan 25, 2015 11:55 am
 
Forum: Personal Finance (Not Investing)
Topic: Explain me some tax law!
Replies: 16
Views: 1970

Re: Physician Independent contractor - LLC vs S corp vs othe

Essentially the same advice I got from my CPA except the part about 401K vs SEP. I was thinking of solo 401K because if I have SEP then I may not be able to do the backdoor Roth. But then I read about the mega backdoor Roth, so now that has me thinking to go with the SEP Hope this helps. The solo 4...
by Gemini
Fri Jan 23, 2015 3:39 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Physician Independent contractor - LLC vs S corp vs othe

SMLLC should use the SSN of the member for the 1099 reporting. Once again, I don't believe this is correct. The owner can apply for an EIN (mapped to the owner's name not the LLC's). They can then use that EIN on W9s instead of an SSN to to help protect against identity theft. Ditto. This is how I ...
by Gemini
Fri Jan 23, 2015 3:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Physician Independent contractor - LLC vs S corp vs othe

Is that true? Single member LLC uses SS# over TIN? What's true is that you can't use an LLC's EIN/TIN on a W9 if the LLC doesn't file a tax return as its own entity. I don't see why you can't complete the SS-4 without checking the 'This EIN is for an LLC'. Basically, as far as the IRS is concerned,...
by Gemini
Fri Jan 23, 2015 3:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Physician Independent contractor - LLC vs S corp vs othe

A sole proprietor can get an EIN, but they must still fill out the W-9 with their SSN. I don't think that's correct. My reading of the instructions is that the IRS prefers sole proprietors use their SSN on a W9, but doesn't require it. Is there another reg that says sole proprietors MUST use their ...
by Gemini
Fri Jan 23, 2015 2:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Physician Independent contractor - LLC vs S corp vs othe

Get the LLC. Its maybe $100 to register it with your Secretary of State or Corporation Commission. Setup bank account with LLC name and deposit all checks to that bank account. Run all expenses associated with business through that bank account (do not commingle your money). Pay yourself a month dr...
by Gemini
Fri Jan 23, 2015 1:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Physician Independent contractor - LLC vs S corp vs othe

Personally, I'd suggest doing the DBA yourself. It's generally pretty simple and involving a 3rd party could make things MORE complicated. Depending on how picky your state is with naming rules, you may have to do a few rounds with them to get a name you both agree on. Some states won't let you use...
by Gemini
Fri Jan 23, 2015 1:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Physician Independent contractor - LLC vs S corp vs othe

On legal zoom, there is the option of them getting EIN for you whether you do dBA or LLC. It's 79 extra but it would essentially answer my question of what to get first without sweating it out and botching it.
by Gemini
Fri Jan 23, 2015 12:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Physician Independent contractor - LLC vs S corp vs othe

what did the cpa say? Pretty much that if there is no potential risk of a lawsuit, then no need to really bother with LLC, unless you want to. DBA or LLC would suffice and are super easy to set up. Def said to stay away from any corp. Also asked about quarterly tax filings and he said one can estim...
by Gemini
Fri Jan 23, 2015 12:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Physician Independent contractor - LLC vs S corp vs othe

...3 once I obtain TIN. do I still have to fill out my SS# on the box provided on W9? 3 Yes, The main reasons for obtaining an EIN even though you have no statutory employees is that you need it for the Solo 401k from most providers and to open business bank accounts I would have guessed that the a...
by Gemini
Fri Jan 23, 2015 11:12 am
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Physician Independent contractor - LLC vs S corp vs othe

In regards to getting EIN and setting up DBA - should I just use legal zoom? They charge 99 plus state fee for dBA and 79 for EIN. I can try to do it myself but don't want to screw it up. Also, if I do it myself, I'm not sure what to get first : dBA or EIN. I think the EIN may require that the dBA b...
by Gemini
Fri Jan 23, 2015 8:48 am
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Physician Independent contractor - LLC vs S corp vs othe

You think I really need a CPA and a lawyer? You don't need them, but they are very cheap relative to the costs of a potential misstep. Why not pay a few hundred bucks and talk to someone who does this for a living? Good advice will pay for itself many times over. A CPA may be enough, I'd think a la...
by Gemini
Fri Jan 23, 2015 8:45 am
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Physician Independent contractor - LLC vs S corp vs othe

Was reading this :" viewtopic.php?f=2&t=137366

Would it not be better if I opened a SEP IRA and then converted that to a ROTH IRA instead of going with a solo 401K?
by Gemini
Thu Jan 22, 2015 1:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Explain me some tax law!

Gill wrote:What kind of "company"? Is it a corporation or a partnership? Makes a big difference.
Gill


This is a learning exercise. Please explain what difference it makes.

Let's assume its a LLC with multiple members.
by Gemini
Wed Jan 21, 2015 10:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Explain me some tax law!
Replies: 16
Views: 1970

Re: Explain me some tax law!

Nope Not an accountant, but here is my understanding, The K-1 reflects the companies earnings which you are taxed on as ordinary income. You are not taxed on distributions. I would review the term phantom income as well. Your domicile will dictate the state taxes you may or may not owe. Best M Righ...
by Gemini
Wed Jan 21, 2015 10:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Explain me some tax law!
Replies: 16
Views: 1970

Explain me some tax law!

A few friends were having a discussion about a hypothetical scenario. We didn't know enough to come up with an answer. The scenario: let's assume someone living in NJ invests in a hypothetical company based in TX using an address of their home in FL or NV. One invests 100K and each month the company...
by Gemini
Wed Jan 21, 2015 9:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Explain me some tax law!
Replies: 16
Views: 1970

Re: Physician Independent contractor - LLC vs S corp vs othe

Had another question: Opting for a single owner LLC essentially means the LLC is disregarded. Assuming one goes through the IRS website and follows the prompts and selects LLC - and then gets an EIN for a single member LLC. What happens in this case with filling out a W9 and an EIN with a single mem...
by Gemini
Tue Jan 20, 2015 12:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Where to open a free business checking account?

bumping this topic - i am in the same boat.

i have no us bank in my state. does this mean i cannot use us bank?

also, what are the other alternatives? i am in the northeast
by Gemini
Tue Jan 20, 2015 9:56 am
 
Forum: Personal Finance (Not Investing)
Topic: Where to open a free business checking account?
Replies: 16
Views: 1244

Re: Physician Independent contractor - LLC vs S corp vs othe

Good call on the DBA spirit rider.

Once I obtain a DBA, do I use that dBA name instead of mine on the W9 form? I'm assuming the address would just be my home address.
by Gemini
Sat Jan 17, 2015 11:53 am
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Physician Independent contractor - LLC vs S corp vs othe

Thanks for all the info guys So after more and more reading - definitely no S corp! I am wondering whether it makes sense to even form a single member LLC. I don't see any advantages and it just involves more paperwork with fees. Some questions about using the individual/sole proprietor box on a w9 ...
by Gemini
Sat Jan 17, 2015 1:37 am
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Physician Independent contractor - LLC vs S corp vs othe

This post may be helpful: https://www.bogleheads.org/forum/viewtopic.php?f=2&t=150076 I myself went with the Sole Proprietor route. Didn't seem to be any benefit to form an LLC in my situation, your seems similar. Like EmergDoc said though, it's a minimal cost, so there's no harm either really....
by Gemini
Fri Jan 16, 2015 7:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Physician Independent contractor - LLC vs S corp vs othe

A little confusing, but I will re-read what you wrote a few times and let it sink in. I see you mentioned "simple IRA" - does this mean traditional IRA? Can I still do my usual backdoor Roth with vanguard assuming I max out at 53K in employed 401K and 53K in my SOLO 401k? The bottom line ...
by Gemini
Fri Jan 16, 2015 7:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Physician Independent contractor - LLC vs S corp vs othe

A little confusing, but I will re-read what you wrote a few times and let it sink in.

I see you mentioned "simple IRA" - does this mean traditional IRA?

Can I still do my usual backdoor Roth with vanguard assuming I max out at 53K in employed 401K and 53K in my SOLO 401k?
by Gemini
Fri Jan 16, 2015 3:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Physician Independent contractor - LLC vs S corp vs othe

So, am I my own employer within a sole proprietor LLC? If I max out the 18K 401K at my W2 gig, can I still contribute the 20% that I generate from the LLC into a solo 401K that I open for the 1099 business? Yes Is the limit 53K? If I put in 18K into my W2 401K, and my employer adds enough to make i...
by Gemini
Fri Jan 16, 2015 2:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Independent contractor and LLC

i had another question : which state do i file this in? i work in one state and live in another. since i will be doing mostly online work, can i pick either (cheaper) state as a base for LLC? Generally, if you file in a state you do not work in you need to have a registered agent. Now if you have p...
by Gemini
Fri Jan 16, 2015 2:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Physician Independent contractor - LLC vs S corp vs othe

If you have SEP IRA, you cannot do backdoor roth for full amount since SEP IRA is counted along with trad ira accounts. As for which state to file your LLC, if you are working from home on your computer for this moonlighting job, then you need to file where your home is based. this is because you a...
by Gemini
Fri Jan 16, 2015 1:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Independent contractor and LLC

bumping for more input. i was reading some more and came across this posted by someone on here "In most cases an S-corp would be disadvantageous for a moonlighting job for a high income individual. ...you have the problem of double paying social security taxes. Presumably you earn close to the ...
by Gemini
Thu Jan 15, 2015 11:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Independent contractor and LLC

thanks for all the input and clarification everyone emergdoc i read your article http://whitecoatinvestor.com/sep-ira-vs-solo-401k/ and that was a reason i was thinking of sep ira. i did my first backdoor roth conversion for 2014 a few months and will be doing it again for 2015 with vanguard very so...
by Gemini
Thu Jan 15, 2015 9:35 am
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Independent contractor and LLC

I hear ya. More and more I read - it makes more sense for me to go with LLC. Re LLC - can I base it any state or must it be where I reside or where I work? Most of my 1099 work will be done on a computer so I can technically do it from anywhere Re sep ira or solo 401 - what is the deadline to open t...
by Gemini
Wed Jan 14, 2015 11:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Independent contractor and LLC

thanks vitaflo. setting up is easy - the question is whether I should do LLC or S corp or C corp or nothing at all. i was thinking sole proprietor LLC and then, depending on what I earn, put money in a SEP IRA at the end of the year. i am not sure how much $ this will generate so not sure how much i...
by Gemini
Wed Jan 14, 2015 3:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Independent contractor and LLC

http://www.myllc.com/which-state-to-form-llc.aspx

Interesting article I came upon. Not sure if I qualify to have my LLC out of state...
by Gemini
Tue Jan 13, 2015 11:08 am
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Independent contractor and LLC

base state will likely be NJ or NYC or PA or CT, but can't one base the LLC in any state he/she chooses? As far as how much will come in from this - it MAY have the potential to generate 6 figures. But, that is a big MAY. I spoke to a friend of mine who does similar work and his LLC is a sole propri...
by Gemini
Mon Jan 12, 2015 10:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Independent contractor and LLC

I would first suggest that you consult a CPA and a lawyer (in that order) to talk about the costs to setup and run, and exactly what kind of business entity is best to use for your individual circumstance. For the spouse, typically you want to be married prior to making the LLC partnership, but in ...
by Gemini
Mon Jan 12, 2015 8:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Re: Independent contractor and LLC

Thanks for all the replies.

Not married yet, but soon. Can I add my spouse in later? Isn't there some minimum customary that the spouse must be paid?

Also, what is the best to go about setting up LLC?
by Gemini
Mon Jan 12, 2015 4:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Physician Independent contractor - LLC vs S corp vs other

I am considering some independent contract work outside of my current employment. Basically, this type of work will consist of chart reviews, utilization reviews and similar stuff. I currently get payed as an employee. For my new work, I will be an independent contractor and get paid via W9. Would i...
by Gemini
Mon Jan 12, 2015 1:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4108

Keepass 2.28

I has the 2.19 version of KeePas and I like it. This is where I keep all of my passwords for financial sites. I really like the fact that is ultra pportable - nothing to install. The whole program is merely a small folder and I can move that folder around on a USB easily if I choose. I can use on vi...
by Gemini
Sat Dec 27, 2014 10:36 am
 
Forum: Personal Finance (Not Investing)
Topic: Keepass 2.28
Replies: 1
Views: 379

Re: Roth or not?

Zabar - good points. I read the link you posted and it appears the step doctrine should not apply (as per the link at least). Bill - would it matter whether it is money market or something else? The fact that I will convert from TIRA to Roth in 1-2 days shouldn't lead to any agains. Or am I missing ...
by Gemini
Sun Oct 05, 2014 9:21 am
 
Forum: Personal Finance (Not Investing)
Topic: Roth or not?
Replies: 13
Views: 1402

Re: Should I (physician) get an MBA?

For the OP, your post asked whether or not the advanced degree is worth it. I would agree with other posters that more MD/admins are needed. Here is my experience with two MD administrators. The better administrator actually made far less money. I want to illustrate the differences as their behavio...
by Gemini
Sat Oct 04, 2014 10:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I (physician) get an MBA?
Replies: 31
Views: 3908

Re: Should I (physician) get an MBA?

Has anyone take this course: https://www.coursera.org/course/introfinance Any comments or suggestions on what to take? I started this course but didn't finish it. The professor's teaching style irritated me to the point that I could not continue listening to his lectures. You may have a different e...
by Gemini
Sat Oct 04, 2014 10:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I (physician) get an MBA?
Replies: 31
Views: 3908

Re: Roth or not?

I think I wasn't clear in my question. What I meant was would there be any benefit in opening a Roth IRA with principal or TIAA as opposed to vanguard since I have accounts with them already.


Also, should I put the 5.5K right away or do it monthly?
by Gemini
Sat Oct 04, 2014 10:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Roth or not?
Replies: 13
Views: 1402

Re: Roth or not?

Thanks for the input. Zabar - thanks for the rundown. I am already throwing money at that high interest loan. Just to make sure I am doing this right, I will list steps: 1. Go to vanguard.com - open a traditional IRA (TIRA) 2. Once TIRA open, add money to it. - Should I add $5,500 right away? This w...
by Gemini
Sat Oct 04, 2014 7:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Roth or not?
Replies: 13
Views: 1402

Re: Roth or not?

Thanks rhusky.

I don't want to mess this up, so is there a step by step guide on how to do this.
by Gemini
Sat Oct 04, 2014 12:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Roth or not?
Replies: 13
Views: 1402

Re: Should I (physician) get an MBA?

Has anyone take this course: https://www.coursera.org/course/introfinance

Any comments or suggestions on what to take?
by Gemini
Sat Oct 04, 2014 12:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I (physician) get an MBA?
Replies: 31
Views: 3908

Roth or not?

I wanted to see if it a good idea for me to open a Roth or some other form of personal retirement account. I currently don't have one. No 401K or work related retirement savings plan for this year, but I am eligible next year. Debt. Student loans : 157K with DRB @ 3.5% on a 5 year payoff plan 89K wi...
by Gemini
Sat Oct 04, 2014 10:53 am
 
Forum: Personal Finance (Not Investing)
Topic: Roth or not?
Replies: 13
Views: 1402

Re: Sallie Mae to DRB refinance - wrong allocation

Wanted to provide an update. I followed Natsdoc advice and sent a message via the salliemae.com website. I sent the message on a Sunday night and the loans were allocated correctly by Monday evening. I also tried calling before and the person on the phone was clueless about the whole thing. Hope thi...
by Gemini
Sat Oct 04, 2014 10:25 am
 
Forum: Personal Finance (Not Investing)
Topic: Sallie Mae to DRB refinance - wrong allocation
Replies: 6
Views: 596

Sallie Mae to DRB refinance - wrong allocation

Just did a major student loan refinance and went from Sallie Mae to DRB. DRB sends out a check to Sallie Mae and, instead of allocating it to the high interest loans, they use it for the low interest loans. Can this be remedied with a phone call? Or am I essentially stuck since Sallie Mae already us...
by Gemini
Sun Jul 27, 2014 10:16 am
 
Forum: Personal Finance (Not Investing)
Topic: Sallie Mae to DRB refinance - wrong allocation
Replies: 6
Views: 596

Re: Dining table

Thanks all.

Ended up springing for 84" oak table. Got round back chairs as well. :sharebeer
by Gemini
Mon Jul 07, 2014 10:05 pm
 
Forum: Personal Consumer Issues
Topic: Dining table
Replies: 20
Views: 1615

Re: Dining table

I like wood too!!

How's this : http://www.restorationhardware.com/cata ... cat2140116

I like the natural color.
by Gemini
Sun Jul 06, 2014 2:00 pm
 
Forum: Personal Consumer Issues
Topic: Dining table
Replies: 20
Views: 1615

Re: Dining table

Going for the rustic look. We looked at some salvaged wood at reformation hardware - look so good, but expensive!
by Gemini
Sun Jul 06, 2014 1:53 pm
 
Forum: Personal Consumer Issues
Topic: Dining table
Replies: 20
Views: 1615

Dining table

We are in the market for a dining table. I wanted to get input about how to go about selecting one, what material, etc. Looking for something around 80 or so inches and would prefer an extension. As I researched about them, they range from about 1k to 3k. Is this an investment or should one opt for ...
by Gemini
Sun Jul 06, 2014 1:39 pm
 
Forum: Personal Consumer Issues
Topic: Dining table
Replies: 20
Views: 1615
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