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Re: What do you splurge on?

I got some scary medical news. Immediately said I want to see the best Dr on the planet. The recommended Dr is out of network. I said book it anyway. Today I am traveling out of town so that an out of network Dr can perform surgery at an out of network hospital.
by Hayden
Mon Nov 24, 2014 10:51 am
 
Forum: Personal Consumer Issues
Topic: What do you splurge on?
Replies: 145
Views: 8105

Re: My Health care monthly premiums doubled after ACA

I was buying health insurance for my small business for years. Annual increases of 20% to 50% or more every year (one year, the insurance company wouldn't quote our broker a number, just said get off our plan, because our group was expensive). This year my increase was 12%, lower than I've seen in m...
by Hayden
Mon Nov 24, 2014 10:37 am
 
Forum: Personal Finance (Not Investing)
Topic: My Health care monthly premiums doubled after ACA
Replies: 46
Views: 3205

Re: One person LLC, Solo 401k, 1 Employee - Question

How many hours per year does the employee work. Didn't know if that mattered. But it is 20 hrs/week I think that will rule out a solo 401k. And what is the reason? Solo 401ks are for businesses without employees. Some plans do seem to allow employees, if the employee works few hours. If it were me,...
by Hayden
Sun Nov 23, 2014 11:05 am
 
Forum: Investing - Help with Personal Investments
Topic: One person LLC, Solo 401k, 1 Employee - Question
Replies: 25
Views: 708

Re: One person LLC, Solo 401k, 1 Employee - Question

nkaufman wrote:
Hayden wrote:How many hours per year does the employee work.


Didn't know if that mattered. But it is 20 hrs/week


I think that will rule out a solo 401k.
by Hayden
Sun Nov 23, 2014 10:35 am
 
Forum: Investing - Help with Personal Investments
Topic: One person LLC, Solo 401k, 1 Employee - Question
Replies: 25
Views: 708

Re: One person LLC, Solo 401k, 1 Employee - Question

How many hours per year does the employee work.
by Hayden
Sun Nov 23, 2014 10:05 am
 
Forum: Investing - Help with Personal Investments
Topic: One person LLC, Solo 401k, 1 Employee - Question
Replies: 25
Views: 708

Re: S Corp question

Agree with others. Pay for an opinion from an attorney knowledgeable in this area. What does the LLC operating agreement say about dissolution and distribution of assets? What does state law say about dissolution and distribution of assets? The LLC is a legal entity formed under state law. The S Co...
by Hayden
Sat Nov 22, 2014 10:25 am
 
Forum: Personal Finance (Not Investing)
Topic: S Corp question
Replies: 10
Views: 929

Re: S Corp question

Thanks Sosodan. As i understand it, CPA 2 believes that when both Members signed the Form 2553, we did effectively amend the operating agreement. The immediate issue is this. When i learned of this issue from CPA 2, i lost confidence in CPA 1. But, i've been with CPA 1 a long time, don't want to lea...
by Hayden
Fri Nov 21, 2014 5:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: S Corp question
Replies: 10
Views: 929

Re: S Corp question

Sosodan: Thank you for the detailed analysis. JacobyTT: Interesting. CPA 2 says the S Corp rules control, not our documents. Jared: Here’s what other info I have. What other documents/information should I be looking at to help answer this? We filed the following forms, effective 1/1/2004: Form 8832,...
by Hayden
Fri Nov 21, 2014 3:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: S Corp question
Replies: 10
Views: 929

S Corp question

CPA firm 1 (that I’ve been using forever) has told me one thing. I’ve now spoken with CPA 2 who has told me something completely different. If CPA 2 is correct, I’ll switch to him, but how do I know if he is correct? I’m hoping some of the S Corp scholars on the board will help me. Here’s the issue:...
by Hayden
Fri Nov 21, 2014 12:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: S Corp question
Replies: 10
Views: 929

Re: Sole proprietor or other forms?

I have had an S Corp for many years, and closing it down is proving to be complicated. If this is just consulting income for a year or two, I personally would go the sole prop route and avoid the paperwork headaches.
by Hayden
Fri Nov 21, 2014 11:10 am
 
Forum: Personal Finance (Not Investing)
Topic: Sole proprietor or other forms?
Replies: 7
Views: 773

Re: smartphone over wifi - still possible?

Was in Best Buy last night looking at options. Was struck by the fact that smartphones are much more expensive than tablets. I'm starting to think the best option is to carry two devices: inexpensive phone and tablet.
by Hayden
Fri Nov 21, 2014 10:58 am
 
Forum: Personal Consumer Issues
Topic: smartphone over wifi - still possible?
Replies: 31
Views: 2360

Re: What doyou splurge on?

Luxury hotels
No red-eye flights when traveling

Also, I eat out a lot. I'm not sure that's a splurge. I don't cook, and don't foresee that ever changing. Just something I factor into my budgeting.
by Hayden
Fri Nov 21, 2014 10:50 am
 
Forum: Personal Consumer Issues
Topic: What do you splurge on?
Replies: 145
Views: 8105

Re: Start a business

I was always exceedingly frugal, so was able to quit an excellent job and start a company. Then, I worked constantly. I worked a lot of hours as an employee, but it is not the same thing as the relentless demands of running a company (eg, scheduling your calendar around the requirement to run bi-wee...
by Hayden
Fri Nov 21, 2014 10:34 am
 
Forum: Investing - Theory, News & General
Topic: Start a business
Replies: 14
Views: 1645

Re: SIMPLE IRA Help for my business

If someone contributes $100, you contribute $100. If someone contributes $14,500, you match that up to a maximum of 3% of their salary. Correct, but the max annual employee contribution to a Simple IRA is $12,000 in 2014, and $12,500 in 2015. So the match would be 3% of employee income, with a cap ...
by Hayden
Sat Nov 15, 2014 10:45 am
 
Forum: Personal Finance (Not Investing)
Topic: SIMPLE IRA Help for my business
Replies: 8
Views: 773

Re: SIMPLE IRA Help for my business

If you choose the 3% match option, You match dollar for dollar, up to 3% of salary. If someone contributes $100, you contribute $100. If someone contributes $14,500, you match that up to a maximum of 3% of their salary. Since you and your wife are both employees, you are treated exactly the same as ...
by Hayden
Fri Nov 14, 2014 5:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: SIMPLE IRA Help for my business
Replies: 8
Views: 773

Re: Solo 401(K) Dormancy and Permanency Risk?

Fidelity raised this issue with me when I spoke with them about opening a solo 401k. I told them that I know I have consulting income in 2014 and 2015, but no one ( well, not most people), can know for sure whether they will have income in 2016. That is simply not a realistic requirement. Is this re...
by Hayden
Wed Nov 12, 2014 9:50 am
 
Forum: Investing - Help with Personal Investments
Topic: Solo 401(K) Dormancy and Permanency Risk?
Replies: 6
Views: 785

Re: Part Time Work in Tech Fields - Early Retirement

There are a lot of technical retirees who want to keep working at a low level. There are contracting companies that specialize in this. Sounds like that would be a good fit for you. Suggest you research the contracting companies that cover your technical field.
by Hayden
Fri Nov 07, 2014 2:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Part Time Work in Tech Fields - Early Retirement
Replies: 12
Views: 1832

Re: Netflix: how long broken?

We have problems with Netflix frequently. Restarting Apple TV usually fixes it.
by Hayden
Tue Nov 04, 2014 9:16 am
 
Forum: Personal Consumer Issues
Topic: Netflix: how long broken?
Replies: 13
Views: 2143

Re: Kitchen Cabinets

We hired someone to repaint our cabinets and they look incredible. I've seen lots of cabinet paint jobs that don't look good. So, maybe it depends on the expertise of the person you hire.
by Hayden
Tue Nov 04, 2014 9:13 am
 
Forum: Personal Consumer Issues
Topic: Kitchen Cabinets
Replies: 11
Views: 1416

Re: Solo Physician Practice

You'll probably want to pay an accountant to do the S Corp taxes. That expense would be offset by the tax savings from having an S Corp. how much annual income do you project?
by Hayden
Mon Nov 03, 2014 9:25 am
 
Forum: Personal Finance (Not Investing)
Topic: Solo Physician Practice
Replies: 13
Views: 1971

Re: Distribution in excess of basis

I'm sure your CPA has the technical skills and knowledge to handle your s-corp's taxes, so I wouldn't worry too much about him messing up your tax returns. Two way communication is extremely important though so if you don't have a good relationship you might want to find someone else to work with. ...
by Hayden
Thu Oct 30, 2014 1:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: Distribution in excess of basis
Replies: 11
Views: 656

Re: Distribution in excess of basis

Here is some information that may help you understand your situation better: http://www.journalofaccountancy.com/issues/2004/nov/avoidthetaxtrapwhenrepayingshareholderloans.htm You will want to talk with a CPA who can explain this situation to you and the various options that you can decide on. You...
by Hayden
Thu Oct 30, 2014 10:33 am
 
Forum: Personal Finance (Not Investing)
Topic: Distribution in excess of basis
Replies: 11
Views: 656

Re: SEP IRA for Sole Propietorship + Simple IRA at W2 employ

SEP IRA plans have mostly been replaced by Solo 401K. I believe you can have both an employer based Simple IRA and a Solo 401K at the same time. If you are with Fidelity, they can tell you for sure if you call and ask for the retirement advisors (may need a substantial account with them to reach th...
by Hayden
Thu Oct 30, 2014 8:48 am
 
Forum: Personal Finance (Not Investing)
Topic: SEP IRA for Sole Propietorship + Simple IRA at W2 employer
Replies: 11
Views: 529

Re: Distribution in excess of basis

It depends it terms of was cash contributed. Did you take out a personal loan and put the proceeds in the business? Unfortunately, with the complexity involved, you are going to need to meet with your accountant to better understand it or engage the services of a different CPA. I transferred my Van...
by Hayden
Thu Oct 30, 2014 8:31 am
 
Forum: Personal Finance (Not Investing)
Topic: Distribution in excess of basis
Replies: 11
Views: 656

Re: Distribution in excess of basis

There is stock basis and debt basis. Do you have both? Essentially distributions in excess of basis are taxable at capital gains rates. Thanks for the response. Your question is beyond my abilities. Here is how I got into this situation. The LLC was taxes as a partnership. I put over $400k into the...
by Hayden
Thu Oct 30, 2014 8:20 am
 
Forum: Personal Finance (Not Investing)
Topic: Distribution in excess of basis
Replies: 11
Views: 656

Re: Distribution in excess of basis

Well, I've gotten no responses, sImilar to the lack of response when I ask my accountant this question. What am I missing? Or does this require some particular expertise? If so, who do I need to help me unwind this? Do I need to find a tax attorney, or a different accountant? I'm hoping someone here...
by Hayden
Thu Oct 30, 2014 8:05 am
 
Forum: Personal Finance (Not Investing)
Topic: Distribution in excess of basis
Replies: 11
Views: 656

Re: Vanguard's Voice Recognition

I use it and like it. I figure that if I'm traveling and don't have my log in credentials, i can call them and they'll know its me.
I wish Fidelity would implement something similar.
by Hayden
Wed Oct 29, 2014 12:32 pm
 
Forum: Personal Consumer Issues
Topic: Vanguard's Voice Recognition
Replies: 18
Views: 1254

Re: Tax Rules on Telecommuting

If she is an independent contractor, then she is running her own business. I don't see how the state in which her client files taxes is relevant.
by Hayden
Wed Oct 29, 2014 10:42 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax Rules on Telecommuting
Replies: 12
Views: 685

Distribution in excess of basis

I’ve asked my accountant this question the last two years when we did my taxes. Both times I received a waffling response. I think he's not sure, and I don’t want any unpleasant surprises. When I look at Schedule L of Form 1120S, I see a smallish number on Line 24, Retained Earnings, and a much larg...
by Hayden
Wed Oct 29, 2014 9:07 am
 
Forum: Personal Finance (Not Investing)
Topic: Distribution in excess of basis
Replies: 11
Views: 656

Re: Employer Reimbursing Health Insurance Premiums - Taxable

When I looked into this as an employer, I came to the same conclusion, that it is taxable income.

Remember, this costs the employer more (as well as costing you more), so it is not something he wants any more than you do.

There may be workarounds (eg cafeteria plans), but that is beyond me.
by Hayden
Tue Oct 21, 2014 10:33 am
 
Forum: Personal Finance (Not Investing)
Topic: Employer Reimbursing Health Insurance Premiums - Taxable???
Replies: 12
Views: 663

Re: Advice sought for $6M investment

I do something similar to what you are proposing. AA is 50/50. I do not mess with individual bonds. For my taxable accounts, my money is in I bonds, EE bonds, CDs, Vanguard Short Term Muni, and Vanguard Intermediate Term Muni. In my retirement accounts I hold Fidelity Spartan Bond Index. For stocks,...
by Hayden
Mon Oct 20, 2014 11:23 am
 
Forum: Investing - Help with Personal Investments
Topic: Advice sought for $6M investment
Replies: 36
Views: 3755

Re: Smartphone questions

My eyes are failing so I went with the Samsung Note. I love the large screen size and will never go back to a tiny phone. I read on it and use it as a replacement for my iPad when I'm away from home. I couldn't do that with a small phone.
by Hayden
Sat Oct 18, 2014 10:36 am
 
Forum: Personal Consumer Issues
Topic: Smartphone questions
Replies: 106
Views: 8899

Re: What will you do when you retire?

I appreciate this thread because I am having trouble wrapping my mind around retirement. I've cut down to working 30 hours/week, and I take a week off per month to travel. I spend my mornings leisurely drinking coffee and reading. Now that I am not working all the time, I am able to exercise every d...
by Hayden
Sat Oct 18, 2014 9:40 am
 
Forum: Local Chapters and Bogleheads Community
Topic: What will you do when you retire?
Replies: 37
Views: 3847

Re: How did you get from $1M to $10M

I quit my job, started a company, worked hard, and got lucky.
by Hayden
Thu Oct 16, 2014 2:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: How did you get from $1M to $10M
Replies: 46
Views: 4126

Re: Controlled Group

IANAL. According to Wikipedia, common law marriage is a State law, and my State (Washington) does not have it.

Thank you for the help!
by Hayden
Thu Oct 16, 2014 12:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: Controlled Group
Replies: 8
Views: 627

Re: Controlled Group

To be a controlled group, you must have at least 80% of common ownership and 50% effective ownership. Since you own 100% of one company and 51% of the other, it doesn't appear there is a controlled group relationship. Who owns the other 49% of the other company? This could have an impact if certain...
by Hayden
Wed Oct 15, 2014 6:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: Controlled Group
Replies: 8
Views: 627

Re: Controlled Group

To be a controlled group, you must have at least 80% of common ownership and 50% effective ownership. Since you own 100% of one company and 51% of the other, it doesn't appear there is a controlled group relationship. Who owns the other 49% of the other company? This could have an impact if certain...
by Hayden
Wed Oct 15, 2014 5:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Controlled Group
Replies: 8
Views: 627

Controlled Group

I called Fidelity about setting up a solo 401(k) for my consulting business (Schedule C). They saw that I already administer a SIMPLE IRA for my other business. They expressed concern that I could end up in a controlled group situation, and advised me to get an outside opinion on this. From my readi...
by Hayden
Wed Oct 15, 2014 5:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Controlled Group
Replies: 8
Views: 627

Re: Is semi-retirement a bad idea?

I am trying semi-retirement right now, and I have to say that I am failing retirement. The problem is that I have commitments to clients, and when they want something, I jump. Now, it is true that I set my own hours and can work from anywhere, but I am still working closer to 40 hours than I would l...
by Hayden
Sun Oct 12, 2014 12:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is semi-retirement a bad idea?
Replies: 106
Views: 7597

Re: Relocating to a tax free state with good weather need ad

You'll find lower costs in the Eastern part of Washington, e.g., Spokane and Tri-Cities.
by Hayden
Sat Oct 11, 2014 1:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Relocating to a tax free state with good weather need advice
Replies: 53
Views: 3663

Re: *Best town I've never heard of

If you don't mind snow in winter, Coeur d'Alene Idaho is beautiful, has lots of acticities, and is close to Spokane WA, which is a vibrant city.

Or, you could picka town on the WA side of the border, which means no income tax.
by Hayden
Sat Oct 11, 2014 10:56 am
 
Forum: Personal Consumer Issues
Topic: Best town I've never heard of [for relocating]
Replies: 97
Views: 10046

Re: Solo 401k - W2 Reporting

I thought of one other W2 issue that many S-Corps do not do properly, health insurance premiums. If the policy is in the S-Corp's name the S-Corp pays the premium directly. If the policy is in the employees name the S-Corp may still pay the premium directly or the employee pays the premium and the ...
by Hayden
Wed Oct 01, 2014 8:22 am
 
Forum: Personal Finance (Not Investing)
Topic: Solo 401k - W2 Reporting
Replies: 12
Views: 551

Re: Oatmeal suggestions

I buy the Bob's Red Mill steel cut oatmeal at Costco. Much cheaper than st the supermarket.
I make a big batch, refrigerate it, and eat it every day.
by Hayden
Tue Sep 30, 2014 8:25 am
 
Forum: Personal Consumer Issues
Topic: Oatmeal suggestions
Replies: 141
Views: 10103

Re: Pension buyout offer

Ubermax, that is what is so strange. The option to take advantage of the annuity at this higher rate requires it be started Jan 2015. There is no option to wait until 2017 or any other start date. I had planned to start drawing in 1017. So with this offer, I can start drawing 985 in Jan 2015, or wa...
by Hayden
Fri Sep 26, 2014 3:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension buyout offer
Replies: 26
Views: 2930

Re: Pension buyout offer

This seems to be a marginal case leaning in favor of waiting for the pension. At current payout rates you'd need about a 5.5% IRR to get to a $63k future value, assuming an SPIA with a reasonable 8% payout rate (65 year-old male). At currently low payout rates the future value would need to be arou...
by Hayden
Wed Sep 24, 2014 3:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension buyout offer
Replies: 26
Views: 2930

Re: Pension buyout offer

Ubermax and Calm Man: yes, that is the crux of the matter. Do i simplify my life and take the lump sum, or stick with the small advantage of the pension. We are talking small dollars; less than 1% of my portfolio. I am a strong believer in simplification. I have outsmarted myself far too many times ...
by Hayden
Tue Sep 23, 2014 5:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension buyout offer
Replies: 26
Views: 2930

Re: Long-Term Capital Gain Harvesting

When I have questions like this, I use Taxcaster to test various scenarios. It's fast and easy to use. You can increase your capital gain by $X and see the effect on your taxes.
by Hayden
Tue Sep 23, 2014 8:50 am
 
Forum: Investing - Theory, News & General
Topic: Long-Term Capital Gain Harvesting
Replies: 10
Views: 677

Re: I assume you were not eligible for any early retirement

Marmot wrote:For example, if you had 25 years service with the company you could get the full 100% at age 62?


No, I was young and stayed with the company only about 5 years.
by Hayden
Mon Sep 22, 2014 5:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension buyout offer
Replies: 26
Views: 2930

Re: Pension buyout offer

cherijoh, thank you, that was very helpful. I left this company a long time ago, and in my youth, did not pay much attention to such matters. If I were to use the lump sum to purchase an annuity that would begin payout at age 65, the benefit would be about $300/month. So, this $421/month is much bet...
by Hayden
Mon Sep 22, 2014 5:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension buyout offer
Replies: 26
Views: 2930

Re: San Juan Islands

I think it is not technically part of the San Juan Islands, but I would also consider visiting Whidbey Island. It is beautiful. You can get there by Ferry or by car.
by Hayden
Mon Sep 22, 2014 5:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: San Juan Islands
Replies: 21
Views: 3050
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