Search found 296 matches

Return to advanced search

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 2:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: Distribution in excess of basis
Replies: 11
Views: 625

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 11:33 am
 
Forum: Personal Finance (Not Investing)
Topic: Distribution in excess of basis
Replies: 11
Views: 625

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SEP IRA plans have mostly been replaced by Solo 401K.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 9:48 am
 
Forum: Personal Finance (Not Investing)
Topic: SEP IRA for Sole Propietorship + Simple IRA at W2 employer
Replies: 11
Views: 494

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 9:31 am
 
Forum: Personal Finance (Not Investing)
Topic: Distribution in excess of basis
Replies: 11
Views: 625

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 9:20 am
 
Forum: Personal Finance (Not Investing)
Topic: Distribution in excess of basis
Replies: 11
Views: 625

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 9:05 am
 
Forum: Personal Finance (Not Investing)
Topic: Distribution in excess of basis
Replies: 11
Views: 625

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 1:32 pm
 
Forum: Personal Consumer Issues
Topic: Vanguard's Voice Recognition
Replies: 18
Views: 1165

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 11:42 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax Rules on Telecommuting
Replies: 12
Views: 656

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 10:07 am
 
Forum: Personal Finance (Not Investing)
Topic: Distribution in excess of basis
Replies: 11
Views: 625

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 11:33 am
 
Forum: Personal Finance (Not Investing)
Topic: Employer Reimbursing Health Insurance Premiums - Taxable???
Replies: 12
Views: 636

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 12:23 pm
 
Forum: Investing - Help with Personal Investments
Topic: Advice sought for $6M investment
Replies: 36
Views: 3714

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 11:36 am
 
Forum: Personal Consumer Issues
Topic: Smartphone questions
Replies: 98
Views: 6885

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 10:40 am
 
Forum: Local Chapters and Bogleheads Community
Topic: What will you do when you retire?
Replies: 37
Views: 3709

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 3:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: How did you get from $1M to $10M
Replies: 46
Views: 4057

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 1:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: Controlled Group
Replies: 8
Views: 626

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 7:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: Controlled Group
Replies: 8
Views: 626

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 6:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Controlled Group
Replies: 8
Views: 626

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 6:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Controlled Group
Replies: 8
Views: 626

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 1:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is semi-retirement a bad idea?
Replies: 106
Views: 7209

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 2:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Relocating to a tax free state with good weather need advice
Replies: 53
Views: 3624

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 11:56 am
 
Forum: Personal Consumer Issues
Topic: Best town I've never heard of [for relocating]
Replies: 97
Views: 9792

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 9:22 am
 
Forum: Personal Finance (Not Investing)
Topic: Solo 401k - W2 Reporting
Replies: 12
Views: 502

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 9:25 am
 
Forum: Personal Consumer Issues
Topic: Oatmeal suggestions
Replies: 130
Views: 7116

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 4:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension buyout offer
Replies: 26
Views: 2698

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 4:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension buyout offer
Replies: 26
Views: 2698

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 6:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension buyout offer
Replies: 26
Views: 2698

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 9:50 am
 
Forum: Investing - Theory, News & General
Topic: Long-Term Capital Gain Harvesting
Replies: 10
Views: 649

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 6:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension buyout offer
Replies: 26
Views: 2698

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 6:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension buyout offer
Replies: 26
Views: 2698

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 6:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: San Juan Islands
Replies: 21
Views: 3043

Re: Pension buyout offer

I would start by asking the company how they calculated their estimate and what could change it. Very sensible. Thank you. I just called them. I was told that it is a very complicated calculation that involves lots and lots of factors (in other words, I learned nothing). He insisted that the estima...
by Hayden
Mon Sep 22, 2014 5:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension buyout offer
Replies: 26
Views: 2698

Pension buyout offer

Today I received a pension buyout offer from a previous employer. This is a large government contractor, so I am not worried that the pension would disappear. The choices I was offered (I am single): $29,288 lump sum today Single Life Annuity starting today: $124 / month Estimated Single Life Annuit...
by Hayden
Mon Sep 22, 2014 5:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension buyout offer
Replies: 26
Views: 2698

Re: wine recommendations for this meal?

A meal like that deserves a different wine with each course!
by Hayden
Tue Sep 16, 2014 9:11 pm
 
Forum: Personal Consumer Issues
Topic: wine recommendations for this meal?
Replies: 22
Views: 1673

Re: The boglehead way to buy furniture

I'm pleased with the furniture we have purchased from Costco
by Hayden
Tue Sep 16, 2014 10:01 am
 
Forum: Personal Consumer Issues
Topic: The boglehead way to buy furniture
Replies: 56
Views: 5179

Re: Help with a large business decision

Here's a way to think about this: If business is good: - if you buy the equipment, you'll hit your $2 M goal in about 4 years (?) - if you don't buy the equipment, you'll hit $2 M in ? Years If business is bad: - if you buy the equipment, you'll have to slog through a lot of tough years -if you don'...
by Hayden
Tue Sep 16, 2014 9:17 am
 
Forum: Personal Finance (Not Investing)
Topic: Help with a large business decision [capital expenditure]
Replies: 36
Views: 1419

Re: Vanguard Lost $50k

OP, I feel your pain. BofA lost over $100k of mine. In my case, they flat out lied to me (they told me my business partner had transferred the money out of the account, which was not true). I did leave BofA after I managed to get the money back. I think the advice of printing everything is correct. ...
by Hayden
Mon Sep 08, 2014 10:51 am
 
Forum: Personal Consumer Issues
Topic: Vanguard Lost $50k
Replies: 103
Views: 10824

Re: Employer finding out you have a financial cushion?

Surely it depends on the employer. In my company, my employees deal with our clients on a daily basis. The most important thing to me is that the employees have good judgment. For an employee who manages their own money well, I tend to think they have good judgment. For an employee with money issues...
by Hayden
Mon Sep 08, 2014 10:18 am
 
Forum: Personal Finance (Not Investing)
Topic: Employer finding out you have a financial cushion?
Replies: 72
Views: 8358

Re: Solo 401k for new business

I'm wondering if the answer to this question depends on how the company is organized. Are you a sole proprietor, Schedule C?
by Hayden
Thu Aug 21, 2014 3:32 pm
 
Forum: Investing - Help with Personal Investments
Topic: Solo 401k for new business
Replies: 4
Views: 533

Re: Vanguard Lost My Account

Just wanted to chime in to say that I received the same letter as the OP a couple of years ago. It definitely is unsettling. Agree that Vanguard needs to improve this. For my bank accounts, I use text banking, which I love. Each a.m. I text Hist to the bank, and the bank texts me the last four trans...
by Hayden
Thu Aug 21, 2014 10:40 am
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard Lost My Account
Replies: 94
Views: 11952

Re: Golf School Recommendations, East Coast?

Unless you are Bubba, you probably need pro lessons to learn to play well.

Check the Golf Digest website for teaching pro rankings in your area.
by Hayden
Thu Aug 14, 2014 8:25 pm
 
Forum: Personal Consumer Issues
Topic: Golf School Recommendations, East Coast?
Replies: 11
Views: 729

Re: Sandals or similar?

My last trip to an AI was to Zoetry. Absolutely loved it. It is very quiet, not much to do, so may not be what you are looking for.

Don't know if you are from US or not, so I'll throw out this possibility as well: Sandals in Cuba. It has always intrigued me.
by Hayden
Tue Aug 12, 2014 9:53 am
 
Forum: Personal Consumer Issues
Topic: Sandals or similar [vacation resort]?
Replies: 15
Views: 1440

Re: Liability Matching Portfoloio

I've been trying to figure out how this works if the market drops and you want to balance. Let's say you have $10M, invested 50/50. You are planning for a 50 year retirement, and the $5M is your LMP. So far, so good. Now what do you do when the market drops 20%, 30%, 50%? Do you rebalance? Or sit ti...
by Hayden
Tue Aug 12, 2014 9:42 am
 
Forum: Investing - Help with Personal Investments
Topic: Liability Matching Portfoloio
Replies: 36
Views: 3524

Re: Sandals or similar?

I've been to several Sandals. first thing, they are all different. Different feel, different demographics, different activity levels. So, its important to research the different properties and find the one that is the best fit for you. Second, each property has a ridiculous number of room categories...
by Hayden
Mon Aug 11, 2014 6:36 pm
 
Forum: Personal Consumer Issues
Topic: Sandals or similar [vacation resort]?
Replies: 15
Views: 1440

Re: Bedding and bed frame recommendations

I buy that stuff at Costco
by Hayden
Sun Aug 10, 2014 6:45 pm
 
Forum: Personal Consumer Issues
Topic: Bedding and bed frame recommendations
Replies: 4
Views: 502

Re: Fear of Disclosing Net Worth

I used to get phone calls that began something like, "since you're an accredited investor". I would always say, no, I am not. They were always flummoxed, as their data said that I was. I take it for granted that people can access this info. I have been required to provide it at various tim...
by Hayden
Sun Aug 10, 2014 6:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Fear of Disclosing Net Worth
Replies: 60
Views: 8342

Re: Flooring for home gym

I just went to the local ranch store. They had several sizes and thicknesses of horse mats. I bought two, 3/4", 4x6 mats. $39.99 each. They are now off gassing in the garage (they stink!). Much better and less expensive than what the local sports store is selling. I'm thinking about laying plas...
by Hayden
Sun Aug 10, 2014 6:30 pm
 
Forum: Personal Consumer Issues
Topic: Flooring for home gym
Replies: 19
Views: 1343

Re: Flooring for home gym

If you have the means, you have to use 3/8" Rubber Flooring. Same stuff that Lifetime uses....looks tits, and is basically indestructible. We built our house a couple years ago, and it's one of the best things we did. It's so heavy duty, a semi-truck delivered it. I'm not familiar with that pr...
by Hayden
Sun Aug 10, 2014 3:43 pm
 
Forum: Personal Consumer Issues
Topic: Flooring for home gym
Replies: 19
Views: 1343

Re: Flooring for home gym

My son and I just did this. We made an 8x8 area that accommodates the bench, rack and weight stand. We probably overbuilt it but it is 4x8 plywood sheeting sandwiching the 3/4 inch horsemats and surrounded by cedar 2x4s on edge. We topped the whole thing with a couple of thin 4x8 mats from the fitn...
by Hayden
Sun Aug 10, 2014 3:40 pm
 
Forum: Personal Consumer Issues
Topic: Flooring for home gym
Replies: 19
Views: 1343

Re: Flooring for home gym

Rooster1 and Bengineer, Thanks for the tips on horse stall mats. Without bogleheads, I never would have thought of that.

Bengineer, Rooster1 said the smell on his went away after a few months. Was that also your experience?
by Hayden
Sun Aug 10, 2014 3:39 pm
 
Forum: Personal Consumer Issues
Topic: Flooring for home gym
Replies: 19
Views: 1343

Re: How to change funds in Vanguard roth IRA

There are no taxes when you sell a fund within a Roth.

Within the Vanguard website, you do an exchange to sell one Vanguard fund and use the proceeds to purchase another Vanguard fund.
by Hayden
Sun Aug 10, 2014 11:32 am
 
Forum: Investing - Help with Personal Investments
Topic: How to change funds in Vanguard roth IRA
Replies: 5
Views: 397
Next

Return to advanced search