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I always do my own 1120S and 1065 tax returns (like many of you) but then send all of the information over to the CPA to see if what he comes up with matches my numbers. I may end up stop using a CPA but for now, I like to learn this way. It is like the days of test taking in school. ;) My question ...

Can an employer extend the last payperiod of the year so that all pay is to end of business day Dec 31st? For example, payperiod every other week from Monday to Sunday. So for the month of December in 2012 first pay period ended on December 9th and 23rd (every 2 weeks). My question is can an employe...

Any comments, suggestions, advice?

I wanted to get some input and general feedback about payroll and self employment taxes that a CPA recommended to me. Here are a few preliminary details: ⋅ I have a LLC currently situated to send in a 1065 partnership tax return. The partner is my wife 50/50 in a community property state. ...

Nolo has a book called "The Complete Guide to Selling a Business": http://www.nolo.com/products/the-complete-guide-to-selling-a-business-selbu.html#tab-tableofcontents Chapter 4 deals with tax implications Tax Considerations When Selling Your Business An Overview of Key Tax Issues Underst...

For those of you who have proper backgrounds or have bought or sold a business, what documentation do you need to send to the IRS? I realize that IRS Form 8594 should be filed with the corporate/llc tax return. However, how does the information on that document flow to the shareholders? In my case o...

Thanks for the responses. CPA is back in town although hasn't put any attention toward this. If I don't have a conclusive answer from him by the 29th then i'll call the IRS and ask for some more time as the deadline is 31st to respond.

Any other comments or suggestions people would like to make?

I just got a letter from the IRS requesting a change to my 1040 stating that I can not agree with their change (and prove evidence), I partially agree with their change (and prove evidence) or I agree with their change (and pay the difference plus interest). The section is from 2010 on the personal ...

Is there some type of law stating that they have to return it to you?

What if they would have refused?

I bit the bullet and paid off the mortgage. I've been kicking it around for 6+ months. I made a big lump sum 6 months ago, didn't regret it so I did it again and wiped it out. I logged into the lender's website and it says it is paid in full. My next quest: Keeping it safe! This is my first cashed h...

With this being the case, financially it makes sense to do a 1.99% penfed 5 year home equity loan and then put an equal amount in a 7 year 2.4% penfed CD. I would GAIN $13,409 even after paying all of the mortgage interest ($9253) You can come out ahead if you can lend at a higher rate than you can...

If my calculations are correct I could do as "Default User BR" suggests and payoff the house and then get a 5 year 1.99% fixed home equity loan. I'll consider it a mortgage. Then I could dump that $180k into a 1.75% 5 year CD at my local credit union (6 months early withdrawal penalty) or...

If my calculations are correct I could do as "Default User BR" suggests and payoff the house and then get a 5 year 1.99% fixed home equity loan. I'll consider it a mortgage. Then I could dump that $180k into a 1.75% 5 year CD at my local credit union (6 months early withdrawal penalty) or ...

Default User BR wrote:You could look into the Penfed 5-year home-equity loan at 1.99% fixed, no cost unless you need an appraisal.

and dump the equity cash and payoff cash into a Penfed 7 year CD at 2.4?

Quick background: Current Mortgage: 3.5% 15 year Original Loan Balance: $180k Amount of current mortgage: $95k I have been aggressive on the mortgage and am thinking about just wiping it out. I'll still have many years worth of emergency funds left and I've already invested in my retirement type acc...

Random Poster wrote:I used to use Amica when I was able to do so; I have no complaints.

Why are you no longer able to do so? Out of the country?

I've been with Statefarm for 4 years. My premium on my home owners insurance just went up 20%. I decided to give another insurance company a call for my autos/homeowners/umbrella and decided on Amica. They were 20% less as a total (they were slightly higher for auto but significantly better on umbre...

Any of you Armstrong Vinyl people want to take pics and post here?

Our 3 bedroom/2 bathroom home is in need of some new flooring. Currently only the kitchen, two bathrooms, laundry-room and a little area by the front door is tiled. The rest is carpet. So I would say of the 2000 sq ft living space, 1500 or so is carpet. It is the original carpet of going on 10 years...

Your broker is mostly right, assuming you had a loss on your short ABC trade. Negative. The short trade I made the money. The long trade I lost the money. For tax purposes, you covered the short the day you bought. You can generate a wash sale by shorting again within 30 days from the date of the l...

Can TDAmeritrade change the BUY (that turned into a LONG) to close out the SHORT position back when I did the trade or because it has hit settlement that cannot be done? Call or use the email service to request them to "flatten" your ABC position. They will net out the long and short and ...

What would you do in this scenario? I was short a stock with TDAmeritrade. Lets call it ABC I decided to get out at my entry after a few days of it just wiggling around :) So I bought the same amount of shares. The options on ThinkorSwim (TDAmeritrade platform) are only BUY or SELL. So since I was s...

Indeed after posting I did mistakenly put 100 shares rather than "$1000" so that as the market is lower you are getting more shares for the same $1,000. The idea came to me as a loss avoidance and non-marketing timing approach while guaranteeing to get into the market. The rational is that...

What are your thoughts of moving into the market every 250 points on the S&P 500 but doing it in Vanguard Total Stock Market (VTI)? So for example, buy 100 shares at S&P 1500, buy 100 shares at S&P 1750, buy 100 shares at S&P 1500 (it came back down), buy 100 shares at S&P 1250, ...

I am reviewing a lease and it has a phrase that starts "Notwithstanding anything else contained herein" and then continues to state the guarantors maximum liability. The word "Notwithstanding" seems to have a very confusing meaning and wasn't sure if it is equal to "Other th...

So the max for Roth IRA is $5k. In a scenario where someone got paid exactly $5k (GROSS) on a W2 but obviously net would be like $4k..... would this person still qualify for the full $5k contribution? In other words, is the contribution amount of "earned income" required to contribute to t...

Comments?

This is a discussion thread about HEL/HELOC with the same balance as a CD paying the same (if not slightly higher but longer term) rate all initialized at the same time. Mortgage Initial Loan Balance: ~$180,000 Payment: ~$1300 (not including taxes and insurance) Term/Rate: 15 year fixed @ 3.5% start...

wow didn't realize that in 2012 you can purchase $10k worth of electronic i-bond!

What keeps a loved one from buying, as a gift, $100,000 worth of electronic i-bonds to gift to someone else?

The only misleading part is the one social security number vs two on a joint return. The rules do keep changing, but additional still means additional (nothing misleading there). So no, your paper bonds bought with your refund in March or April of 2012 aren't counted against the limit on electronic...

What does the wiki say? http://www.bogleheads.org/wiki/I_Savings_Bonds Hint: a book-entry bond at Treasury Direct is not a paper bond. A paper bond does not count against a limit on book-entry bonds. You can purchase an additional $5,000 in paper I Bonds per Social Security number using your IRS ta...

In 2011 my wife and I each bought $5k worth of Paper and $5k worth of electronic ($20k in total i-bond purchases for 2011). We are due a refund on our 2011 tax return. Are we still eligible to have the tax refund amount (under $5k) go towards an I-Bond or are we exempt from doing so because we alrea...

I was reading through "The Lazy Person's Guide to Investing" by Paul Farrell and there is a page that talks aout timing the market and some Schwab Center for Investment Research Study. It concluded that someone that put money in at the monthly low point every ear (perfectly timing the mark...

Any other business owners or CPA's here know?

Certainly there should be language for buyer indemnify seller of anything POST closing. Right? Sounds like just having seller indemnify buyer is one sided.

I'm just confused as to what liability I can assume by selling the business assets and the new owner running the business that I would not assume if I don't sell the business. Meaning, I am completely fine accepting any potential liability that may be out there from my ownership of the business but ...

I'm selling my business and it is an asset sale. I've been presented with an asset purchase agreement in which has an indemnification clause. After reading through the clause many times over I see it as essentially an unlimited black hole liability for an unlimited amount of time to me only and is c...

I understand with a HSA if I put in after-tax dollars into a HSA up to the maximum (2012 is $3100) then there is a line item on my 1040 tax return in 2012 where I can essentially decrease my federal tax liability hence the tax advantage of HSA. However, I also understand that if my employer withhold...

Some facts might help. Did your wife have a scholarship? Did she work at the University? Was working a condition of the "scholarship," e.g., was she actually a teaching assistant and not on a scholarship? Was she half TA and half scholarship for a total of $6000? What actually happened at...

Wonderful Saturday working on some tax stuff before getting it over the CPA. I came across a 1098-T and 1099-MISC that had the same dollar amount so I pulled them and entered them into H&R Block at Home one after the other. One was a 1099-MISC from some company in Washington DC for my wife. Didn...

If your home is completely paid off in full and you went to get a mortgage on it, what type of product is that? I realize that when you have a mortgage and you refinance to get a better rate it is a "rate/term refi" or if you go to refinance to take money out of the house it is called a &q...

Anyone know how this is going to workout? I remember reading that self employment tax is 13.3% until the end of February and then it goes to 15.3% Being self employed with a LLC and a s-corp some of my income is subject to self employment tax. Do I simply cut myself a payroll check in a large sum fo...

The deadline for 2011 IRA contributions is April 17, 2012. There is time to open and fund IRA for 2011. Be aware that there is a MAGI limit for Roth IRA contributions. If your combined MAGI exceeds 179K, you're not eligible for any Roth IRA contributions. See IRS Pub 590: http://www.irs.gov/publica...

I have two quick questions that I'm certain most here know the absolute answer to. 1) Is it too late now in Feb 2012 to open and fund a Roth IRA for my wife for the 2011 tax year? 2) My wife is employed by an employer that has their own retirement plan. It isn't a 401k, it is a teacher pension plan....

When you go to the Orthodontist you need to have HDHP open and accessible for them to bill. I am surprized the insurance companies dont educate on this. 1. You go to doctor 2. They bill insurance (you dont pay anything in doctors office) 3. You get EOB from insurance 4. You get doctor's bill In som...

My wife has a HSA account and she can put money from her paycheck pretax into the HSA. At this time the HSA doesn't have any money in it because there hasn't been any paychecks since it has been opened. Further, my HSA capable health insurance plan is currently in underwriting and I will NOT have an...

chomp chomp chomp. It is eatting at me too! What has this world come to?

I am not familiar with Quickbooks, but I don't see that you need to do anything other than prepare a reconciliation between the bank statement at 12/31 and the books at 12/31 showing the payroll check as an outstanding item. I hope that answers your question. So you are saying within Quickbooks to ...

In the market for health insurance. Mid twenties and healthy. Haven't been to the hospital or doctor in over 5 years (and about 5 years ago it was for a simple physical). The premiums being quoted to me due to health and age are great. Right now I want to get into a plan that I can maintain for a lo...

When were the checks written? When did you have constructive receipt of them? Just because you did not deposit the check in 2011 does not mean it should not be included in 2011. The checks were written in Dec 2011. The payroll check was cashed into a personal account in Dec 2011. However, the compa...