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Re: Marriage and taxes

There have been a couple of recent threads about the "marriage penalty". Try searching on that
by pshonore
Sun Jan 25, 2015 3:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Marriage and taxes
Replies: 6
Views: 630

Re: correctly filing - several kinds of IRAs

If her mother passed after her required beginning date, be sure that her year of death RMD (2013) has been completed either by her mother before passing or by your wife. A quick question about that? If a person dies before the day they reach 70 1/2 in a given year, and did not take the RMD for that...
by pshonore
Sun Jan 25, 2015 2:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: correctly filing - several kinds of IRAs
Replies: 2
Views: 195

Re: Explain me some tax law!

I don't think most partnership K1 forms pass through "dividends" although it is possible if the Partnership received dividends from another corporate entity they own. Partnership operating earnings usually appear in Box 1 and are taxable income.
by pshonore
Sun Jan 25, 2015 2:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: Explain me some tax law!
Replies: 16
Views: 1926

Re: 400ft Driveway - How do I plow the snow?

I have lived in Northern NE with a 450' driveway for 30+ years. My driveway is relatively flat with only a minimum grade. I have used a Compact 4WD Diesel Tractor that weighs about 3,300 lbs with a 6 foot plow blade and a two stage 50 " snow blower that works off the 3 point hitch. In my exper...
by pshonore
Sun Jan 25, 2015 1:52 pm
 
Forum: Personal Consumer Issues
Topic: 400ft Driveway - How do I plow the snow?
Replies: 28
Views: 1366

Re: Very Basic Question on Roth IRA - Deadline?

This is sort of a backwards answer. IRS publication 590 says "A Roth IRA can be opened at any time". I realize this does not specifically address the question asked, but if they had rules about having the Roth IRA open during the year for which the contribution is being made, I think it w...
by pshonore
Sun Jan 25, 2015 1:41 pm
 
Forum: Investing - Help with Personal Investments
Topic: Very Basic Question on Roth IRA - Deadline?
Replies: 11
Views: 535

Re: 400ft Driveway - How do I plow the snow?

Get an old 4X4 beater pickup and put a plow on it. You can also use if for going to the dump, hauling stuff (landscape materials, etc). How flat is the driveway and is it paved? Or you could contract for a plow service. I would guess $150 - 200/storm depending on the area. I would not want to do a 4...
by pshonore
Sun Jan 25, 2015 1:34 pm
 
Forum: Personal Consumer Issues
Topic: 400ft Driveway - How do I plow the snow?
Replies: 28
Views: 1366

Re: QuitClaim Deed

I've always though a Quit Claim deed gave whatever interest you have in a property to some one else and you retain no interest, but perhaps I'm mistaken. From Wikipedia (probably not the best legal source) A quitclaim deed is a legal instrument by which the owner of a piece of real property, called ...
by pshonore
Sat Jan 24, 2015 1:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: QuitClaim Deed
Replies: 28
Views: 1580

Re: Sales tax question

Merchants are required to charge sales tax if they have a "presence" in your state. For example if you buy something at Sears Online, you will be charged sales tax on purchases (assuming Sears has a retail store in your state). At one time Amazon only charged tax if they had a warehouse or...
by pshonore
Sat Jan 24, 2015 11:19 am
 
Forum: Personal Finance (Not Investing)
Topic: Sales tax question
Replies: 10
Views: 736

Re: Stocks with very low cost basis in portfolio

chabil wrote:livesoft, very good suggestions., particularly about gifting to grandchildren to sell right away. i have to figure out how to do that.

Remember any investment income (including cap gains) over 2K will be taxed at the grandchild's parents tax rate. Is it significantly different than yours?
by pshonore
Thu Jan 22, 2015 6:28 pm
 
Forum: Investing - Theory, News & General
Topic: Stocks with very low cost basis in portfolio
Replies: 10
Views: 735

Re: Ask plumber to pay for damages?

I haven't moved in yet. My house was de-winterized by a plumber. He missed that the flush valve and fill valve was bad for the 2nd floor toilet. I came in next day and the water was everywhere in the kitchen. I have hardwood floors that have a little bit of curling. Do I ask him to help pay or this...
by pshonore
Thu Jan 22, 2015 5:14 pm
 
Forum: Personal Consumer Issues
Topic: Ask plumber to pay for damages?
Replies: 11
Views: 1553

Re: When is cash still king?

When making larger purchases, vendors will sometimes give you a discount for paying with cash\debit as opposed to credit if you ask since they no longer have to pay the 2-3% processing fee on the credit card charge. This was the case when my wife and I got a new living room set from a local furnitu...
by pshonore
Wed Jan 21, 2015 11:12 am
 
Forum: Personal Finance (Not Investing)
Topic: When is cash still king?
Replies: 26
Views: 2748

Re: Better to file taxes separately if married?

I had a discussion with some of my friends in the last couple of weeks. Most of them go to the same CPA for tax return preparation and I think that the CPA does some grey area work to show that the friends are getting more in refund. He shows them how much they are getting back by filing as MFS and...
by pshonore
Wed Jan 21, 2015 10:02 am
 
Forum: Investing - Help with Personal Investments
Topic: Better to file taxes separately if married?
Replies: 20
Views: 1558

Re: Any art "investors" here?

Nice photo. Points out that prices are on artist's website are not indicative of what stuff sells for on the open market which I think is true for a lot of "artisans".
by pshonore
Wed Jan 21, 2015 8:59 am
 
Forum: Personal Consumer Issues
Topic: Any art "investors" here?
Replies: 69
Views: 5731

Re: Better to file taxes separately if married?

There is a solution (provided there's a child involved). The lower earning person moves out of the house for the last 6 months of the year and use MFS filing status. This allows the higher earner to file as Head of Household at much more favorable rates. But again you have to run the numbers to see ...
by pshonore
Wed Jan 21, 2015 8:18 am
 
Forum: Investing - Help with Personal Investments
Topic: Better to file taxes separately if married?
Replies: 20
Views: 1558

Re: filling a tax return for 2011

Not true; the IRS will accept returns where you owe many at any time. In fact, if they discover you haven't filed returns for the last 10 years and you should have, they will expect 10 years of returns.
by pshonore
Tue Jan 20, 2015 7:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: filling a tax return for 2011
Replies: 5
Views: 277

Re: Better to file taxes separately if married?

Usually doesn't make sense to do MFS if you have a choice (some people don't) but you can run the numbers to make sure.
by pshonore
Tue Jan 20, 2015 4:40 pm
 
Forum: Investing - Help with Personal Investments
Topic: Better to file taxes separately if married?
Replies: 20
Views: 1558

Re: Tax Preparation--Anyone try this as second income

it all depends on his "life experience". He should have no problem doing 1040EZ returns and maybe a 1040A. 1040 is where the rubber meets the road and if he's familiar with Sched D, Education credits, Child care credits, the various filing statii, rules for dependency, etc. he'll be ok. I ...
by pshonore
Tue Jan 20, 2015 4:23 pm
 
Forum: Personal Consumer Issues
Topic: Tax Preparation--Anyone try this as second income
Replies: 13
Views: 2082

Re: SEP-IRAs, Solo 401k plans, and Backdoor Roth Contributio

You may be on shaky ground opening a Solo 401K without current SE income. Is it possible your current employer will accept rollovers into their 401K?
by pshonore
Tue Jan 20, 2015 4:01 pm
 
Forum: Investing - Help with Personal Investments
Topic: SEP-IRAs, Solo 401k plans, and Backdoor Roth Contributions
Replies: 13
Views: 704

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

I thought he was going as a sole prop which I think would be 5X the profit (4X would apply to S corp)
by pshonore
Tue Jan 20, 2015 1:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4105

Re: Are 529 plan withdrawals taxable in the future?

Are we really discussing proposed legislation??
by pshonore
Tue Jan 20, 2015 1:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: Are 529 plan withdrawals taxable in the future?
Replies: 20
Views: 1671

Re: Did the Swiss stock market really lose 9%?

PRPFX (Permanent Portfolio) which holds about 25% of assets in Swiss francs is up about 3.2 % since last Wednesday
by pshonore
Tue Jan 20, 2015 1:24 pm
 
Forum: Investing - Theory, News & General
Topic: Did the Swiss stock market really lose 9%?
Replies: 15
Views: 2114

Re: 1099-DIV error(?)

I hope Vanguard did not have a choice and has to issue two 1099 forms in this case. Can you imagine how much confusion this is going to cause? " Why did I get two? I know, I'll use the one with the lowest numbers (that must be the correct one)."
by pshonore
Tue Jan 20, 2015 12:25 pm
 
Forum: Investing - Help with Personal Investments
Topic: 1099-DIV error(?)
Replies: 14
Views: 1447

Re: Tax Preparation--Anyone try this as second income

I would personally have trouble selling the refund anticipation check service (this translates into a high interest rate short duration loan). Make sure you'll be comfortable selling whatever the company sells before picking a tax preparation company. There are numerous message boards about working...
by pshonore
Tue Jan 20, 2015 8:25 am
 
Forum: Personal Consumer Issues
Topic: Tax Preparation--Anyone try this as second income
Replies: 13
Views: 2082

Re: Tax Preparation--Anyone try this as second income

I think it will take you more than one season at H&R to learn the ropes. The MFJ folks with a couple of W2 forms, some interest and dividends, mortgage interest, education credits are relatively easy. Its the other ones that are tough. Single moms sharing custody, folks claiming EIC, self employ...
by pshonore
Mon Jan 19, 2015 10:30 pm
 
Forum: Personal Consumer Issues
Topic: Tax Preparation--Anyone try this as second income
Replies: 13
Views: 2082

Re: CP2000’s for 2011-12, HRB’s error. Time to switch?

I'm a little surprised Block covered that "error" if you did your taxes online. Block's desktop retail software definitely lists State and local Tax refunds as an income source in the interview process that should be reported (assumed you itemized, etc) Block claim payments for "Peace...
by pshonore
Mon Jan 19, 2015 5:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: CP2000’s for 2011-12, HRB’s error. Time to switch?
Replies: 8
Views: 501

Re: CP2000’s for 2011-12, HRB’s error. Time to switch?

What kind of error did you/they make? Who actually prepared the return - you or them?
by pshonore
Mon Jan 19, 2015 11:57 am
 
Forum: Personal Finance (Not Investing)
Topic: CP2000’s for 2011-12, HRB’s error. Time to switch?
Replies: 8
Views: 501

Re: Business Taxe filing software

Amazon has HRB Premium and Business on sale today for $41.27. That will do any personal return (1040 etc) as well as Trusts , Estates, Partnerships and S-Corps returns

http://www.amazon.com/gp/product/B00P6U ... UTF8&psc=1
by pshonore
Sat Jan 17, 2015 1:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: Business Taxe filing software
Replies: 7
Views: 468

Re: "Nanny Tax" Questions (Part-time babysitter)

Hello, I am the OP. Thanks for the responses, and the suggestions for the payroll service. But, maybe I am just a glutton for punishment, I think I'll do this "by hand" since my case should be simple enough, and we don't plan to have the babysitter for the whole year. I've checked about W...
by pshonore
Fri Jan 16, 2015 2:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: "Nanny Tax" Questions (Part-time babysitter)
Replies: 13
Views: 1228

Re: "Nanny Tax" Questions (Part-time babysitter)

Hello, I am the OP. Thanks for the responses, and the suggestions for the payroll service. But, maybe I am just a glutton for punishment, I think I'll do this "by hand" since my case should be simple enough, and we don't plan to have the babysitter for the whole year. I've checked about W...
by pshonore
Fri Jan 16, 2015 12:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: "Nanny Tax" Questions (Part-time babysitter)
Replies: 13
Views: 1228

Re: How does a dependent care account work?

In effect, $5000 will be deducted by your employer from your taxable income as shown on your W2 you receive. You will to file Form 2446 with your return to confirm that you did spend the actual $5000 on dependent care. Do you mean 2441? I believe you only use that form if you are claiming a depende...
by pshonore
Thu Jan 15, 2015 2:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: How does a dependent care account work?
Replies: 13
Views: 613

Re: rental property depreciation

Zillow is not a reliable indicator of FMV.
by pshonore
Thu Jan 15, 2015 1:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: rental property depreciation
Replies: 25
Views: 1854

Re: How does a dependent care account work?

In effect, $5000 will be deducted by your employer from your taxable income as shown on your W2 you receive. You will to file Form 2441 with your return to confirm that you did spend the actual $5000 on dependent care.

edited to correct Form #
by pshonore
Thu Jan 15, 2015 1:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: How does a dependent care account work?
Replies: 13
Views: 613

Re: Is this an unreasonable quote for interior home painting

I presume we're not talking "popcorn" ceilings. Repainting them is a royal pain. And to the person who suggested pizza and beer - that might work, just be sure you don't crack open the beer until the job is totally finished.
by pshonore
Wed Jan 14, 2015 11:01 am
 
Forum: Personal Consumer Issues
Topic: Is this an unreasonable quote for interior home painting?
Replies: 55
Views: 4315

Re: Downside of putting condo in a trust

Town estate tax??? I've not heard of that before. Your town actually levies a tax on estates?
by pshonore
Wed Jan 14, 2015 10:51 am
 
Forum: Personal Finance (Not Investing)
Topic: Downside of putting condo in a trust
Replies: 29
Views: 2818

Re: How to transfer estate without including tax man

If any asset you purchased during your lifetime has appreciated in value and you're still holding that asset at time of death, then that increase is not taxed since the asset value gets reset at your passing. To the extent your heirs pay an inheritance tax on that, the tax on the increase in value ...
by pshonore
Tue Jan 13, 2015 12:28 pm
 
Forum: Investing - Help with Personal Investments
Topic: How to transfer estate without including tax man
Replies: 27
Views: 2398

Re: A couple Noob tax questions

Postby aaronl » Mon Jan 12, 2015 2:15 am Contributing to a 401(k) won't impact the amount of Social Security/Medicare tax you pay. In general, the tax applies to gross wage income subject to certain limits. Certain pre-tax payroll deductions like employee health care premiums and FSA contributions ...
by pshonore
Mon Jan 12, 2015 10:04 am
 
Forum: Investing - Help with Personal Investments
Topic: A couple Noob tax questions
Replies: 6
Views: 685

Re: A Returns Spreadsheet for Bogleheads

I think penumbra was asking 2 questions. The first is about copy-n-paste, the second about Dropbox. On copy-n-paste: - Check that the sheet is unprotected. - Try copying the amounts from Mac Excel to a text editor (plain text editor, not a word processor), then from the text editor to Mac Excel. Th...
by pshonore
Sun Jan 11, 2015 5:11 pm
 
Forum: Investing - Theory, News & General
Topic: A Returns Spreadsheet for Bogleheads
Replies: 75
Views: 10157

Re: Oil Price Hedging - How does an individual do it?

The closest you can get to the actual price of oil is a Master Limited Partnership (MLP) that does oil/gas production. These MLPs own the rights to produce and sell oil and gas from a set of wells. When oil/gas go up, they sell it for more money and increase their dividends. When the price drops, t...
by pshonore
Thu Jan 08, 2015 9:23 pm
 
Forum: Investing - Help with Personal Investments
Topic: Oil Price Hedging - How does an individual do it?
Replies: 31
Views: 3237

Re: Any art "investors" here?

There is an active Ebay market for a lot of limited edition prints. They generally sell there for less then the gallery prices. Its easy to check - just do a search on the artist's name. You can also do a search just for completed sales since only a fraction will sell.
by pshonore
Thu Jan 08, 2015 12:24 pm
 
Forum: Personal Consumer Issues
Topic: Any art "investors" here?
Replies: 69
Views: 5731

Re: Collecting SS strategy

No , in order to file and suspend, you must be FRA (66).
by pshonore
Mon Jan 05, 2015 1:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Collecting SS strategy
Replies: 11
Views: 1181

Re: TurboTax '14 Deluxe (Desktop) Excludes Schedule D

Actually, there's nothing with H&R Block software. It imports Turbo Tax previous years returns quite easily; something that Tax Act does not seem to do. If you catch one of Amazon's 1/2 price sales, its about the same price as Tax Act
by pshonore
Mon Jan 05, 2015 10:39 am
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax '14 Deluxe (Desktop) Excludes Schedule D
Replies: 196
Views: 26759

Re: TurboTax '14 Deluxe (Desktop) Excludes Schedule D

Can anybody comment if TaxAct Deluxe/Ultimate can handle Schedule K-1? I can't speak for TaxAct, but I can comment about how TurboTax Deluxe Desktop 2014 handles K-1's and it is not good. I receive a K-1 but have no need to file Schedule D this year, so I thought for sure TurboTax Deluxe Desktop wo...
by pshonore
Mon Jan 05, 2015 10:01 am
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax '14 Deluxe (Desktop) Excludes Schedule D
Replies: 196
Views: 26759

Re: social security(SSA) payments to child of a retiree

I thought a "caretaker" benefit stopped when the child turns 16. Is she old enough to collect a spousal benefit?
by pshonore
Sat Jan 03, 2015 6:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: social security(SSA) payments to child of a retiree
Replies: 11
Views: 911

Re: Deducting margin interest while "carrying" tax-exempt bo

Also remember that in order to deduct margin interest, you must have investment income taxed as ordinary income (meaning no QDs or LTCG unless you elect to forego the favorable tax treatment).
by pshonore
Sat Jan 03, 2015 9:53 am
 
Forum: Investing - Help with Personal Investments
Topic: Deducting margin interest while "carrying" tax-exempt bonds
Replies: 1
Views: 277

Re: New Const or Renov cost/sf

Recently finished a 560 sq ft addition ( 1 1/2 story with bath) for approx $135 per sq ft in Southern New England. Mid range - lots of Anderson windows, cedar clap and shake siding, tile and granite in bath, hardwood flooring, 6 panel doors, etc. Acted as GC and did some of the work - exterior and i...
by pshonore
Fri Jan 02, 2015 3:04 pm
 
Forum: Personal Consumer Issues
Topic: New Const or Renov cost/sf
Replies: 7
Views: 1048

H&R Block tax software sale at Amazon

[Thread merged into here, see below. --admin LadyGeek] Amazon.com has a 1 day sale (today only) on all H&R Block tax software 51% off. Premium + Business (including State) is $38.99 - In addition to doing your personal return, this also does Partnership, Estate and Trust returns. Premium by its...
by pshonore
Fri Jan 02, 2015 9:28 am
 
Forum: Personal Finance (Not Investing)
Topic: H&R Block Tax Software - Low Prices at Amazon
Replies: 38
Views: 2288

Re: business income - tax sheltering options

lesgram wrote:Thanks to both of you for the advice. Final question - with the business income earned in 2014, do i have until April 15, 2015 to open a SEP IRA and make a contribution or did this all need to have been done in the 2014 calendar year?
Anytime up to the due date for your return plus any extensions.
by pshonore
Thu Jan 01, 2015 2:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: business income - tax sheltering options
Replies: 6
Views: 514

Re: Question for Woodworkers (Ikea furniture mishap)

Be very careful with Gorilla glue; it expands like crazy and then you'll have a bigger cleanup. I'd recommend Titebond; Put a drop on a flat toothpick, pull the cracked piece forward slightly, dab the glue behind it, and press back into place and apply pressure for about 5 minutes. Don't sree or mov...
by pshonore
Thu Jan 01, 2015 12:40 pm
 
Forum: Personal Consumer Issues
Topic: Question for Woodworkers (Ikea furniture mishap)
Replies: 14
Views: 1314

Re: SS benefit for spouse and children at 62

I believe the Mother's (caretaker) benefit stops when the youngest child reaches 16 unless she is otherwise eligible for a spousal benefit.
by pshonore
Thu Jan 01, 2015 12:32 pm
 
Forum: Personal Finance (Not Investing)
Topic: SS benefit for spouse and children at 62
Replies: 9
Views: 647
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