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Re: SEP and Sole Proprietor Max Compensation

If you want to save more pretax, you can start an S Corp, and then set up a single person Defined Benefit plan. The allowable contributions to this are MUCH greater than for any defined contribution plan. The accounting/actuarial expenses are also significantly greater, but you may come out way ahe...
by southerndoc
Mon Jun 23, 2014 12:08 am
 
Forum: Personal Finance (Not Investing)
Topic: SEP and Sole Proprietor Max Compensation
Replies: 13
Views: 742

Re: SEP and Sole Proprietor Max Compensation

I don't have any employees. My income is above $318k, so it looks like I can contribute the max $51k. That's what I thought initially, but I started second-guessing myself after reading into the IRS documentation.
by southerndoc
Sun Jun 22, 2014 11:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: SEP and Sole Proprietor Max Compensation
Replies: 13
Views: 742

SEP and Sole Proprietor Max Compensation

I am trying to figure out how much I can contribute to my SEP for 2013 (filed a tax extension). I am confused by the self-employment deduction situation. I understand the absolute maximum is $51,000 per year or 25% of compensation, whichever is less. With self-employment, it's 20% of your net earnin...
by southerndoc
Sun Jun 22, 2014 1:30 am
 
Forum: Personal Finance (Not Investing)
Topic: SEP and Sole Proprietor Max Compensation
Replies: 13
Views: 742

ACA/ObamaCare Problems - HSA-Compatible Plans

Prior to implementation of ACA, my wife and I had individual policies that were great. I had an HSA-compatible plan and she had a traditional plan. On 31 December, these plans ended because Blue Cross/Blue Shield of Georgia no longer offered them. I was forced to select a new plan. In doing so, I co...
by southerndoc
Mon May 12, 2014 10:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: ACA/ObamaCare Problems - HSA-Compatible Plans
Replies: 18
Views: 1276

Georgia 529 Tax Deductions

Does anyone know if the 529 tax deduction for Georgia is per taxpayer? My wife and I file married filing jointly. Are we allowed to contribute and deduct $2,000 (per beneficiary) or $2,000 per taxpayer (total of $4,000 for both of us)?

Thanks!
by southerndoc
Sun May 04, 2014 11:42 am
 
Forum: Personal Finance (Not Investing)
Topic: Georgia 529 Tax Deductions
Replies: 5
Views: 266

Re: If you have ACA health insurance, what is your experien

If it is an HIE plan, I would strongly reconsider it. It's a huge hassle as many hospitals aren't participants. The few patients I've had who were under HIE plans that needed admission required 3-5 hours before setting up a transfer to a participating hospital.
by southerndoc
Sun Apr 20, 2014 6:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: If you have ACA health insurance, what is your experience?
Replies: 222
Views: 16245

Donating Clothing (with Previous Business Deduction)

If I were to donate professional clothing (scrubs) that were previously claimed as a business deduction in the prior year's taxes (but are no longer used), can I also claim a deduction for the donation? I'm assuming no, but I'm not sure if donating in subsequent years changes the rules any. Also, do...
by southerndoc
Mon Apr 14, 2014 1:01 am
 
Forum: Personal Finance (Not Investing)
Topic: Donating Clothing (with Previous Business Deduction)
Replies: 2
Views: 365

Vanguard SEP Contribution with Tax Extension

I will be filing an extension for our 2013 taxes.

Does anyone know if Vanguard started allowing prior-year contributions through its small business website for contributions after April 15? Previously the prior year contribution option disappeared on April 15.

Thanks!
by southerndoc
Mon Feb 24, 2014 11:48 am
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard SEP Contribution with Tax Extension
Replies: 2
Views: 146

Re: Physician FICA return tax implications

Was the 1099-INT attached with the payment? I was expecting to get a 1099-INT but haven't received one yet. Guess I need to dig through the original paperwork to see if it's there.
by southerndoc
Fri Feb 21, 2014 1:17 pm
 
Forum: Personal Consumer Issues
Topic: Physician FICA return tax implications
Replies: 7
Views: 733

Re: Solo 401k -Vanguard's reason for not accepting IRA rollo

When I sent a letter to McNabb asking this, someone from his office stated it wasn't possible because of the way the plan is set up with the IRS. In order to allow rollovers/transfers, it would cost Vanguard a lot of time and money to redo the plan structure with the IRS.
by southerndoc
Tue Feb 11, 2014 10:42 am
 
Forum: Personal Finance (Not Investing)
Topic: Solo 401k -Vanguard's reason for not accepting IRA rollovers
Replies: 15
Views: 1050

Re: Spousal IRA contribution

Does IRS require an 8606 be filed each year for a single contribution? I realize you have to file it each year a contribution is made, but what if you make $5500 contribution in 2014 but no other years? Must you file a form 8606 each year thereafter? What if you convert it to a Roth?
by southerndoc
Sun Jan 12, 2014 1:39 am
 
Forum: Investing - Help with Personal Investments
Topic: Spousal IRA contribution
Replies: 9
Views: 727

Re: Saving more than Sep IRA

I don't believe you can have both a SEP and individual 401(k) from the same business entity.
by southerndoc
Sun Jan 05, 2014 8:11 am
 
Forum: Personal Finance (Not Investing)
Topic: Saving more than Sep IRA
Replies: 15
Views: 749

Spousal IRA and Backdoor Roth Conversion with High AGI

I've just realized a short while ago (through this forum) that I can contribute to a spousal IRA since my wife stays at home to take care of our child. My AGI is too high to allow for deductions of any contributions for her. I currently contribute to a SEP-IRA for my retirement. We both file married...
by southerndoc
Fri Jan 03, 2014 8:47 am
 
Forum: Personal Finance (Not Investing)
Topic: Spousal IRA and Backdoor Roth Conversion with High AGI
Replies: 2
Views: 379

Re: ER visit Qualified Medical Expense?

As others have said, you won't be able to negotiate a rate if your insurer has already negotiated a rate. You may, however, be able to talk with financial about lowering your out of pocket expenses after your copay has been paid. The copay cannot be reduced under most insurance contracts. Most urgen...
by southerndoc
Mon Dec 16, 2013 9:41 am
 
Forum: Personal Finance (Not Investing)
Topic: ER visit Qualified Medical Expense?
Replies: 11
Views: 672

Re: Spousal IRA contributions

How does one establish a spousal IRA? I cannot deduct anything for doing so because of AGI, but would be interested in contributing just for tax deferred earnings and possible Roth conversion later after I change my SEP to an individual 401(k).
by southerndoc
Thu Dec 12, 2013 9:21 am
 
Forum: Personal Finance (Not Investing)
Topic: Spousal IRA contributions
Replies: 13
Views: 1275

Brokerage Account in Vanguard SEP-IRA

I set up a brokerage account in my Vanguard Roth IRA. Was pretty easy to do it online.

I don't see an option to do so in my SEP-IRA, but on Vanguard's website description of SEP-IRA plans, it states that it allows a brokerage account.

Does anyone know if this is possible?
by southerndoc
Tue Nov 26, 2013 11:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Brokerage Account in Vanguard SEP-IRA
Replies: 0
Views: 136

Re: Solo 401K and ROTH 401K

Can you change contributions year-to-year between Roth and traditional in a Solo 401(k)? Ex: This year contribute $10k to Roth portion and $7k to traditional, but next year do all Roth or all traditional?
by southerndoc
Mon Nov 25, 2013 12:53 am
 
Forum: Personal Finance (Not Investing)
Topic: Solo 401K and ROTH 401K
Replies: 14
Views: 450

Re: Quicken Replacement

I think the iPad app can function independently.
by southerndoc
Sun Nov 24, 2013 2:00 pm
 
Forum: Personal Consumer Issues
Topic: Quicken Replacement
Replies: 20
Views: 2783

Re: Quicken Replacement

Highly, highly recommend iBank. You can get an iPad version as well and sync both.

In order to fully experience it, you'll need to purchase iBank for iPad and Mac and then subscribe to DirectAccess from IGG Soft (the developer). It'll allow you to better utilize everything.
by southerndoc
Sun Nov 24, 2013 1:26 pm
 
Forum: Personal Consumer Issues
Topic: Quicken Replacement
Replies: 20
Views: 2783

Re: Alternatives to TIVO

Highly recommend the TiVo Roamio. Hands down the best DVR ever made. I have a Roamio Pro with 6 Minis connected, all of them with lifetime subscriptions. It's expensive, but Comcast wants $9.95/month for each additional outlet. Without the Minis, I would be paying $60/month extra in just additional ...
by southerndoc
Thu Nov 21, 2013 8:49 am
 
Forum: Personal Consumer Issues
Topic: Alternatives to TIVO
Replies: 10
Views: 5913

Re: Switch from SEP IRA to Individual 401k

I didn't know you could have employees with an individual 401(k).

I'm not sure if I can employ my wife to do things. I'm a physician, and I don't think paying her for doing errands would qualify.
by southerndoc
Sat Aug 31, 2013 6:24 pm
 
Forum: Investing - Help with Personal Investments
Topic: Switch from SEP IRA to Individual 401k
Replies: 14
Views: 916

Re: Schwab Personal DB Plan [Defined Benefit]

This can be a good solution for someone with high current taxable income and the ability to put a lot of money away and is possibly behind in saving (haven't used it myself). The downsides that I've seen are that you have to continue funding it, so if something happens in the future and you can't y...
by southerndoc
Sun May 05, 2013 7:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Schwab Personal DB Plan [Defined Benefit]
Replies: 4
Views: 569

Imdividual to Family HSA - Contribution Limit and Account

I'm planning to convert our individual insurance policies to a family policy later this year (after the exchanges open). Currently my wife has an individual traditional PPO with our daughter on it. My policy is an HSA-compatible HDHP and I've contributed money yearly for the past few years except th...
by southerndoc
Thu May 02, 2013 3:03 am
 
Forum: Personal Finance (Not Investing)
Topic: Imdividual to Family HSA - Contribution Limit and Account
Replies: 2
Views: 341

Re: Any experience with Sonos sound system?

Another Sonos fan here.
by southerndoc
Wed Apr 17, 2013 1:29 pm
 
Forum: Personal Consumer Issues
Topic: Any experience with Sonos sound system?
Replies: 24
Views: 3000

Re: HSA Strategy Question

Larry, is there a time limit on the withdrawals? I never thought about this. If I withdraw in 30 years when I'm retired, can I use a receipt for today to get everything tax free? My wife and daughter are on one individual plan (non-HSA) and I'm on another individual plan (HSA). If I convert her plan...
by southerndoc
Sat Apr 13, 2013 10:20 am
 
Forum: Investing - Theory, News & General
Topic: HSA Strategy Question
Replies: 11
Views: 884

Multiple HSA's in the Family

I have an individual HDHP for myself. My wife, who is unemployed, has an individual policy. I plan to add our daughter to her plan as soon as she is born in a few weeks. I've thought about switching my wife's plan to a HDHP family plan so I can contribute to an HSA. If I do this, can I contribute th...
by southerndoc
Thu Mar 28, 2013 10:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Multiple HSA's in the Family
Replies: 1
Views: 318

Re:

I claim a home office deduction on 42.5% of my house, I will let you know when I get audited and how it goes.. (or hopefully not?) I never knew landscaping was allowed?? let me play auditor for this reply... your kitchen, your bathrooms, any bedrooms with beds in them, hallways, rooms with utilitie...
by southerndoc
Mon Mar 04, 2013 11:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Home office deduction
Replies: 23
Views: 3271

Re: AMEX charged interest during 0% promo period

The new credit card law requires that banks allocate any payments over the minimum to balances with higher interest rates before being applied to interest-free balances. In other words, if your minimum is $100, and you owe $75 in fees that is subject to interest, then you should pay the minimum, plu...
by southerndoc
Thu Feb 14, 2013 2:36 am
 
Forum: Personal Finance (Not Investing)
Topic: AMEX charged interest during 0% promo period
Replies: 9
Views: 1118

Re: IRS - Forgot to Pay Federal Taxes

I believe the penalty is 5% for late payments on estimated quarterly payments. I recommend that he send in a chunk of money today, and that way, at least the interest stops accruing. (I'm assuming he can't file today - probably needs to work through some things), but he can still get a payment sent...
by southerndoc
Tue Jan 29, 2013 10:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: IRS - Forgot to Pay Federal Taxes
Replies: 34
Views: 2186

Re: Pay a speeding ticket or plead to non moving

Heck, yes. I'm surprised that your rule of thumb works at all. I think 10 or over in a 50 mph zone or up is risky. I've been ticketed for 10 over some 15 years back. That was the lowest. It really varies by state. In Georgia, only a state officer can ticket you for 10 mph or less over except in sch...
by southerndoc
Sun Jan 27, 2013 9:27 pm
 
Forum: Personal Consumer Issues
Topic: Pay a speeding ticket or plead to non moving
Replies: 42
Views: 3114

Re: Smoke Alarms

If someone were to replace hardwired alarms, who would he or she contact to do this if instead of doing it yourself? We purchased a house built in 2007 that set vacant until we purchased it in 2010 (builder went bankrupt, was tied up in courts). The alarms have changed colors slightly, which I've be...
by southerndoc
Wed Jan 23, 2013 2:56 pm
 
Forum: Personal Consumer Issues
Topic: Smoke Alarms
Replies: 16
Views: 1995

Re: Home voip options

Does anyone know if you can use the Cisco IP phones with any VOIP options?
by southerndoc
Fri Jan 18, 2013 11:07 am
 
Forum: Personal Consumer Issues
Topic: Home voip options
Replies: 34
Views: 2500

Re: For those of you who have kept your cars for a long time

I have a 2009 that has 90,000 miles on it. I usually keep cars until they have 150,000 miles on them.

As you can see, I drive a lot.
by southerndoc
Mon Jan 07, 2013 10:37 am
 
Forum: Personal Finance (Not Investing)
Topic: For those of you who have kept your cars for a long time...
Replies: 95
Views: 5742

Re: Verifying that IRS has processed my estimated tax?

You can request an IRS transcript that includes estimated taxes paid. You can do this online at http://www.irs.gov/Individuals/Order-a-Transcript
by southerndoc
Mon Jan 07, 2013 12:55 am
 
Forum: Personal Finance (Not Investing)
Topic: Verifying that IRS has processed my estimated tax?
Replies: 24
Views: 2634

Re: SEP and Solo 401(k)

BTW, this thread discussed the issues http://www.bogleheads.org/forum/viewtopic.php?f=1&t=105449 And I had confusion on multiple employer matches and starting about http://www.bogleheads.org/forum/viewtopic.php?f=1&t=105449#p1533127 there in the thread will get you the specific IRS citation...
by southerndoc
Thu Dec 27, 2012 12:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: SEP and Solo 401(k)
Replies: 6
Views: 640

SEP and Solo 401(k)

I was reading that the $49,000 employer contribution limit is per plan. I have two separate businesses, neither of which is incorporated. I work as an independent contractor as an emergency physician and I also provide EMS medical direction. If I have two separate tax ID's, can I establish a SEP-IRA...
by southerndoc
Thu Dec 27, 2012 11:34 am
 
Forum: Personal Finance (Not Investing)
Topic: SEP and Solo 401(k)
Replies: 6
Views: 640

Re: Tax Reporting - Selling Transferred Securities

Of course I'm going to report the correct cost basis. Was curious how this would work since I also bought additional shares through Schwab
by southerndoc
Mon Dec 24, 2012 11:18 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax Reporting - Selling Transferred Securities
Replies: 4
Views: 431

Tax Reporting - Selling Transferred Securities

In 2009 I opened a Schwab account and transferred securities from TD Ameritrade to Schwab. I've manually entered cost basis information, but I'm curious what will happen with tax reporting on my 1099-B when I sell one of my securities at a loss. Will Schwab report the cost basis I've entered, will t...
by southerndoc
Mon Dec 24, 2012 2:19 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax Reporting - Selling Transferred Securities
Replies: 4
Views: 431

Re: Do Medicare Docs have to give notice before they drop it

Most medical boards require a notice to the patient when a patient is "fired" from the practice, but in this case the patient isn't fired -- only his or her insurance isn't accepted. The physician isn't refusing to see you. He/she is just refusing to go through all the hard work of filing ...
by southerndoc
Sat Dec 15, 2012 6:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do Medicare Docs have to give notice before they drop it?
Replies: 20
Views: 1389

Re: have you *ever* got a 1099 for CC hoop-jumping bonuses?

I received a 1099 for some cash back bonuses for opening up a checking account with SunTrust when I also got a mortgage through them. Think I got $250 or so. They sent a 1099.
by southerndoc
Tue Dec 11, 2012 6:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: have you *ever* got a 1099 for CC hoop-jumping bonuses?
Replies: 10
Views: 764

Re: Are there any other finance forums?

savingadvice.com/forums

I stopped using it because their cookies kept resetting and wouldn't report new messages.
by southerndoc
Tue Nov 27, 2012 5:05 pm
 
Forum: Investing - Theory, News & General
Topic: Are there any other finance forums?
Replies: 7
Views: 1477

Re: Tax filing single vs marriage

What about a non-working spouse? My income is fairly high, and my wife currently doesn't work. I've always filed MFJ and hoping that's the best way to do it. AMT hits me every year no matter what.
by southerndoc
Mon Nov 26, 2012 1:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax filing single vs marriage
Replies: 23
Views: 1540

Re: Speeding ticket out of state

There are a hundred "10 over" speeding tickets issued for every one ticket for any of these things, simply because radar guns make it easy. If it was about safety that just wouldn't be the case. Georgia restricts police departments from doing this. I'm not sure if it was overturned, but a...
by southerndoc
Fri Nov 23, 2012 9:31 am
 
Forum: Personal Consumer Issues
Topic: Speeding ticket out of state
Replies: 59
Views: 4858

Re: Speeding ticket out of state

After close to 8 years, I got a speeding ticket over the weekend... I'd call it "road tax" and just mail in the $131. Since you haven't had any other infractions for nearly 8 years, you should be OK with your insurance. Just don't get another ticket anytime soon. This is my policy. If I'm...
by southerndoc
Fri Nov 23, 2012 9:27 am
 
Forum: Personal Consumer Issues
Topic: Speeding ticket out of state
Replies: 59
Views: 4858

Re: Taxes [New Physician - How to reduce tax burden?]

Max out a SEP or Individual (Solo) 401(k). Despite what others may have stated, I think it's wise to do a Roth conversion. I did one even at the highest tax bracket. Future tax rates are uncertain, and who knows if social security benefits will be reduced because of your taxable retirement portions....
by southerndoc
Sat Nov 17, 2012 12:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Taxes [New Physician - How to reduce tax burden?]
Replies: 28
Views: 2516

Re: Welcome back, everyone!

I was going into withdrawal!
by southerndoc
Fri Nov 02, 2012 9:39 pm
 
Forum: Forum Issues and Administration
Topic: Welcome back, everyone!
Replies: 52
Views: 4849

Re: Job Interview Mileage Deduction as Independent Contracto

trirod wrote:That would be a schedule C deduction since it's related to your SE income, not W2 employment.


Thanks!
by southerndoc
Sun Sep 30, 2012 2:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Job Interview Mileage Deduction as Independent Contractor
Replies: 6
Views: 684

Job Interview Mileage Deduction as Independent Contractor

I'm a physician who is an associate medical director of an emergency department. I recently interviewed for a medical director position 120 miles away from where I live. I drove there during the morning and returned that afternoon, so no hotel housing to pay for. I meet the same occupation rule of t...
by southerndoc
Sat Sep 29, 2012 9:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Job Interview Mileage Deduction as Independent Contractor
Replies: 6
Views: 684

Re: Apple Experts: Macbook Air vs Pro to run Parallels/Quick

I have a 13" MacBook Air (2012, i7 2.0 GHz, 8 GB RAM, 256 GB SSD). It runs VMWare Fusion just fine. However, I would make these recommendations (hopefully you haven't purchased your computer yet): 1. MacBook Pro if you mainly are going to use it as a desktop. 2. Skip the Retina. Why do you need...
by southerndoc
Wed Sep 26, 2012 7:19 am
 
Forum: Personal Consumer Issues
Topic: Apple Experts: Macbook Air vs Pro to run Parallels/Quicken?
Replies: 34
Views: 2760
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