Search found 629 matches

by Gemini
Sat May 28, 2016 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 153
Views: 6928

Re: What's Your Credit Card Rewards Strategy?

This is a great read. Do you guys use points when you go on business trips as well? Are you able to deduct cash value if you go on a business trip paid with points?
by Gemini
Sat May 28, 2016 8:51 pm
Forum: Personal Finance (Not Investing)
Topic: When does spending MORE to avoid taxes make sense or does it ever?
Replies: 26
Views: 1639

Re: When does spending MORE to avoid taxes make sense or does it ever?

If you both go, then, roughly you would spend double the amount of one person on food and deduct half. One person $100 dinner, deduct$50. Two people go, $200 dinner,deduct $100. Never deducting 100%. You might want to get separate bills for your meals so you don't run into any audit problems. Good ...
by Gemini
Sat May 28, 2016 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: When does spending MORE to avoid taxes make sense or does it ever?
Replies: 26
Views: 1639

Re: When does spending MORE to avoid taxes make sense or does it ever?

Knew it was too good to be true, but thanks all for clarifying.

Debating if we should just stay at the conference or venture out and do other islands. This is in Hawaii btw.
by Gemini
Sat May 28, 2016 4:26 pm
Forum: Personal Finance (Not Investing)
Topic: When does spending MORE to avoid taxes make sense or does it ever?
Replies: 26
Views: 1639

Re: When does spending MORE to avoid taxes make sense or does it ever?

This makes me wonder about another scenario: if we both go eat, I can deduct 50%, but now can the spouse deduct 50% as well? This would essentially mean we are able to deduct 100% of meals and even entertainment. No, you can each deduct 50% of your own meals if they are legitimate business expenses...
by Gemini
Sat May 28, 2016 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: When does spending MORE to avoid taxes make sense or does it ever?
Replies: 26
Views: 1639

Re: When does spending MORE to avoid taxes make sense or does it ever?

mega317 wrote:Does spouse want to actually participate in the conference, or just vacation? If he doesn't want to spend all day in a conference room, it's worth the extra tax dollars to fully enjoy the trip.


Does Not really want to conference, but spouse will attend if it means saving some $
by Gemini
Sat May 28, 2016 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: When does spending MORE to avoid taxes make sense or does it ever?
Replies: 26
Views: 1639

Re: When does spending MORE to avoid taxes make sense or does it ever?

I see it wasn't clear. I edited the original post. And yes, spouse is going regardless of the conference or not, so just a matter of whether it is worth it to go to the conference or not. Re deductions: these will be put through our consulting 1099 income, so yes, we will be able to deduct them. Oth...
by Gemini
Sat May 28, 2016 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: When does spending MORE to avoid taxes make sense or does it ever?
Replies: 26
Views: 1639

Re: When does spending MORE to avoid taxes make sense or does it ever?

Why would you be able to deduct the cost of the additional flight and registration, but pay only the cost of the additional registration? B/c the spouse's flight would have to be paid for regardless, but the flight cant only be deducted if the spouse pays for the registration If spouse comes you pa...
by Gemini
Sat May 28, 2016 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: When does spending MORE to avoid taxes make sense or does it ever?
Replies: 26
Views: 1639

When does spending MORE to avoid taxes make sense or does it ever?

Spouse and I were having this convo, but we didn't have a good grasp on the subject, so I figured I would ask here. We are thinking of attending a work related conference. Conference happens to be in an exotic location and registration is about $1300. Since we are both in the same field, we would bo...
by Gemini
Sat May 28, 2016 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Help with EFTPS [Electronic Federal Tax Payment System]
Replies: 10
Views: 523

Re: Help with EFTPS

No it doesn't matter. But the IRS is very particular about name and TIN matching. Since you will file federal tax returns as a sole proprietor anyway, you should just set it up using your own name and SSN. If you expect to make payments regularly, EFTPS is a more efficient way of paying taxes. For ...
by Gemini
Fri May 27, 2016 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: Help with EFTPS [Electronic Federal Tax Payment System]
Replies: 10
Views: 523

Re: Help with EFTPS

Right. I can use direct pay, but just wondering why I am not able to setup EFTPS under my personal info. Your name and your tax ID must match IRS' records. For example, the EFTPS can be set up with your biz name and its EIN, or your own name and your SSN. You cannot mix and match them. Does it matt...
by Gemini
Fri May 27, 2016 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: Help with EFTPS [Electronic Federal Tax Payment System]
Replies: 10
Views: 523

Re: Help with EFTPS

Right. I can use direct pay, but just wondering why I am not able to setup EFTPS under my personal info.
by Gemini
Fri May 27, 2016 8:33 am
Forum: Personal Finance (Not Investing)
Topic: Help with EFTPS [Electronic Federal Tax Payment System]
Replies: 10
Views: 523

Re: Help with EFTPS

Exactly. I thought so too. But the system won't allow me, and when I called, I was told the above info. I don't see any issues with opening a individual account and have estimated taxes flow through to IRS. I still need to make estimated quarterly tax payments as I am not able to withhold enough on ...
by Gemini
Thu May 26, 2016 8:58 pm
Forum: Personal Finance (Not Investing)
Topic: Help with EFTPS [Electronic Federal Tax Payment System]
Replies: 10
Views: 523

Help with EFTPS [Electronic Federal Tax Payment System]

I have a side biz setup and this will be the first year I have to pay quarterly taxes. I am a sole proprietor, but I set up a LLC in my state. I also obtained an EIN from the IRS under the bracket "Single-Member Limited Liability Company (LLC)". I was under the impression that I would be a...
by Gemini
Tue May 17, 2016 6:46 pm
Forum: Personal Finance (Not Investing)
Topic: Profesional Practice Partnership Questions
Replies: 15
Views: 816

Re: Profesional Practice Partnership Questions

It appears my first post was a bit misleading. I have been at the practice 3 years. My fourth year begins in July. Hence, I'm inquiring about partnership when my 4th year begins.

@anil - how do I vet finances once I do become partner?
by Gemini
Tue May 17, 2016 10:17 am
Forum: Personal Finance (Not Investing)
Topic: Profesional Practice Partnership Questions
Replies: 15
Views: 816

Re: Profesional Practice Partnership Questions

You need to post the part of the contract that discusses the process of becoming partner. I don't think what you've posted guarantees anything beyond the annual raises. Well you get a Stockholder's agreement. That is all I know. It does not really specify anything else in the contract that I have n...
by Gemini
Tue May 17, 2016 9:38 am
Forum: Personal Finance (Not Investing)
Topic: Profesional Practice Partnership Questions
Replies: 15
Views: 816

Re: Profesional Practice Partnership Questions

It states starting Year 4, which begins in July, compensation will be based on profit sharing. It then goes on to say "Employee shall not be eligible to share in Corporate profits or other Corporate income until such time as the Employee becomes a Stockholder." This would mean one would ha...
by Gemini
Mon May 16, 2016 10:50 pm
Forum: Personal Finance (Not Investing)
Topic: Profesional Practice Partnership Questions
Replies: 15
Views: 816

Profesional Practice Partnership Questions

I am part of a large medical practice. When I was hired, I met with the CEO and was advised partnership will be offered after 3 years of employment. I started in July and was under the impression that partnership will begin when my third year began in July. I am now running into some friction. I met...
by Gemini
Sat May 07, 2016 12:54 pm
Forum: Investing - Help with Personal Investments
Topic: Totally lost about contribution limits for an I-401k
Replies: 44
Views: 2056

Re: Totally lost about contribution limits for an I-401k

You shouldn't have posted that. It virtually guarantees that I will shortly be critically wrong on some issue soon. I have certainly been wrong and corrected by Alan S., Livesoft, and other knowledgeable long term members on several occasions over the years. I try to research, have references, and ...
by Gemini
Fri May 06, 2016 10:15 pm
Forum: Investing - Help with Personal Investments
Topic: Totally lost about contribution limits for an I-401k
Replies: 44
Views: 2056

Re: Totally lost about contribution limits for an I-401k

Op you need a new CPA ASAP. In addition, I can vouch for spirit rider and his knowledge of the tax code. He/she knows stuff inside out re taxes. Every time I post a tax question, I'm hoping spirit rider would chime and he/she usually does. Much thanks to spirit rider for all the help btw!! :sharebeer
by Gemini
Mon May 02, 2016 4:17 pm
Forum: Investing - Theory, News & General
Topic: "Save $52,000 on Financial Advice" Forbes
Replies: 103
Views: 12119

Re: "Save $52,000 on Financial Advice" Forbes

Curious if certifications matter when looking for a planner? I am guessing CFP is the minimal, but what about a CFA, or MBA or JD or CPA? Would a CFP/CPA or CFP/JD have more knowledge and insight about matters? But I suppose the average Joe doesn't need all THAT brainpower or do they? Don't make th...
by Gemini
Mon May 02, 2016 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: How to double check CPA work?
Replies: 24
Views: 1930

Re: How to double check CPA work?

The best way to check your CPA's work is to grab a pencil, a calculator and the IRS Forms and Instructions and go through it yourself. Things are more obvious and clear cut this way and you keep up with changes as well. I've tried software before - yes, it is easy and gets the job done, but the act...
by Gemini
Mon May 02, 2016 2:49 pm
Forum: Investing - Theory, News & General
Topic: "Save $52,000 on Financial Advice" Forbes
Replies: 103
Views: 12119

Re: "Save $52,000 on Financial Advice" Forbes

Curious if certifications matter when looking for a planner? I am guessing CFP is the minimal, but what about a CFA, or MBA or JD or CPA? Would a CFP/CPA or CFP/JD have more knowledge and insight about matters? But I suppose the average Joe doesn't need all THAT brainpower or do they?
by Gemini
Mon May 02, 2016 2:47 pm
Forum: Investing - Help with Personal Investments
Topic: Hourly Financial Analysis--Where to Find
Replies: 16
Views: 1580

Re: Hourly Financial Analysis--Where to Find

Biffer: That's an excellent point & the initial contacts I made (before posting) confirmed that none of those advisors had any interest in a one-off, billed-by-the-hour project. Also, there aren't many advisors in our area. I'm trying to assemble a list of virtual advisors (I'd be ok with that;...
by Gemini
Mon May 02, 2016 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: How to double check CPA work?
Replies: 24
Views: 1930

Re: How to double check CPA work?

Thanks for all the replies. I met with the fella in person. We spent about an hour and he was able to answer pretty much all of my questions. There was a little hiccup where he thought I should get SEP IRA instead of solo 401K, but I reminded him about backdoor roth, but I did not articulate it well...
by Gemini
Mon May 02, 2016 10:31 am
Forum: Personal Finance (Not Investing)
Topic: S Corp - physician side gig
Replies: 2
Views: 457

Re: S Corp - physician side gig

Thanks Spirit Rider. Essentially, it doesn't make financial sense to set it up. Just wanted to make sure I was not missing out on something
by Gemini
Mon May 02, 2016 8:54 am
Forum: Investing - Theory, News & General
Topic: "Save $52,000 on Financial Advice" Forbes
Replies: 103
Views: 12119

Re: "Save $52,000 on Financial Advice" Forbes

That is why I asking for someone who has been vouched by a boglehead
by Gemini
Sun May 01, 2016 9:28 pm
Forum: Investing - Theory, News & General
Topic: "Save $52,000 on Financial Advice" Forbes
Replies: 103
Views: 12119

Re: "Save $52,000 on Financial Advice" Forbes

afan wrote:Look for someone who is hourly fee only. No investment mangement offered, no products sold. Just advice at an hourly rate.


Lot of them offer that, but then slip in the AUM. Would rather have someone who has been vouched for by a fellow boglehead.
by Gemini
Sun May 01, 2016 6:46 pm
Forum: Investing - Theory, News & General
Topic: "Save $52,000 on Financial Advice" Forbes
Replies: 103
Views: 12119

Re: "Save $52,000 on Financial Advice" Forbes

A friend of mine is a doc and looking for a financial planner. Is there anyone out who does what Allan Roth does but cheapeR? As discussed in this thread, there are a lot of "fee only" planners that really are not fee only.
by Gemini
Wed Apr 27, 2016 6:27 am
Forum: Personal Finance (Not Investing)
Topic: S Corp - physician side gig
Replies: 2
Views: 457

S Corp - physician side gig

Can you guys comment whether a S Corp is a good idea in my situation? Currently I have a w2 9-5 job and I do consulting, which provides 1099 income. I have a LLC setup, which is taxed as a sole proprietorship. Salary is over 118K and the income from consulting is over 118k. Also have a solo 401k int...
by Gemini
Sun Apr 24, 2016 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: How to double check CPA work?
Replies: 24
Views: 1930

Re: How to double check CPA work?

I have hired a new CPA for 2015 taxes. Had to file an extension for 2015 bc the previous tax preparer was not knowledgeable and I lost confidence in his ability to file an accurate return. The experience made me realize I really need to get more educated about the tax code and tax planning. I was ho...
by Gemini
Sat Apr 23, 2016 3:15 pm
Forum: Personal Finance (Not Investing)
Topic: How to double check CPA work?
Replies: 24
Views: 1930

Re: How to double check CPA work?

Debating if I should buy and complete a sample return to compare and learn. To clarify: regardless of whether one files or not, there is a charge? Yes, at least for downloadable versions of TaxAct. There may be other programs, or online versions of TaxAct, that allow you to fill in the forms withou...
by Gemini
Sat Apr 23, 2016 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: How to double check CPA work?
Replies: 24
Views: 1930

Re: How to double check CPA work?

Income is not low. Using a CPA this year. Have a copy of last year's return, but this year is different as it will be MFJ, schedule C, K1, estimated q1 taxes for a business, and a couple of additional items. Does taxact only charge if I efile or is there a charge regardless if I use the program? Do...
by Gemini
Sat Apr 23, 2016 10:22 am
Forum: Investing - Help with Personal Investments
Topic: Hourly Financial Analysis--Where to Find
Replies: 16
Views: 1580

Re: Hourly Financial Analysis--Where to Find

White coat investor has a bunch of planners that are vetted by him. Look into those as well.
by Gemini
Sat Apr 23, 2016 8:54 am
Forum: Investing - Help with Personal Investments
Topic: Hourly Financial Analysis--Where to Find
Replies: 16
Views: 1580

Re: Hourly Financial Analysis--Where to Find

There are lots of planners that are around. Are your friends okay with people that are not local? Lots of firms now do virtual consulting via phone or Skype.
by Gemini
Sat Apr 23, 2016 8:41 am
Forum: Personal Finance (Not Investing)
Topic: How to double check CPA work?
Replies: 24
Views: 1930

Re: How to double check CPA work?

Income is not low. Using a CPA this year. Have a copy of last year's return, but this year is different as it will be MFJ, schedule C, K1, estimated q1 taxes for a business, and a couple of additional items. Does taxact only charge if I efile or is there a charge regardless if I use the program? Doe...
by Gemini
Fri Apr 22, 2016 10:32 pm
Forum: Personal Finance (Not Investing)
Topic: How to double check CPA work?
Replies: 24
Views: 1930

Re: How to double check CPA work?

Too late this year. Maybe next year I will.
by Gemini
Fri Apr 22, 2016 9:41 pm
Forum: Personal Finance (Not Investing)
Topic: How to double check CPA work?
Replies: 24
Views: 1930

How to double check CPA work?

Any suggestions? Looking for a free option if possible. Using a new guy this year who comes recommended, but I want to make sure all is well. Meeting the fellow in person in a couple of weeks to iron out the details. He has already filed an extension. Do these tax programs such as taxact allow one t...
by Gemini
Fri Apr 22, 2016 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: TaxAct Plus vs TurboTax vs H&R Block for 2015
Replies: 117
Views: 10148

Re: TaxAct Plus vs TurboTax vs H&R Block for 2015

Are all of these programs "online" in the cloud or on your local drive? Security is always a concern in today's environment. Can any of these programs be used to double check your CPA's work for free I.e. Can one input information all of the information and see what a final return looks li...
by Gemini
Thu Apr 14, 2016 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: CPA pricing and physical location
Replies: 41
Views: 2466

Re: CPA pricing and physical location

Do the states follow names changes as the federal govt? I know for federal taxes one should use the last name on your current social security card. What about state taxes? Should you also use your new last name or the old?
by Gemini
Thu Apr 14, 2016 2:58 pm
Forum: Personal Finance (Not Investing)
Topic: CPA pricing and physical location
Replies: 41
Views: 2466

Re: CPA pricing and physical location

Looks like I can use turbotax and file a free extension online. I also plan to just go online to the two states and pay something to extend. Same for estimated business taxes. Once dust is settled, I can find a good cpa Since I have a business account and personal account, does it matter which the m...
by Gemini
Thu Apr 14, 2016 9:12 am
Forum: Personal Finance (Not Investing)
Topic: CPA pricing and physical location
Replies: 41
Views: 2466

Re: CPA pricing and physical location

Thanks all. Best option now is extension. No recommended CPAs are available - busy. I can do do free online federal turbo tax extension. I should be okay with that as it seems straightforward. Since I work in State A and live in State B, do I have to file extension for each? Usually credits from Sta...
by Gemini
Wed Apr 13, 2016 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: CPA pricing and physical location
Replies: 41
Views: 2466

Re: CPA pricing and physical location

That is what my wife said! Do not know how to choose - to be honest, money is not a deciding factor. Just a little hesitant as the firm is 2000 miles away.
by Gemini
Wed Apr 13, 2016 5:18 pm
Forum: Personal Finance (Not Investing)
Topic: CPA pricing and physical location
Replies: 41
Views: 2466

Re: CPA pricing and physical location

I would go with the latter, more expensive, company, since their services seem to be more comprehensive, esp since this is your first year as a business. I believe you can deduct the tax preparation costs for your business, but any costs for your personal return is subjected to the 2% rule. I helpe...
by Gemini
Wed Apr 13, 2016 4:47 pm
Forum: Personal Finance (Not Investing)
Topic: CPA pricing and physical location
Replies: 41
Views: 2466

Re: CPA pricing and physical location

Anyone? Any suggestion on who to go with? Have to pick soon as deadline approaching! :?: If it's for 2015 tax prep, waiting till this week was a poor move on your part. File an extension form, then perform your due diligence. Decisions made at the last minute aren't usually the best. Good CPA's are...
by Gemini
Wed Apr 13, 2016 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: CPA pricing and physical location
Replies: 41
Views: 2466

Re: CPA pricing and physical location

What exactly is "Tax Planning"? Curious what this entails? I have regular 9-5 jobs and do some consulting on the side (for which I have LLC). What would I need tax planning or more financial advicefor? Just curious. We keep it pretty simple - max retirement accounts, and with excess pay of...
by Gemini
Wed Apr 13, 2016 9:45 am
Forum: Personal Finance (Not Investing)
Topic: CPA pricing and physical location
Replies: 41
Views: 2466

Re: CPA pricing and physical location

Anyone? Any suggestion on who to go with? Have to pick soon as deadline approaching! :?:
by Gemini
Tue Apr 12, 2016 7:57 pm
Forum: Personal Finance (Not Investing)
Topic: CPA pricing and physical location
Replies: 41
Views: 2466

Re: CPA pricing and physical location

also forgot to add a caveat that firm only provides those services for that quoted price until December 2016.
by Gemini
Tue Apr 12, 2016 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: CPA pricing and physical location
Replies: 41
Views: 2466

Re: CPA pricing and physical location

Wow he sure responds fast. The quoted price is just to file. Does not include anything else. No tax planning, no ammended returns or audit representation if needed. Those are at a rate of 200-250/hr depending on who is used. Thoughts? What is the likelihood that the above things will happen? But suc...
by Gemini
Tue Apr 12, 2016 7:07 pm
Forum: Personal Finance (Not Investing)
Topic: CPA pricing and physical location
Replies: 41
Views: 2466

Re: CPA pricing and physical location

I just sent the local fellow an email. Let's see what he says about what the price includes.
by Gemini
Tue Apr 12, 2016 6:48 pm
Forum: Personal Finance (Not Investing)
Topic: CPA pricing and physical location
Replies: 41
Views: 2466

Re: CPA pricing and physical location

Is this for your 2015 return? Because if it is, shame on you for waiting so long! When you say your 1099's are out of state, what do you mean? Do you reside in one state or are there multiple state returns? And what kind of 1099's? Meaning the companies that pay me are located in a different state....

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