Search found 610 matches

by Gemini
Mon May 02, 2016 4:17 pm
Forum: Investing - Theory, News & General
Topic: "Save $52,000 on Financial Advice" Forbes
Replies: 98
Views: 9677

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: 1707

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: 98
Views: 9677

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: 1464

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: 1707

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: 421

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: 98
Views: 9677

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: 98
Views: 9677

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: 98
Views: 9677

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: 421

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: 1707

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: 1707

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: 1707

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: 1464

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: 1464

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: 1707

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: 1707

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: 1707

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: 9720

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: 2331

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: 2331

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: 2331

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: 2331

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: 2331

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: 2331

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: 2331

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: 2331

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: 2331

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: 2331

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: 2331

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: 2331

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....
by Gemini
Tue Apr 12, 2016 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: CPA pricing and physical location
Replies: 41
Views: 2331

CPA pricing and physical location

What is a reasonable price for CPA in my sitatuion? I have been quoted two very different numbers. I am in the Northeast. They were both recommended by word of mouth and are reputable. My taxes: married two W2 some 1099s - all out of state home office backdoor roth x 2 HSA schedule c schedule SE I w...
by Gemini
Tue Apr 12, 2016 11:31 am
Forum: Personal Finance (Not Investing)
Topic: HSA Contributions - taxable or not taxable?
Replies: 20
Views: 1523

Re: HSA Contributions - taxable or not taxable?

A little off topic question: how much does a CPA cost? I reached out to two different ones that were recommended. One's price is double the price of the other. Is that common to have such large variability? They are both "CPAs" for sure - one is solo, has his own operation and chepaer, whi...
by Gemini
Sun Apr 10, 2016 5:05 pm
Forum: Personal Finance (Not Investing)
Topic: Side biz taxes and solo 401K contributions
Replies: 21
Views: 1484

Re: Side biz taxes and solo 401K contributions

I dont know why the OP did not take all his documents to a new CPA when he noticed that CPA input is wrong as per this forum feedback and do a tax return through new CPA. They would be able to do it UNLESS if the OP thinks that the 3 digit price of the CPA is excessive compared to his 5 or 6 digit ...
by Gemini
Sun Apr 10, 2016 11:51 am
Forum: Personal Finance (Not Investing)
Topic: HSA Contributions - taxable or not taxable?
Replies: 20
Views: 1523

Re: HSA Contributions - taxable or not taxable?

Good idea susa. From what I read TurboTax is more user friendly, but more expensive. Do programs like TurboTax and taxAct still charge if you don't actually submit the returns through them i.e. just use to "run" the numbers per se?
by Gemini
Sun Apr 10, 2016 10:42 am
Forum: Personal Finance (Not Investing)
Topic: HSA Contributions - taxable or not taxable?
Replies: 20
Views: 1523

Re: HSA Contributions - taxable or not taxable?

I searched above. He comes up as : "AFSP - Record of Completion".

I am using this as a learning experience and hoping to find someone good for 2016. If it wasn't for the collective here helping, esp Spirit Rider, I would be in some serious doo doo :(
by Gemini
Sun Apr 10, 2016 10:10 am
Forum: Personal Finance (Not Investing)
Topic: Side biz taxes and solo 401K contributions
Replies: 21
Views: 1484

Re: Side biz taxes and solo 401K contributions

Forgot to mention this - he did say that I have ZERO Schedule SE tax. Is that possible? he stated I already paid excessive Medicare tax with my other incomes and am over the limit for the Medicare tax. So essentially, my solo 401K employER contribution will be 20% of my net business profit. Does thi...
by Gemini
Sun Apr 10, 2016 10:09 am
Forum: Personal Finance (Not Investing)
Topic: HSA Contributions - taxable or not taxable?
Replies: 20
Views: 1523

Re: HSA Contributions - taxable or not taxable?

I am by no means a tax expert. For those who are, is the OP better off filing this return prepared by someone who does not know how, assuming an amended return will be coming once reviewed by a competent preparer, or just paying the tax and filing for an extension to get time to have the return don...
by Gemini
Sun Apr 10, 2016 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Side biz taxes and solo 401K contributions
Replies: 21
Views: 1484

Re: Side biz taxes and solo 401K contributions

That is the truth. Unfortunately, too late for 2015. I am already beginning to look for 2016.
by Gemini
Sun Apr 10, 2016 9:33 am
Forum: Personal Finance (Not Investing)
Topic: HSA Contributions - taxable or not taxable?
Replies: 20
Views: 1523

Re: HSA Contributions - taxable or not taxable?

Well the CPA will soon send me a completed return and I will be sure to look over it keenly. Hopefully, I can pick out if anything looks funky. But, in truth, I don't know what I don't know. Terrible experience so far. If you guys have any recs on how to find a good, new CPA/Tax Planner, please advi...
by Gemini
Sun Apr 10, 2016 1:43 am
Forum: Personal Finance (Not Investing)
Topic: HSA Contributions - taxable or not taxable?
Replies: 20
Views: 1523

Re: HSA Contributions - taxable or not taxable?

I used to use a CPA who was someone family used. He made multiple mistakes on my taxes. I caught some of them, but I missed one and it cost me an IRS review, back taxes, and a penalty. I switched to Taxact. It doesn't cost much and is less likely to make errors. I am leery to do taxes myself as I h...
by Gemini
Sun Apr 10, 2016 1:18 am
Forum: Personal Finance (Not Investing)
Topic: Side biz taxes and solo 401K contributions
Replies: 21
Views: 1484

Re: Side biz taxes and solo 401K contributions

Spirit Rider thank you for clarifying. My CPA was not aware on how to do this properly, which is sad.
by Gemini
Sun Apr 10, 2016 1:16 am
Forum: Personal Finance (Not Investing)
Topic: HSA Contributions - taxable or not taxable?
Replies: 20
Views: 1523

Re: HSA Contributions - taxable or not taxable?

Thank you all for chiming in. Really appreciate the input. For as long as I can remember, I have been using the CPA that my dad uses. I was a resident before and my taxes were very straight forward. This is the first year where I have significant income and my taxes are a little bit more involved i....
by Gemini
Sat Apr 09, 2016 6:50 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Contributions - taxable or not taxable?
Replies: 20
Views: 1523

HSA Contributions - taxable or not taxable?

This is the first year filing taxes where I have had HSA. For my current HSA - my employer contributes some and then I contribute some to achieve the max for single person 2015. What happens to this income as I am now filing taxes for 2015? My portion and the employer's portion I believe have been b...
by Gemini
Sat Apr 09, 2016 6:44 pm
Forum: Personal Finance (Not Investing)
Topic: Side biz taxes and solo 401K contributions
Replies: 21
Views: 1484

Re: Side biz taxes and solo 401K contributions

Just to confirm - the employer contribution is deductible on the SCHEDULE C (Form 1040) - Profit or Loss From Business (Sole Proprietorship) - Box 19. Is that accurate? And this essentially decreases the net business profit even more and decrease taxable income.
by Gemini
Wed Apr 06, 2016 7:47 pm
Forum: Personal Finance (Not Investing)
Topic: Estimating taxes quarterly, solo 401k contributions
Replies: 13
Views: 800

Re: Estimating taxes quarterly, solo 401k contributions

So I see IRS Directpay requires previous year's tax info to verify identity. Technically, this will be my second year filing. Does the system recognize previous year's returns instantly? Example: If I file side biz taxes on April 11, 2016 for 2015, can i use the system the same day or next day to ve...
by Gemini
Mon Apr 04, 2016 11:35 am
Forum: Personal Finance (Not Investing)
Topic: Chase Freedom Unlimited card 1.5% back + bonus
Replies: 85
Views: 7710

Re: Chase Freedom Unlimited card 1.5% back + bonus

Is there a best bang for the buck re UR points? Wife and I have a bunch i.e. Over 100k+ and we were wondering whether it makes sense to use them for short haul flights or save for an extravagant trip? Also, if I buy a plane ticket through Chase without using the points, do I get more points than go...
by Gemini
Mon Apr 04, 2016 6:44 am
Forum: Personal Finance (Not Investing)
Topic: Chase Freedom Unlimited card 1.5% back + bonus
Replies: 85
Views: 7710

Re: Chase Freedom Unlimited card 1.5% back + bonus

Is there a best bang for the buck re UR points? Wife and I have a bunch i.e. Over 100k+ and we were wondering whether it makes sense to use them for short haul flights or save for an extravagant trip? Also, if I buy a plane ticket through Chase without using the points, do I get more points than goi...
by Gemini
Sun Apr 03, 2016 11:20 am
Forum: Personal Finance (Not Investing)
Topic: Estimating taxes quarterly, solo 401k contributions
Replies: 13
Views: 800

Re: Estimating taxes quarterly, solo 401k contributions

Is there a ballpark number ie 15% of gross in deductions or some other number that is considered "significant"?
by Gemini
Sat Apr 02, 2016 5:48 pm
Forum: Personal Finance (Not Investing)
Topic: Estimating taxes quarterly, solo 401k contributions
Replies: 13
Views: 800

Re: Estimating taxes quarterly, solo 401k contributions

One caution, there is generally no way to remove excess employer contributions in a 401k. The only option is to report a non-deductible contributions and pay a 10% excise tax. The following year you can deduct that carry-forwarded amount, taking it into account for total contributions. For this rea...

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