Search found 663 matches

by Gemini
Tue Jul 26, 2016 10:12 pm
Forum: Personal Finance (Not Investing)
Topic: Expensify - free version
Replies: 6
Views: 733

Re: Expensify - free version

Thanks. Would appreciate more input if possible. It looks like for Quickbooks, I need to pay 5/month.
by Gemini
Tue Jul 26, 2016 10:09 pm
Forum: Personal Finance (Not Investing)
Topic: Student loan: 1.9% variable vs. 2.625 fixed?
Replies: 10
Views: 679

Re: Student loan: 1.9% variable vs. 2.625 fixed?

Take the fixed. Opt to pay off quickly
by Gemini
Tue Jul 26, 2016 7:56 pm
Forum: Personal Finance (Not Investing)
Topic: Quickbooks Enterprise for sole proprietor - overkill?
Replies: 2
Views: 172

Quickbooks Enterprise for sole proprietor - overkill?

I recently got a great deal on Qbooks enterprise and installed the program. I have a regular job and also operate side business as a single member LLC. Prior to the purchase, I read positive reviews and my main purpose was to keep my business and personal expenses in order so as to maximize tax dedu...
by Gemini
Tue Jul 26, 2016 7:51 pm
Forum: Personal Finance (Not Investing)
Topic: Expensify - free version
Replies: 6
Views: 733

Re: Expensify - free version

no one has used expensify here?
by Gemini
Mon Jul 25, 2016 11:00 pm
Forum: Personal Finance (Not Investing)
Topic: Who should my wife and I see, a Financial Advisor, planner, etc.
Replies: 38
Views: 2358

Re: Who should my wife and I see, a Financial Advisor, planner, etc.

Why the need to see someone in person? Technology makes it possible to venture outside of your immediate vicinity and land the most capable. If I were looking for a planner/advisor/helper, I would, hands down, opt for Allan Roth. Just my 2 cents.
by Gemini
Mon Jul 25, 2016 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Expensify - free version
Replies: 6
Views: 733

Expensify - free version

I came across this app and it seems to garner many favorable reviews. I have a small, consulting side biz w/o employees and need to keep track of expenses. I also recently got Quickbooks enterprise, which now seems a bit overkill. Has anyone here used expensify, esp the free individual version? Does...
by Gemini
Fri Jul 22, 2016 2:05 am
Forum: Personal Finance (Not Investing)
Topic: Due diligence before becoming a shareholder in a medical practice
Replies: 30
Views: 2398

Re: Due diligence before becoming a shareholder in a medical practice

Are there any good, simple books that discuss how to read/assess financial documents, or how to evaluate fhe health of a business? I will be using CPA, but also want education on these matters now and moving forward for my own edification.
by Gemini
Mon Jul 11, 2016 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Due diligence before becoming a shareholder in a medical practice
Replies: 30
Views: 2398

Re: Due diligence before becoming a shareholder in a medical practice

Spoke with an accountant. He would need shareholder agreement, financial statements, forecasts, budgets, pension plans summary, profit plans and shareholder agreement and possible some more docs to better get an idea and review. Cost is about $5,000. Is that normal cost? $5k is a lot of money
by Gemini
Sat Jul 09, 2016 10:10 pm
Forum: Personal Finance (Not Investing)
Topic: Due diligence before becoming a shareholder in a medical practice
Replies: 30
Views: 2398

Re: Due diligence before becoming a shareholder in a medical practice

1. Not in any medical field, but I learned a VERY EXPENSIVE way the meaning of "joint and several" liability. It means that YOU may be responsible for ALL of a debt or obligation that you believe is shared by many others (both organizations and individuals). Be careful of "personal g...
by Gemini
Sat Jul 09, 2016 8:01 pm
Forum: Personal Finance (Not Investing)
Topic: Due diligence before becoming a shareholder in a medical practice
Replies: 30
Views: 2398

Re: Due diligence before becoming a shareholder in a medical practice

Gemini wrote: The latest "new" partner - I spoke with him and he has the same issues as me : no clear understanding of how compensation works, why the overhead is high and why he is getting paid little. I Edit: I just re-read that and it makes the place look bad, but it really isn't. The ...
by Gemini
Sat Jul 09, 2016 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: Due diligence before becoming a shareholder in a medical practice
Replies: 30
Views: 2398

Re: Due diligence before becoming a shareholder in a medical practice

Can you discuss the details of how this is working out for those who have been in similar situations in this practice a few years ago - and see how things worked out when they became a shareholder in the practice? The practice has been around many, many decades. They Have had very little turnover. ...
by Gemini
Sat Jul 09, 2016 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Due diligence before becoming a shareholder in a medical practice
Replies: 30
Views: 2398

Re: Due diligence before becoming a shareholder in a medical practice

I am still having trouble clearly understanding clearly what overhead is and how my compensation will be calculated moving forward. I would not enter into an agreement without a clear understanding of how my compensation would be calculated. They should be able to answer that question for you to yo...
by Gemini
Sat Jul 09, 2016 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Due diligence before becoming a shareholder in a medical practice
Replies: 30
Views: 2398

Due diligence before becoming a shareholder in a medical practice

I am being offered an opportunity to become a shareholder in a large medical practice with multiple docs and mid-level practitioners. I have consulted a local healthcare attorney to review the shareholder agreement. What else should I be doing? Is it reasonable to hire an accountant to go over the f...
by Gemini
Wed Jun 22, 2016 8:09 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity solo 401k profit sharing contributions
Replies: 23
Views: 1196

Re: Fidelity solo 401k profit sharing contributions

Good to know. So how do you suggest I proceed? Send in two different forms WITHOUT year for approx 15K each and do internal bookkeeping only? Personally I would do the following for employer contributions: ⋅ Contribute $12K (80% of est. $15K) for 2015 now. ⋅ Contribute the exact...
by Gemini
Tue Jun 21, 2016 7:41 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity solo 401k profit sharing contributions
Replies: 23
Views: 1196

Re: Fidelity solo 401k profit sharing contributions

I think it is a bad idea to take any step to designate the year of employer contribution between January 1st and your tax filing deadline (including extensions). The IRS does not require this and they do not care how the deposits are made. As has been said what matters is what internal accounting y...
by Gemini
Sun Jun 19, 2016 10:33 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity solo 401k profit sharing contributions
Replies: 23
Views: 1196

Re: Fidelity solo 401k profit sharing contributions

To clarify, the employEE contribution has a year designation, while the employER/profit sharing does not. The picture above demonstrates this clearly. I called Fido and asked. They said it can be done in a lump sum or however. For their intents and purposes, they just log the money coming in for pro...
by Gemini
Sat Jun 18, 2016 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity solo 401k profit sharing contributions
Replies: 23
Views: 1196

Re: Fidelity solo 401k profit sharing contributions

Ya maybe better to send two forms. But the forms have no way of delegating a year
by Gemini
Fri Jun 17, 2016 10:52 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity solo 401k profit sharing contributions
Replies: 23
Views: 1196

Fidelity solo 401k profit sharing contributions

The Fidelity form does not specify whether the profit sharing is for this year or the previous. I am in a situation where I filed an extension for 2015 taxes. I did not make any solo 401k eomployER/profit sharing contributions for 2015. I know approximately how much I can make, but the final numbers...
by Gemini
Mon Jun 13, 2016 11:57 am
Forum: Personal Consumer Issues
Topic: Maui and what other island?
Replies: 26
Views: 1479

Re: Maui and what other island?

me and spouse only - no kids.
by Gemini
Mon Jun 13, 2016 11:15 am
Forum: Personal Consumer Issues
Topic: Maui and what other island?
Replies: 26
Views: 1479

Re: Maui and what other island?

No direct flights to OGG. Should we go direct to HNL and then book another, sepearate flight to OGG? Or book a flight to OGG w/ lay over in LAX? Coming from east coast by the way
by Gemini
Mon Jun 13, 2016 11:11 am
Forum: Personal Finance (Not Investing)
Topic: Hiring help - employee vs consultant distinction
Replies: 8
Views: 507

Re: Hiring help - employee vs consultant distinction

Relax everyone. No one is doing anything illegal. Looks like this will be 1099. Read the sba website and she definitely qualifies as 1099, if even that. Gave her $200 so far - so no action needs to be taken for now. If it does go over $600, do I have to have a contract with her? Curious how official...
by Gemini
Sun Jun 12, 2016 9:33 pm
Forum: Personal Finance (Not Investing)
Topic: Hiring help - employee vs consultant distinction
Replies: 8
Views: 507

Hiring help - employee vs consultant distinction

I have a small, medical consulting business. I occasionally use the services of my younger cousin in college who makes phone calls or types up summaries or other minimal work. I usually just pay her cash, but, after some research, it appears I can actually pay her on the books as 1099 contractor and...
by Gemini
Sun Jun 12, 2016 9:25 pm
Forum: Personal Consumer Issues
Topic: Maui and what other island?
Replies: 26
Views: 1479

Re: Maui and what other island?

Thanks all.

Seems consensus is to stay on Maui and then take day trips. Can this all be done when we get there or do we need to plan these trips ahead of time?

Any must try restaurants/eats in Maui?
by Gemini
Fri Jun 10, 2016 10:22 am
Forum: Personal Consumer Issues
Topic: Maui and what other island?
Replies: 26
Views: 1479

Re: Maui and what other island?

Thanks for all the input.To clarify, we are going to Maui for one week and we have ANOTHER additional week free. Doe this change your recs?
by Gemini
Fri Jun 10, 2016 9:22 am
Forum: Personal Consumer Issues
Topic: Maui and what other island?
Replies: 26
Views: 1479

Re: Maui and what other island?

Big Dutch wrote:I haven't been to the big island but I'd second Kauai. Laid back, lots to do outside (hike, kayak, etc.). Beautiful beaches and snorkeling go without saying. My personal favorite over Oahu and Maui.


Great. Thanks.

Any idea on how inter island travel works between Maui and Kauai? Boat? Plane?
by Gemini
Fri Jun 10, 2016 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Becoming partner and vetting company
Replies: 8
Views: 1193

Re: Becoming partner and vetting company

Great points SouthernCPA. I know that the partners get a W2 plus a K. Rest I will have to explore.
by Gemini
Fri Jun 10, 2016 9:17 am
Forum: Personal Consumer Issues
Topic: Maui and what other island?
Replies: 26
Views: 1479

Maui and what other island?

Headed to Maui for a work related event. We have an extra week before the event and want to explore Hawaii. Which one of the other islands do you guys recommend and why? Also, what to do there? I read the other thread on Kauai, and it sounds wonderful. Just want to make sure I am not missing another...
by Gemini
Wed Jun 08, 2016 1:34 pm
Forum: Personal Consumer Issues
Topic: Vacation in Hawaii
Replies: 34
Views: 3282

Re: Vacation in Hawaii

Great thread. I am headed to a conference in Maui for one week, but have some free time before and looking to get in a few days earlier. We are coming in from the east coast - should we go to a different island before or just spend the two weeks in Maui? Maybe a week in another island? Any suggestio...
by Gemini
Wed Jun 08, 2016 9:17 am
Forum: Personal Finance (Not Investing)
Topic: Becoming partner and vetting company
Replies: 8
Views: 1193

Re: Becoming partner and vetting company

Talk to a partner there you trust and ask what he\she recommends for your due diligence. And have a conversation with either the practice accountant or your accountant about the financials. Make good use of these resources rather than trying to handle all yourself. Good luck. You may want you engag...
by Gemini
Tue Jun 07, 2016 6:50 pm
Forum: Personal Finance (Not Investing)
Topic: Becoming partner and vetting company
Replies: 8
Views: 1193

Re: Becoming partner and vetting company

Thanks. I will see if I can get all of the above info.
by Gemini
Sun Jun 05, 2016 11:46 pm
Forum: Personal Finance (Not Investing)
Topic: Becoming partner and vetting company
Replies: 8
Views: 1193

Becoming partner and vetting company

Can you guys recommend what is the best way to "vet" a medical group/company comprised of lots of physicians and employees? I hear most people say "look at the books" or "review the books", but what does that actually mean? I ask b/c there may be an opportunity, hopeful...
by Gemini
Wed Jun 01, 2016 7:34 pm
Forum: Personal Consumer Issues
Topic: Leasing Porsche Cayenne
Replies: 7
Views: 1730

Leasing Porsche Cayenne

Family member is looking to lease a Porsche Cayenne. Already had a discussion about lease va buying, but this what the end game looks like. Some incentive from work to lease, but doesn't make sense to me. Regardless, any ideas on how/where to get the best deal? Don't mind having the car shipped as i...
by Gemini
Wed Jun 01, 2016 10:01 am
Forum: Personal Consumer Issues
Topic: "starter" vs "regular" home
Replies: 47
Views: 3544

Re: "starter" vs "regular" home

Thank you for all the input. Super busy and will respond shortly.
by Gemini
Tue May 31, 2016 4:38 pm
Forum: Personal Consumer Issues
Topic: "starter" vs "regular" home
Replies: 47
Views: 3544

"starter" vs "regular" home

We are starting to look for a house. Timeline is within a year. We are in a very HCOL area. Spouse brought up the idea of a starter home. I had never considered. We don't have kids, but plan to soon. Thoughts? What exactly makes a home starter? I am guessing smaller and cheaper, but not sure.
by Gemini
Sat May 28, 2016 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 359
Views: 33039

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: 1992

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: 1992

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: 1992

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: 1992

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: 1992

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: 1992

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: 1992

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: 627

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: 627

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: 627

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: 627

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: 627

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: 922

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: 922

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: 922

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...

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