Search found 616 matches

by SouthernCPA
Fri Nov 17, 2017 2:53 pm
Forum: Personal Consumer Issues
Topic: Suggestions for 1st week vacation in 2018?
Replies: 21
Views: 1134

Re: Suggestions for 1st week vacation in 2018?

From what I've read, St. Thomas wasn't hit too hard with the hurricane. We go down to St. Thomas/St. John frequently and based on what I'm seeing and have heard from folks down there, it very much got hit hard with Irma. Maria did some flooding as well. St. John just about got destroyed especially ...
by SouthernCPA
Thu Nov 16, 2017 10:40 am
Forum: Personal Consumer Issues
Topic: Flying first class, business, versus economy.
Replies: 182
Views: 15962

Re: Flying first class, business, versus economy.

The topic is really about whether it is worth spending the money to fly first class or business versus economy. I don't think anyone is going to fly economy instead of first class (or private) if your company pays for it. True, when I fly with the company it's either a charter flight or first class...
by SouthernCPA
Wed Nov 15, 2017 10:39 am
Forum: Personal Consumer Issues
Topic: Flying first class, business, versus economy.
Replies: 182
Views: 15962

Re: Flying first class, business, versus economy.

My company has a membership to a charter jet service. Once you fly that way, even first class seems like a pain because of all of the airport headaches. Show up to the private hangar, grab a coffee in the lounge to go and step into the plane and go. The flight leaves when you get there. No security,...
by SouthernCPA
Wed Nov 15, 2017 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Sobering article for my 25 year old self
Replies: 57
Views: 6509

Re: Sobering article for my 25 year old self

In my opinion, this is a horrible idea. First of all, it totally ignores that most people will get Social Security. Second of all, it ignores that many people will get an employer match in their 401k plans. Both of these issues accelerate the time to FI. But most importantly, why save >50% of your ...
by SouthernCPA
Tue Nov 14, 2017 10:12 am
Forum: Personal Consumer Issues
Topic: Looking for a Catamaran
Replies: 21
Views: 1614

Re: Looking for a Catamaran

I grew up on boats and own a power boat (I'm more into offshore fishing than sailing). I always recommend to new potential boaters to make friends with some folks that own boats and have owned them for a while and start going out with them before you buy. Learning how to navigate safely, deal with t...
by SouthernCPA
Fri Aug 25, 2017 11:08 am
Forum: Personal Finance (Not Investing)
Topic: help with picking program to manage budget
Replies: 11
Views: 728

Re: help with picking program to manage budget

CPA here as well. I created a new company file on QB and setup a chart of accounts for my families expenses. I evaluate our spending as if our household is a business of it's own and monitor the balance sheet. It was easier for me to keep the same setup that I use day to day than try and reinvent th...
by SouthernCPA
Tue Jul 11, 2017 9:37 am
Forum: Personal Consumer Issues
Topic: Donation to Church for wedding?
Replies: 27
Views: 2286

Re: Donation to Church for wedding?

We are also Catholic, but we had a full mass wedding at our parish. We weren't required to give anything, but we gave the priest $150 and the church $150. Also, we got gifts for the organist and others who volunteered to make the wedding happen.
by SouthernCPA
Fri Jun 30, 2017 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Friend from Work & His Failing Business
Replies: 22
Views: 3164

Re: Friend from Work & His Failing Business

He's not even close to bankrupt. His income is high enough to knock it out if he's serious. It's not going to be fun, but it's doable.
by SouthernCPA
Thu Jun 29, 2017 1:43 pm
Forum: Personal Consumer Issues
Topic: How to direct water away from a sloping driveway - French drain or ..
Replies: 13
Views: 1895

Re: How to direct water away from a sloping driveway - French drain or ..

Not sure how your lot slopes, but at our house the lot continues to slope downward in the backyard, but the water was collecting at the 90 degree turn on the driveway where you turned into the garage (under the house - house was on stilts due to hurricane zone/waterfront). Our solution was a french ...
by SouthernCPA
Mon Jun 12, 2017 10:18 am
Forum: Personal Consumer Issues
Topic: Vue/Sling tv users--what do you miss?
Replies: 43
Views: 3269

Re: Vue/Sling tv users--what do you miss?

We cut the cord about 3-4 months ago and have Sling (on a roku) and an antenna. I was really worried I'd miss ATT Uverse, but to be honest with you we haven't at all. I added the sling sports package to watch all the spring college baseball since my team made it to the super regionals and it's been ...
by SouthernCPA
Fri Jun 02, 2017 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: Why does step-up basis apply to estates, but not gifts?
Replies: 29
Views: 2585

Re: Why does step-up basis apply to estates, but not gifts?

I suppose one could make the argument that it makes sense for real estate which can be hard to figure out but maybe not for stocks which are easily tracked by the stockbroker!? I can tell you, even with stock holdings, basis information is not always the easiest thing to determine. I've encountered...
by SouthernCPA
Fri Jun 02, 2017 11:11 am
Forum: Personal Finance (Not Investing)
Topic: Why does step-up basis apply to estates, but not gifts?
Replies: 29
Views: 2585

Re: Why does step-up basis apply to estates, but not gifts?

The whole step up and estate tax regime makes little sense. In Canada there is a deemed disposition at market prices on death (other than to a spouse) and any cap gains tax is paid by the estate. Makes much more sense. Interesting. I'm curious.,,do they go after beneficiaries for unpaid income tax ...
by SouthernCPA
Fri Jun 02, 2017 11:02 am
Forum: Personal Finance (Not Investing)
Topic: Why does step-up basis apply to estates, but not gifts?
Replies: 29
Views: 2585

Re: Why does step-up basis apply to estates, but not gifts?

As a tax practitioner, I am very thankful we have stepped up basis. Attempting to track down and recreate the decedent's cost basis would be quite the task in many situations I've encountered.
by SouthernCPA
Mon May 22, 2017 9:56 am
Forum: Personal Consumer Issues
Topic: Mexican Pacific Beaches
Replies: 52
Views: 4904

Re: Mexican Pacific Beaches

I don't understand the hype with mexico and Caribbean islands There are sharks everywhere, how can you swim in ocean knowing that there can be shark attack any time Not sure if you are serious but, shark attacks are a very low probability and your fear is irrational when compared with the rest of y...
by SouthernCPA
Fri May 19, 2017 2:19 pm
Forum: Personal Consumer Issues
Topic: Cars: Expense or Asset?
Replies: 84
Views: 5905

Re: Cars: Expense or Asset?

I know how to record a vehicle purchase and ongoing expenses based on GAAP or Tax rules. It's an asset on the balance sheet and it incurs ongoing expenses on the income statement. Going back and forth about each others own personal definitions doesn't really mean anything. Treat it how you want to t...
by SouthernCPA
Tue May 16, 2017 4:58 pm
Forum: Personal Consumer Issues
Topic: Do you tip a self-employed person or business owner?
Replies: 34
Views: 22091

Re: Do you tip a self-employed person or business owner?

If they provide good service and I'm happy, I tip. Why would it matter from my perspective if they own it or not? I tip based on service I received, not what he made off the transaction. Many times the "business owners" may actually be losing money if they can't adequately price their service or gen...
by SouthernCPA
Tue May 16, 2017 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Is it legal to use a first mortgage for an investment property?
Replies: 40
Views: 2743

Re: Is it legal to use a first mortgage for an investment property?

To all the r.e. whizkids: We have a homeowner on our block who bought at the top of the market and a few years ago was entering foreclosure. What he has done is move out to a (cheaper) apartment and rent out the home to three people, thereby enabling him to make his payments. He still picks up his ...
by SouthernCPA
Wed May 10, 2017 2:46 pm
Forum: Personal Consumer Issues
Topic: Travel tips for first time visitors to England and France?
Replies: 55
Views: 5189

Re: Travel tips for first time visitors to England and France?

We went back in 2014 to London and Paris and had a great time. The best piece of advice I can give regarding restaurants is to walk a couple blocks away from the major tourist spots and find authentic food. It's usually much cheaper than right up next to a tourist attraction. In Paris, I would write...
by SouthernCPA
Thu May 04, 2017 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Starting new job mid-career - What advice to learn from my past?
Replies: 39
Views: 2650

Re: Starting new job mid-career - What advice to learn from my past?

knightrider, You are not helping them. It is your job. It is not a "nice-to-have". It is your duty. I guess I don't see it as my duty to reward incompetence. As the saying goes, "Not all money is good money". Just because someone is a customer, it doesn't mean I have to send the army to fix their i...
by SouthernCPA
Wed May 03, 2017 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Rental property
Replies: 8
Views: 1198

Re: Rental property

Sell the rental property. They are mostly a headache that don't add value. I've seen many clients make out well on rental properties. It's a long term game though, just like other investing and takes a special personality to do it. OP, before you take this advice to sell it...make sure to consider ...
by SouthernCPA
Tue Apr 18, 2017 4:35 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes- okay to just drop in the mail today??
Replies: 29
Views: 3619

Re: Taxes- okay to just drop in the mail today??

Your CPA should have given you the option to efile, but March 26 is pretty late to give him your information if he has a busy practice. Lots of other clients will have also waited until the last three weeks. Agree, your CPA probably should have given you the option to E-file, but I will say we had ...
by SouthernCPA
Mon Apr 17, 2017 4:17 pm
Forum: Personal Consumer Issues
Topic: ROI for Boat Repair Project
Replies: 11
Views: 1073

Re: ROI for Boat Repair Project

If this Handyman doesn't have $2,000 of his own money to put into the boat project, I would run away fast. The lack of that small amount of money would suggest to me that H isn't good with his own personal finances....which would lead me to question whether he is likely to turn a profit on project ...
by SouthernCPA
Wed Apr 12, 2017 10:41 am
Forum: Personal Finance (Not Investing)
Topic: Tax preparer charging for past tax PDF's copies
Replies: 49
Views: 3943

Re: Tax preparer charging for past tax PDF's copies

I can understand charging for a reprinted return, but not for a .pdf. We have a paperless office and keep copies of the source documents along with our markups on the .pdfs for calculations we used to prepare the returns as well as a .pdf of the filed return in each clients "binder" in our...
by SouthernCPA
Fri Apr 07, 2017 10:10 am
Forum: Personal Finance (Not Investing)
Topic: Wife wants to get into real-estate
Replies: 29
Views: 5293

Re: Wife wants to get into real-estate

Thanks for all the responses. My wife and I made the decision together that she will be a Realtor. She got her license and ready to start. We are mainly looking for advice in terms of how we can leverage her new role from a financial perspective. If it means buying and selling properties, do we nee...
by SouthernCPA
Thu Apr 06, 2017 12:19 pm
Forum: Personal Consumer Issues
Topic: Law school-most cost efficient, yet quality, way to get Real Estate law degree?
Replies: 37
Views: 3111

Re: Law school-most cost efficient, yet quality, way to get Real Estate law degree?

... In your case, you have a BA in Psychology and I am unsure of your relevant work experience. These are a dime a dozen, and unless you have a background in a science or technical field, or accounting, or something else that sets you apart from all the other JDs out there - you will have a hard ti...
by SouthernCPA
Thu Apr 06, 2017 11:53 am
Forum: Personal Finance (Not Investing)
Topic: IRS and TurboTax Finger Pointing At Each Other
Replies: 17
Views: 2044

Re: IRS and TurboTax Finger Pointing At Each Other

Mail the IRS a check. Drop a check in the mail by the filing deadline and you're fine. Won't that end up with me paying taxes twice? Not if the IRS is saying they don't have authority to withdraw the money and Turbotax is saying there's nothing else for them to do. Doesn't sound like the money will...
by SouthernCPA
Wed Apr 05, 2017 5:24 pm
Forum: Personal Finance (Not Investing)
Topic: IRS and TurboTax Finger Pointing At Each Other
Replies: 17
Views: 2044

Re: IRS and TurboTax Finger Pointing At Each Other

flyingbison wrote:Mail the IRS a check.


Drop a check in the mail by the filing deadline and you're fine.
by SouthernCPA
Thu Mar 30, 2017 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: Refund from IRS was $500 more than it should have been.
Replies: 9
Views: 1679

Re: Refund from IRS was $500 more than it should have been.

I did my taxes with TaxAct and electronically filed through them. My refund was to be $495 and yesterday I received $995 from the IRS deposited into my bank account. Should I call the IRS and tell them of their error or will they catch the mistake and remove the extra $500 from my bank account on t...
by SouthernCPA
Thu Mar 30, 2017 12:31 pm
Forum: Personal Consumer Issues
Topic: $50 AMEX Gift Card - What does a Boglehead/minimalist do?
Replies: 29
Views: 2568

Re: $50 AMEX GIFT CARD - What does a Boglehead/minimalist do?

Since when did being a Boglehead come to mean minimalism? Somehow, sound fiscal management morphed to eating road pizza and munching on pine cones. I don't subscribe to that characterization. Agree. I have annual savings goals and anything in excess is for me to use for consumption. I have to smell...
by SouthernCPA
Tue Mar 28, 2017 10:31 am
Forum: Personal Finance (Not Investing)
Topic: Small tax error
Replies: 11
Views: 949

Re: Small tax error

Don't waste your time the tolerances are higher than that. If, and it's a very big if, the computer does make the adjustment they will send you a bill for the $8. The most they would penalize you (very doubtful) would be 20% so add another $1.60. Interest is very puny now also. Save yourself the he...
by SouthernCPA
Wed Mar 15, 2017 4:16 pm
Forum: Personal Consumer Issues
Topic: FX Cash Aboard: What to do with extra?
Replies: 9
Views: 1000

Re: FX Cash Aboard: What to do with extra?

I usually spend it on a nice dinner and drinks on the last night in the country :beer
by SouthernCPA
Wed Mar 15, 2017 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Convincing Someone To Dump A Bad Financial Advisor
Replies: 39
Views: 3901

Re: Convincing Someone To Dump A Bad Financial Advisor

I'm the only one my mother talks to about investments. She trusts me more than anyone else in the world regarding financial advice. And I still couldn't get her to switch from her ML advisor. Then, when ML advisor retired a decade or so ago, I couldn't convince her not to go with some other expensi...
by SouthernCPA
Mon Mar 13, 2017 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: Sold House in 2016
Replies: 14
Views: 1318

Re: Sold House in 2016

All of the posts above miss the point. The gift by the mother was with a retained life estate. This caused the value of the property to be included in her estate and thus a new basis at her death. The CPA is saying the sale price of the property is the best indication of the value at her death and ...
by SouthernCPA
Thu Mar 02, 2017 12:09 pm
Forum: Personal Consumer Issues
Topic: Do Boglehead DIY or Pay a Professional?
Replies: 95
Views: 8881

Re: Do Boglehead DIY or Pay a Professional?

I do many repairs and home maintenance items myself. After looking at computers and excel spreadsheets day in day out, it is actually therapeutic for me to do "mindless" work around the house and yard. I love cutting my grass as it's one of the few things you can see instant results and ge...
by SouthernCPA
Tue Feb 28, 2017 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Meeting with Life Insurance Salesmen
Replies: 32
Views: 2751

Re: Meeting with Life Insurance Salesmen

Save your time, cancel the appointment and buy term life insurance if you really feel like you need it at this point. For the record, I don't think you need life insurance right now, but if you must, buy term.
by SouthernCPA
Thu Feb 23, 2017 2:47 pm
Forum: Investing - Theory, News & General
Topic: Does anyone own gold?
Replies: 114
Views: 11397

Re: Does anyone own gold?

Not unless our wedding band, watch and various jewelry count.
by SouthernCPA
Thu Feb 23, 2017 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question regarding trust inheritance. Help needed.
Replies: 15
Views: 1218

Re: Tax question regarding trust inheritance. Help needed.

... Of the trust returns I've worked on, I'd estimate 90% are revocable ..... Probably over 90% of the ones I see were irrevocable from inception: QTIP trusts, credit shelter trusts, trusts for children or grandchildren under someone's Will, trusts for gifts to children, trusts for gifts to grandch...
by SouthernCPA
Thu Feb 23, 2017 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question regarding trust inheritance. Help needed.
Replies: 15
Views: 1218

Re: Tax question regarding trust inheritance. Help needed.

If the trust was irrevocable from the time it was setup (when dad was still alive), there would be no step up in basis and the trust would likely incur capital gains tax at the sale. This is not necessarily true. An irrevocable trust can very well be included in the estate of a decedent, this acqui...
by SouthernCPA
Thu Feb 23, 2017 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Purchase of Business Vehicle Prior to Yr End?
Replies: 4
Views: 728

Re: Purchase of Business Vehicle Prior to Yr End?

If I decide to dissolve my business in a couple years, I will have to recapture a portion of the depreciation taken in 2016. However, our income will be substantially less at that time. Why would you have to recapture the depreciation for closing the business? Since you're a sole proprietorship the...
by SouthernCPA
Thu Feb 23, 2017 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Tax question regarding trust inheritance. Help needed.
Replies: 15
Views: 1218

Re: Tax question regarding trust inheritance. Help needed.

The answer to your questions on whether the executor is correct depend on several pieces of information we don't have: 1. What kind of trust was this? Revocable vs. Irrevocable. This will impact whether or not the heirs (trust) get a stepped up basis in the real estate prior to the sale. Generally, ...
by SouthernCPA
Wed Feb 22, 2017 9:33 am
Forum: Personal Consumer Issues
Topic: Does anyone else have (possibly too much) fun dealing with finances?
Replies: 69
Views: 6323

Re: Does anyone else have (possibly too much) fun dealing with finances?

Once you get your system in place, there should be very little tinkering. It actually gets quite boring when done correctly.
by SouthernCPA
Wed Feb 22, 2017 9:31 am
Forum: Personal Finance (Not Investing)
Topic: Real estate vs debt payments
Replies: 34
Views: 2879

Re: Real estate vs debt payments

I would apply the $15k you are saving per month toward the student loans an knock them out in under a year. Then worry about the Lot.
by SouthernCPA
Mon Feb 20, 2017 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: 1.3 million dollars in debt
Replies: 36
Views: 8985

Re: 1.3 million dollars in debt

Your debt is not bad based on your income. Regarding the student loans, pay them off as quickly as you can. I seriously doubt the government starts forgiving student loans and I wouldn't put that hope into your planning - besides if they do start forgiving loans, the chances of them forgiving debt t...
by SouthernCPA
Mon Feb 20, 2017 3:50 pm
Forum: Personal Finance (Not Investing)
Topic: Tax prep training recommendations?
Replies: 14
Views: 1369

Re: Tax prep training recommendations?

There is no better training than working for a firm for a couple years. Lots of small CPA/EA firms would love an eager part-time seasonal preparer. If you want to do business taxes, you really need to go that route. The VITA and AARP programs, as mentioned before, are certainly also great experienc...
by SouthernCPA
Mon Feb 20, 2017 3:39 pm
Forum: Personal Consumer Issues
Topic: Cost of tax preparation
Replies: 43
Views: 4031

Re: Cost of tax preparation

For those who think that doing taxes is nothing more than data input, you don't have anything complicated. And that's the point. Reduce it down to nothing more than data input. Don't make it so complicated that you'd require $2,500 worth of professional help every year. Don't get into that K-1 situ...
by SouthernCPA
Mon Feb 20, 2017 3:27 pm
Forum: Personal Consumer Issues
Topic: best type boat for FL Keys - need help from conchs
Replies: 13
Views: 2298

Re: best type boat for FL Keys - need help from conchs

I'd go center console. I don't live in the keys, but I live on the Gulf. I have a 22 foot center console that has seating options on the transom and in the bow above the fishboxes. I take the seats out when I fish with a few guys, put them back in when the females are joining us for a cruise/ride to...
by SouthernCPA
Mon Feb 20, 2017 2:52 pm
Forum: Personal Finance (Not Investing)
Topic: CFA or other qualified hourly professional recommendation
Replies: 4
Views: 575

Re: CFA or other qualified hourly professional recommendation

For tax impacts - CPA. For deal structuring for legal ramifications - Attorney. You may need both because a lot of that overlaps.
by SouthernCPA
Wed Feb 15, 2017 6:08 pm
Forum: Personal Finance (Not Investing)
Topic: Tax gain harvesting
Replies: 21
Views: 2325

Re: Tax gain harvesting

.... I get a similar impression regarding income tax rates — they've only been lower than they are right now for small percentage of their history : https://upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Historical_Marginal_Tax_Rate_for_Highest_and_Lowest_Income_Earners.jpg/320px-Historical_Marg...
by SouthernCPA
Wed Feb 15, 2017 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: BH thoughts on money gurus
Replies: 26
Views: 2892

Re: BH thoughts on money gurus

The thing I've learned over the years by being an accountant is there are different types of people in the world when it comes to finances. There are do-it-yourselfers (ex: bogleheads), there are people who just want someone else to handle everything for them and are willing to pay for it, there are...
by SouthernCPA
Tue Feb 14, 2017 2:03 pm
Forum: Personal Finance (Not Investing)
Topic: CPA rate $175 / hour seem reasonable?
Replies: 24
Views: 2269

Re: CPA rate $175 / hour seem reasonable?

To this day it amazes me how many people have just one W-2 and still go to a tax preparer. Me too. I usually tell folks they can do it themselves and save themselves from paying the firm minimum. We're definitely not actively trying to get those type of returns. Our bread and butter is partnerships...