Search found 71 matches

by ketanco
Thu Jun 22, 2017 2:52 pm
Forum: Personal Finance (Not Investing)
Topic: LLCs wrongly elected partnership but file as sole prop
Replies: 4
Views: 390

Re: LLCs wrongly elected partnership but file as sole prop

sorry, how do you mark or label the schedule C as final? I saw no box actually there... and my business was all online, had no assets, (i only had domain names in my LLC name as inventory) i just gained some google revenues, and did some very minimal remote consulting and received some income from d...
by ketanco
Wed Jun 21, 2017 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: LLCs wrongly elected partnership but file as sole prop
Replies: 4
Views: 390

Re: LLCs wrongly elected partnership but file as sole prop

thanks a lot for sharing your experience, I appreciate. and so now what do you think, should I write letter to close the EIN to IRS or, only if they request something after I close, I should respond? when closing my LLC I mean... do you have experience on what to do in that case too? I mean I also c...
by ketanco
Wed Jun 21, 2017 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: LLCs wrongly elected partnership but file as sole prop
Replies: 4
Views: 390

LLCs wrongly elected partnership but file as sole prop

Hello, When starting my LLC (i am the only owner), the accountant who got my LLCs EIN for me, apparently wrongly requested that it should be classified as partnership - but it can not be partnership because I am the only owner. I just realized this, when i was looking at the EIN assignemnt letter IR...
by ketanco
Fri Jun 16, 2017 10:35 am
Forum: Personal Finance (Not Investing)
Topic: opening LLC in another state which only business online
Replies: 1
Views: 202

opening LLC in another state which only business online

I moved out of the US recently and want to open an LLC in a no tax state like FL or TX or WY. I understand it is straightforward to open the LLC. I will get a mailbox street address in that state such as from a UPS store, and with that address I will open my LLC. But how about the countyand city lev...
by ketanco
Mon May 15, 2017 11:00 am
Forum: Personal Finance (Not Investing)
Topic: google adwords income and state tax
Replies: 0
Views: 397

google adwords income and state tax

Hello, if i have revenue from google adwords, do i have to file an income tax in google's home state? or i file only if my google adwords income is over $600? or what other criteria? i have found this: m sodoes it mean unless my CA income is over %25 of my total income for my business i dont have to...
by ketanco
Sat May 13, 2017 6:06 am
Forum: Investing - Help with Personal Investments
Topic: moving LLC to FL and relocating to foreign country
Replies: 3
Views: 447

moving LLC to FL and relocating to foreign country

Hello, After I move to a foreign country, if I move my NJ based LLC (I am only owner) to Florida, then I will not have to do any state taxes correct? My last residence in US is NJ, but I will have left nothing there, after also moving my LLC to another state. and because FL has no personal income ta...
by ketanco
Sat May 13, 2017 6:01 am
Forum: Personal Finance (Not Investing)
Topic: schedule c for single owner llc
Replies: 7
Views: 760

Re: schedule c for single owner llc

ok so I am confused from the reply sorry,
as a single owner LLC, do I enter my company EIN or just use my SSN?

and if we should not, but we enter, then what happens? I entered it when filing my 2016 tax but I am single owner of my LLC.

what does the new instructions say and where?
by ketanco
Fri Apr 28, 2017 3:30 am
Forum: Personal Finance (Not Investing)
Topic: LLC in Florida
Replies: 3
Views: 471

LLC in Florida

Hello, If I move to a foreign country and setup my LLC in Florida, then I do not pay any state taxes correct? I am currently NJ resident but left US short time ago and I do not have to have anything in NJ. I have my LLC in NJ now but I want to move it to florida. I will have left nothing whatsoever ...
by ketanco
Wed Apr 12, 2017 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Terminating residency and filing estimated taxes
Replies: 1
Views: 351

Terminating residency and filing estimated taxes

I was a resident of nj but starting 2017 i will file as non resident. I still have an llc in nj which i am inly owner and still makes money online. So because of it i will file as non resident as i moved out.
So, how to file estimated taxes to nj as non resident ? Can you show a link ?
by ketanco
Sun Apr 09, 2017 10:41 am
Forum: Personal Finance (Not Investing)
Topic: [Tax] software asks driver license number
Replies: 15
Views: 1531

[Tax] software asks driver license number

Hello,
The software I used asked drivers license number but I skipped that step by mistake and didnt provide it and still software allowed me to file my tax. I am in NJ. I looked and both IRS and NJ says it is optional. What happens if we do not provide this?
by ketanco
Sat Apr 01, 2017 11:54 pm
Forum: Personal Finance (Not Investing)
Topic: may return to CA
Replies: 1
Views: 551

may return to CA

I got an attractive job offer last week from CA. I was a CA resident before. But I left there in 2007 and since then I had nothing whatsoever left there. No house, no mail address, no bank account, nothing... If I accept the offer and return to CA now, do they consider me resident for the last 10yea...
by ketanco
Sat Apr 01, 2017 2:14 am
Forum: Personal Finance (Not Investing)
Topic: schedule c for single owner llc
Replies: 7
Views: 760

schedule c for single owner llc

When doing schedule c for a single owner llc, which has no employees, is entry of EIN needed? I was always entering EIN and my own SSN, along with my name and my LLC name, since several years that I started my LLC. But an accountant told me that entering of EIN is not necessary, actually we should n...
by ketanco
Thu Mar 30, 2017 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: entering info from 1099 misc
Replies: 6
Views: 430

Re: entering info from 1099 misc

but what is the point of running my business, if it is disregarded and i must still enter everything to my own name schedule C? then my business will be at a loss always. I operate websites on technical subjects and write books on these subjects too. sometimes i even do consulting based on these sub...
by ketanco
Thu Mar 30, 2017 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: entering info from 1099 misc
Replies: 6
Views: 430

entering info from 1099 misc

I earned royalty income for book selling on amazon's createspace last year which generated a little over $600. when i was entering my tax info in the very beginning, i wanted to enter my LLC EIN, (i am single owner), but they said no, this is disregarded entity and i should enter my own ssn. so i di...
by ketanco
Wed Mar 29, 2017 5:28 am
Forum: Personal Finance (Not Investing)
Topic: earned income credit question
Replies: 4
Views: 581

earned income credit question

Hello,
I am still entering number to my tax return using software and it seems that i might have very little earned income credit. For this small amount I dont want any refund delays. Can I just say no to this? What happens if we say no to this?
by ketanco
Thu Feb 23, 2017 3:00 pm
Forum: Investing - Help with Personal Investments
Topic: trading with ira
Replies: 8
Views: 483

Re: trading with ira

thanks yes you are right, i meant other accounts...
by ketanco
Thu Feb 23, 2017 2:40 pm
Forum: Investing - Help with Personal Investments
Topic: trading foreign based firms
Replies: 2
Views: 259

Re: trading foreign based firms

ok so it looks like toyota is listed in nyse but i could not see volkswagen, so it means i can buy toyota TM with no special paperwork but if i like to buy vokkswagen there will be paperwork for example?
by ketanco
Thu Feb 23, 2017 2:38 pm
Forum: Investing - Help with Personal Investments
Topic: trading with ira
Replies: 8
Views: 483

Re: trading with ira

yes so for my question, i can do all i want in ira, and for regular trading account, only thing to be careful about is, IF i am selling at a LOSS, then there should not be any trading prior or after THAT sale, in order to avoid wash sale... otherwise, my buying and selling before or after 30 days of...
by ketanco
Thu Feb 23, 2017 12:20 pm
Forum: Investing - Help with Personal Investments
Topic: trading foreign based firms
Replies: 2
Views: 259

trading foreign based firms

Hello, As far as the foreign based firms that are regularly traded in nyse such as toyota or volkswagen etc... is there something special as far as paperwork when you trade them with regular trading account? how about tradig with ira or roth ira? or is it totally the same as buying an american based...
by ketanco
Thu Feb 23, 2017 12:18 pm
Forum: Investing - Help with Personal Investments
Topic: trading with ira
Replies: 8
Views: 483

trading with ira

Hello, I sold a certain stock 3 days ago with my IRA account. now it dropped in price. can i buy it again? the money i will use to buy will come from the extra cash i already had in the account, i will not need the amount that is still settling from that sale. is this allowed? i also still have that...
by ketanco
Fri Nov 25, 2016 11:29 am
Forum: Personal Finance (Not Investing)
Topic: if permanently move abroad
Replies: 13
Views: 2369

Re: if permanently move abroad

ok i understand all replies which make sense, and I agree but before I read accountant responses to this question on somewhere and they were saying, that i must forever file taxes to the last state, because all US citizens must have a state, that is why we are called the United States etc... that wa...
by ketanco
Fri Nov 25, 2016 4:39 am
Forum: Personal Finance (Not Investing)
Topic: if permanently move abroad
Replies: 13
Views: 2369

if permanently move abroad

i am a resident of NJ. if i move abroad and sever all ties with NJ, and with all kinds of proofs it is clear that i live abroad and intend to live abroad, then, can i just stop filling to NJ, make one last Resident tax return to NJ, with foreign address on it, and then stop next year? or even if i l...
by ketanco
Mon Nov 07, 2016 11:06 am
Forum: Investing - Help with Personal Investments
Topic: this is wash sale or not?
Replies: 4
Views: 428

Re: this is wash sale or not?

My previous buy and sell was also at a profit. And this buy and sell will also be at profit. so no it will not be wash sale right? Also, if i were not to sell anything now, but wait at least 30 days from the date i bought last time, it would again not be wash sale, even if i might sell it at a loss ...
by ketanco
Mon Nov 07, 2016 9:53 am
Forum: Investing - Help with Personal Investments
Topic: this is wash sale or not?
Replies: 4
Views: 428

this is wash sale or not?

Hello I recently bought a certain ordinary stock with my regular trading a while ago and less than 30 days before that date, i had also bought or sold the same stock. i still have that same stock in my other trading account , IRA. now i am going to sell this stock at a PROFIT with my ordinary tradin...
by ketanco
Mon Oct 24, 2016 3:26 pm
Forum: Investing - Help with Personal Investments
Topic: buying same stock with different accounts
Replies: 7
Views: 657

Re: buying same stock with different accounts

ok so if i purchase that stock with regular account which i bought before in IRA, and if it decreases further and i sell it at a loss, then there is no problem correct? it is only problem if i buy it now, it further decreases it, i sell it, and then within 30 days i buy it again (whether by IRA or a...
by ketanco
Mon Oct 24, 2016 2:36 pm
Forum: Investing - Help with Personal Investments
Topic: buying same stock with different accounts
Replies: 7
Views: 657

buying same stock with different accounts

i bought a stock with my roth ira. can i buy the same stock with my other ira in other bank? or my regular trading account with yet another bank? the stock decreased in value. if i buy it with my regular trading account are there any special conditions? i remember a wash sale etc... but totally conf...
by ketanco
Mon Oct 10, 2016 11:10 am
Forum: Personal Finance (Not Investing)
Topic: i am moving to FL, and how about my LLC?
Replies: 1
Views: 259

i am moving to FL, and how about my LLC?

if I move to FL, but my LLC stays in NJ, do i file Non resident return to NJ? And nothing to FL, because FL has no income tax?

and how about if I move to FL, but make move my LLC to a state where LLC doesnt file tax return, such as NV or TX? then I will file return to neither FL, nor TX or NV?
by ketanco
Mon Oct 10, 2016 9:45 am
Forum: Personal Finance (Not Investing)
Topic: for which state to hold sales tax?
Replies: 2
Views: 520

for which state to hold sales tax?

hello , when selling things online, for which state do you hold sales tax for? my LLC company is only mine, with just from my home office, online operation, and i run a few sites.. soon i will sell things online, by using a fullfillment company. so for which state i hold sales tax? the state where m...
by ketanco
Sun Oct 09, 2016 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: keep old EIN or get new ?
Replies: 0
Views: 284

keep old EIN or get new ?

I have an LLC in NJ, which I am the single owner. I plan to move to FL. my llc is an online operation with no physical activity, like websites or consulting remotely... i have no employees and dont plan to have anytime soon. 1) if I do online selling later, how does sales tax apply? where i live (wi...
by ketanco
Sat Oct 08, 2016 3:52 pm
Forum: Investing - Theory, News & General
Topic: stock price chart reading
Replies: 3
Views: 462

stock price chart reading

may be a basic question... when i look at stock chart for many companies, if it is a company that grew in general, the stock chart becomes like a parabola at the right side, meaning its increase is much faster recently, than before. 1-so, soon, does it mean all those finance news sites showing us th...
by ketanco
Sun Dec 13, 2015 11:36 am
Forum: Investing - Help with Personal Investments
Topic: at loss on both trades now want to sell some
Replies: 1
Views: 261

at loss on both trades now want to sell some

i bought a certain stock of 75 shares at $70 each earlier this year. Then i bought another of same stock of say 70 shaers at say $65 each now i want to sell some of my stock but not all. so i will be at a loss but how it is calculated and what do i write during tax time? can you give an example? so ...
by ketanco
Mon May 18, 2015 10:00 am
Forum: Investing - Help with Personal Investments
Topic: buying foreign based company stock that trade in the US
Replies: 5
Views: 504

buying foreign based company stock that trade in the US

when we buy a foreign based company stock, (the ones that trades in usa), is there a special paperwork before or during tax time? i mean those very big companies like bhp, baba, toyota, rio, and so on... all those big companies that trade also in the usa. when buying us based companies all i do is s...
by ketanco
Wed May 13, 2015 12:47 pm
Forum: Investing - Theory, News & General
Topic: what is distributed when paying dividends
Replies: 5
Views: 698

what is distributed when paying dividends

i saw the following definition: "A dividend is a distribution of a portion of a company's earnings" so if it is distribution of earnings, how does it relate to the stock price? i mean if a companys value before paying dividend is $100, and it pays $10 worth of dividends, its new value is $...
by ketanco
Wed May 13, 2015 10:50 am
Forum: Investing - Theory, News & General
Topic: margin account
Replies: 5
Views: 719

Re: margin account

ok so if i have a margin account, and if i buy stock with unsettled money, i pay interest on the whole amount of new stock purchase until settlement date which is 1-2 days? so lets say i sell stock ABC for 6000 on monday. Normally, i can use it again on thursday, which the money will have settled. i...
by ketanco
Wed May 13, 2015 10:16 am
Forum: Investing - Theory, News & General
Topic: settlement date in IRA account
Replies: 7
Views: 800

Re: settlement date in IRA account

ok so bottom line is, as i understand, in my IRA although there is in theory a settlement date after purchasing a stock, i can sell that stock the next day, as long as I do not use that money to buy another stock for the next 3 days. am i correct? and if so, is there a frequency limit i can do this?...
by ketanco
Tue May 12, 2015 12:52 pm
Forum: Investing - Theory, News & General
Topic: margin account
Replies: 5
Views: 719

margin account

for my regular , non retirement trading account, i have cash account type. they told me if i open a margin account i dont have to worry about settlement dates anymore. but is there a catch? does it mean for example, if i trade before normal settlement dates, it will mean i am trading with borroed mo...
by ketanco
Tue May 12, 2015 7:39 am
Forum: Investing - Theory, News & General
Topic: settlement date in IRA account
Replies: 7
Views: 800

Re: settlement date in IRA account

yes thanks and i understand your answers, but still it didnt answer my question. ASSUME that i buy stock ABC on monday with my IRA account. and I sell this stock on tuesday. AS LONG AS i wait 3 days, to buy any new stock with this sale money, everything is ok? in that case, what does the meaining of...
by ketanco
Mon May 11, 2015 10:09 am
Forum: Investing - Theory, News & General
Topic: settlement date in IRA account
Replies: 7
Views: 800

settlement date in IRA account

I started trading stocks with my traditional IRA recently. There is the issue of settlement date. they tell me from the bank that once i buy a stock, there must be 2 business days passed, and then only on the 3rd business day i can sell it. and when i sell it, again 2 business days must pass, and th...
by ketanco
Mon Apr 27, 2015 10:43 am
Forum: Investing - Theory, News & General
Topic: next ex div date [Ex-Dividend]
Replies: 13
Views: 1835

next ex div date [Ex-Dividend]

two questions about dividend dates: 1-for a certain stock of a major company, the ex dividend date is shown as 2/11. but why do they not show it as 3 months after that? are dividends not paid quarterly, which translates into 3 months? so why it doesnt say 2/11 + 3 months = may 11, but it still says ...
by ketanco
Tue Mar 31, 2015 12:21 pm
Forum: Investing - Help with Personal Investments
Topic: ex dividend date
Replies: 7
Views: 878

Re: ex dividend date

An investor only needs to own the stock for one day (the record date) to be entitled to receive the dividend payment. If the investor buys before the ex-dividend date, and sells on the ex-dividend date or after, the investor will receive the dividend payment. Correct. Also, on ex-dividend day, the ...
by ketanco
Tue Mar 31, 2015 8:44 am
Forum: Investing - Help with Personal Investments
Topic: ex dividend date
Replies: 7
Views: 878

ex dividend date

for example. for one of the stocks i own, the ex dividend date is today. as of what point of today? what hour? i own the stock now. as of mid day today. do i need to still own it by market close, to get the divided? or was it when today started at 00:00 at night and i am already entitled to dividend...
by ketanco
Tue Mar 31, 2015 7:59 am
Forum: Personal Finance (Not Investing)
Topic: witholding from your employer
Replies: 1
Views: 420

witholding from your employer

i work somewhere as full time consultant and also i do some things on the side. i know that i can either request more witholding from my employer or make estimated tax payment or both. if i request more witholding from my employer, how does irs know when did this start. i mean, for example lets say ...
by ketanco
Tue Mar 31, 2015 7:52 am
Forum: Personal Finance (Not Investing)
Topic: how to make estimated tax payment
Replies: 3
Views: 472

how to make estimated tax payment

To make estimated tax payment from IRS website, the best and easiest way is the direct pay correct? From irs.gov/Payments/Direct-Pay ? So I just click make a payment and follow the screen instructions and that’s it? How does it know which quarter? I mean we can show it is 1040ES for 2015 but I could...
by ketanco
Thu Mar 19, 2015 9:01 am
Forum: Investing - Help with Personal Investments
Topic: should convert from normal to roth now?
Replies: 9
Views: 930

should convert from normal to roth now?

I know that when contributing to your normal versus roth ira, contributing to roth ira is better, because you contribute upfront an after tax money which will not be taxed again. But how about the normal ira that already exists, should I convert it to roth ira? For example last year I rolled my prev...
by ketanco
Wed Feb 25, 2015 3:50 pm
Forum: Personal Finance (Not Investing)
Topic: contributing to my roth ira
Replies: 5
Views: 590

Re: contributing to my roth ira

i made about 114k in 2014. so do i have paperwork and how much can i contrinbute?

also, i transferred one of my 401k from a previous employer to a regular IRA last year. does that IRA affect my contributino to this roth ira? i will not contribute to that normal ira. i will only contribute to roth
by ketanco
Wed Feb 25, 2015 2:28 pm
Forum: Personal Finance (Not Investing)
Topic: contributing to my roth ira
Replies: 5
Views: 590

contributing to my roth ira

1-i want to make sure that there is no paperwork to be done during doing my taxes now for the amount i will contriubute to my roth ira. is there anything? 2-if i contribute now, it means i am contibuting for the year of 2014 correct? and i have until april 15 correct? 3-so i just login to my roth ir...
by ketanco
Wed Oct 22, 2014 2:10 pm
Forum: Investing - Help with Personal Investments
Topic: buying this year and selling next year
Replies: 5
Views: 689

Re: buying this year and selling next year

Buying is not a taxable event; selling is (other than in the fairly unusual case of short selling). So you won't have any taxable events this year if all your transactions are purchases; thus, you won't have anything to report next year when you do this year's taxes. you are saying "all"....
by ketanco
Wed Oct 22, 2014 1:39 pm
Forum: Investing - Help with Personal Investments
Topic: buying this year and selling next year
Replies: 5
Views: 689

buying this year and selling next year

Hello
Some of the stocks I bought this year, I am not planning to sell them yet in 2014. May be in 2015 i will sell. So, when I am doing my 2014 taxes next spring, I will do nothing about these stocks yet correct? Because gain or loss will not be realized as of 2014 correct?
by ketanco
Tue Oct 21, 2014 12:57 pm
Forum: Investing - Help with Personal Investments
Topic: capital loss
Replies: 3
Views: 469

capital loss

i have a basic question. i have an online trading account where i trade stocks. i think that the max capital loss you can claim for a year is $3000 so, lets say, after several of my trades of various stocks, i have a total realized gains of $5000 and total realized losses of $4000 does it mean first...
by ketanco
Wed Aug 06, 2014 3:49 pm
Forum: Investing - Theory, News & General
Topic: dividend yield when stock price change
Replies: 38
Views: 2356

Re: dividend yield when stock price change

ok i understand that I used a wrong term. yes I see that I should have said yield on cost... not just yield... so, then, my yield on cost does not change with fluctuating stock price. it remains as the same as the day I bought it for me. which is what I care about. but yield of that stock changes wi...