Search found 7 matches

by petebogle
Sun Aug 20, 2017 6:05 pm
Forum: Personal Finance (Not Investing)
Topic: Contractor job - what type of entity?
Replies: 12
Views: 1037

Re: Contractor job - what type of entity?

simas - thanks for pointing this out. Interesting that you can set up a custom solo 401k yourself that allows for mega back door roth like some corporate 401k plans do. I guess the one consideration is that there is still a $54k overall 401k limit (for 2017). Depending on how much net income the bus...
by petebogle
Sun Aug 20, 2017 8:26 am
Forum: Personal Finance (Not Investing)
Topic: Contractor job - what type of entity?
Replies: 12
Views: 1037

Re: Contractor job - what type of entity?

Quick update: After further discussions the company is able to pay the wife simply as an individual - no business entity required. Her legal relationship will actually be with a consulting company that has a contract with an end client, so she would effectively be a subcontractor. The plan is to sti...
by petebogle
Sat Aug 12, 2017 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: Contractor job - what type of entity?
Replies: 12
Views: 1037

Re: Contractor job - what type of entity?

I presume this is a 1099 position. I'm not sure. Who would file the 1099, the employer or the employee? The employer is Canadian with no US employees, so may not know what a 1099 is. For example, is there a little spot in your home that could be designated her home office? The catch is that it has ...
by petebogle
Sat Aug 12, 2017 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Contractor job - what type of entity?
Replies: 12
Views: 1037

Contractor job - what type of entity?

Question about contractor job opportunity that just came up Background: - Husband and are wife are in mid 30s with 3 school aged kids (no more kids planned) - Married filing jointly - NY residents, single family home with mortgage - Husband has mid 6 figure W2 income and maxes out 401k (as well as b...
by petebogle
Mon Oct 31, 2016 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: Buying 50% of parents' house in a divorce
Replies: 19
Views: 3270

Re: Buying 50% of parents' house in a divorce

All valid points raised. Let's assume that i'm ok with the potential financial burden this places on me, and that my father is fine with the arrangement since he doesn't intend to stay in the house and get's the same liquidity he would from selling to a 3rd party. I already have a separate life insu...
by petebogle
Mon Oct 31, 2016 7:39 am
Forum: Personal Finance (Not Investing)
Topic: Buying 50% of parents' house in a divorce
Replies: 19
Views: 3270

Re: Buying 50% of parents' house in a divorce

Thank you everyone for your responses. To address the questions raised: - The house is located in a suburb of NYC, so generally a higher cost of living area - That being said, relatively speaking for this area the ongoing cash costs are manageable - taxes are about $10k, utilities are about $200/mon...
by petebogle
Sun Oct 30, 2016 9:14 pm
Forum: Personal Finance (Not Investing)
Topic: Buying 50% of parents' house in a divorce
Replies: 19
Views: 3270

Buying 50% of parents' house in a divorce

My parents are in their 60s and own their house which I grew up in. It is fully paid off and is worth ~$450k. This is their primary asset - in addition they have some modest savings (~50-75k) but no other investments, retirement accounts, or valuable cars/jewelry. Father is retired on social securit...