Search found 849 matches

by spammagnet
Tue Apr 17, 2018 11:18 pm
Forum: Personal Finance (Not Investing)
Topic: Overall Help w/ Budget
Replies: 15
Views: 1177

Re: Overall Help w/ Budget

You spend ~$5,700/month and you have $1,000 in reserve? That wouldn't last a week if you lost your income, and income losses often are associated with higher expenses such as major illness. And, considering that child care expenses will triple at the end of the year (congratulations?) you need to di...
by spammagnet
Tue Apr 17, 2018 10:50 pm
Forum: Personal Finance (Not Investing)
Topic: Wanting to leave Fidelity
Replies: 78
Views: 6926

Re: Wanting to leave Fidelity

For the last 8+ years I've had my checking, roth and 401k (solo) with Fidelity. I am really no longer happy with their service. The support is horrible. You cannot instantly link accounts, etc. The only think good is the Visa card. If I transfer my retirement accounts to Vanguard, they will require...
by spammagnet
Tue Apr 17, 2018 11:31 am
Forum: Personal Finance (Not Investing)
Topic: Paying Wife in S-corp 401k max without Take-home
Replies: 11
Views: 857

Re: Paying Wife in S-corp 401k max without Take-home

I'm a new LLC and am exploring different options for tax avoidance. My marginal rates won't be anywhere near yours but the idea of a salary bonus with the benefit of increasing profit-sharing is worth evaluation.

I'll run it through a spreadsheet to see what happens.

Thanks
by spammagnet
Tue Apr 17, 2018 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Paying Wife in S-corp 401k max without Take-home
Replies: 11
Views: 857

Re: Paying Wife in S-corp 401k max without Take-home

Yes, profit sharing is a completely separate matter. What I do for profit sharing is calculate a year end bonus that increases total salary for the year to maximize the 25% allowable profit sharing and reduce company profit to zero. Ignoring the 20% deduction on pass-through, does the bonus not inc...
by spammagnet
Tue Apr 17, 2018 12:14 am
Forum: Personal Finance (Not Investing)
Topic: Paying Wife in S-corp 401k max without Take-home
Replies: 11
Views: 857

Re: Paying Wife in S-corp 401k max without Take-home

Assuming you also want to do the 25% profit share contribution, the ideal number is $24,667, but you will pay a bit more in FICA. This amount also has to be reasonable in relation to the work performed by her. How does profit-sharing affect the answer? Is it not non-taxable in all respects, until w...
by spammagnet
Mon Apr 09, 2018 7:28 am
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 2543
Views: 475706

Re: What's Your Credit Card Rewards Strategy?

madbrain wrote:
Wed Apr 04, 2018 2:02 pm
... As far as your answer, I used to have a flat Fidelity Amex 2% card and 1.5% Fidelity 1.5% VISA card . ...
You should be able to get that 1.5% Visa card converted to a 2% Visa card with a phone call to Fidelity.
by spammagnet
Sun Apr 01, 2018 11:30 am
Forum: Investing - Help with Personal Investments
Topic: Warning: Max out 401k early - lose some of the match
Replies: 46
Views: 5172

Re: Warning: Max out 401k early - lose some of the match

I need to figure this out for my new job. How hard was it to get HR to confirm you could do this? Is there a way to figure it out yourself? Send an email to your benefits coordinator? That's how I confirmed my organization does not allow post-tax contributions in excess of the individual annual lim...
by spammagnet
Sun Mar 25, 2018 11:00 pm
Forum: Personal Finance (Not Investing)
Topic: Trust income distributions to save tax
Replies: 14
Views: 1033

Re: Trust income distributions to save tax

How can they prevent you from taking money out of the joint account? What do you mean that you "borrowed" $7K -- from where? They told me they made a joint account to more easily transfer funds for when I have to ask them for money for emergencies. They transferred the 7k so I could purchase a used...
by spammagnet
Sat Mar 24, 2018 9:04 pm
Forum: Personal Finance (Not Investing)
Topic: state tax liability - s corp vs sole proprietor
Replies: 7
Views: 602

Re: state tax liability - s corp vs sole proprietor

... An online forum is not going to help you. With this fact pattern you are going to have extremely complex state tax returns. I can give you my opinion that I think an S-Corp will make this more complex. What I think you really need is a tax professional specifically experienced in multiple state...
by spammagnet
Sat Mar 24, 2018 6:34 pm
Forum: Personal Finance (Not Investing)
Topic: changing my signature when signing checks and credit card receipts
Replies: 47
Views: 3232

Re: changing my signature when signing checks and credit card receipts

jeffyscott wrote:
Sat Mar 24, 2018 5:29 pm
It seems problematic to me to empower a poll judge to deny a ballot because they don't like the look of your signature.
My identity was questioned for that very reason, despite my having other picture IDs.
by spammagnet
Sat Mar 24, 2018 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: state tax liability - s corp vs sole proprietor
Replies: 7
Views: 602

Re: state tax liability - s corp vs sole proprietor

On a related note, is revenue from work performed remotely in my home state considered earned in my state, or in the state of the client? (Each state decides?) This is different that your first sentence from your OP. "I will be changing my career from a W2 job to a traveling contractor ." Which is ...
by spammagnet
Sat Mar 24, 2018 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: state tax liability - s corp vs sole proprietor
Replies: 7
Views: 602

Re: state tax liability - s corp vs sole proprietor

... Also, make sure you fully consider the implications of the new 199A 20% deduction on Qualified Business Income (QBI). It is not all sorted out at this point, but it would appear that an S-Corp's QBI will be substantially lower than self-employment. Maybe you are not qualified at all, but it sho...
by spammagnet
Sat Mar 24, 2018 8:54 am
Forum: Personal Finance (Not Investing)
Topic: changing my signature when signing checks and credit card receipts
Replies: 47
Views: 3232

Re: changing my signature when signing checks and credit card receipts

My previous career required a LOT of hand-written documentation, with legible signature. With lots of practice it was fairly consistently. My signature has degraded over the years as keyboard use became common and checks became rare. For unrelated reasons I have recently made a conscious effort to p...
by spammagnet
Fri Mar 23, 2018 10:04 pm
Forum: Personal Finance (Not Investing)
Topic: state tax liability - s corp vs sole proprietor
Replies: 7
Views: 602

state tax liability - s corp vs sole proprietor

I will be changing my career from a W2 job to a traveling contractor. I formed an LLC but have not yet determined whether I should be taxed as an S corp. I'm trying to determine whether the added value justifies the complexity. By my calculations (not yet vetted by an accountant) I save only a coupl...
by spammagnet
Tue Mar 20, 2018 12:20 am
Forum: Personal Finance (Not Investing)
Topic: Ever received a legitimate unsolicited call from the I.R.S.?
Replies: 24
Views: 2169

Re: Ever received a legitimate unsolicited call from the I.R.S.?

Boglegrappler wrote:
Mon Mar 19, 2018 1:59 pm
... On the occasions where they have a question or disagree with my filed return, they simply redo the return in the way that is most beneficial to them, ...
My experience is that they redid the return in the way that was most beneficial to me, and sent me a check.
by spammagnet
Wed Mar 14, 2018 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: Missing my Microsoft Money - any equivalents?
Replies: 48
Views: 8511

Re: Missing my Microsoft Money - any equivalents?

BigJohn, it has been nearly a year since you posted, but I do hope that you will receive/see my post. You indicated you successfully loaded Sunset and your MM files onto your new computer. My question is: do you have Windows 10 on your new computer? I had successfully loaded MM onto a new computer ...
by spammagnet
Thu Mar 08, 2018 6:57 pm
Forum: Investing - Help with Personal Investments
Topic: Ok fellow bogleheads, was the correction scary or nothing?
Replies: 147
Views: 10450

Re: Ok fellow bogleheads, was the correction scary or nothing?

CnC wrote:
Wed Mar 07, 2018 2:53 pm
I just an interested in how the market correction felt to fellow boggelheads here.
What correction?
by spammagnet
Mon Mar 05, 2018 12:54 am
Forum: Personal Finance (Not Investing)
Topic: New Kid Expenses
Replies: 31
Views: 2298

Re: New Kid Expenses

sport wrote:
Mon Mar 05, 2018 12:31 am
Here is a hint that worked for us: Don't buy baby furniture for the bedroom.
We bought a decent 4-drawer dresser that had a removable changing table on top of it. The 25 year old for whom we originally purchased it is still using the dresser.
by spammagnet
Sun Mar 04, 2018 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: New Kid Expenses
Replies: 31
Views: 2298

Re: New Kid Expenses

... what "new" expenses should we consider and what is the estimated cost? ... In the early years, diapers and food (including formula, if not breast fed) suck up a lot of your cash flow. Ask your friends who recently went through it how much they paid. They can tell you at least how many boxes of ...
by spammagnet
Sun Mar 04, 2018 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Housing Budget Check (paging Watty / KlangFool)
Replies: 86
Views: 6520

Re: Housing Budget Check (paging Watty / KlangFool)

topofthebellcurve wrote:
Sat Mar 03, 2018 4:51 pm
... That said, my work may disappear in a year ...
That would be an argument for not committing to new debt.
by spammagnet
Sat Mar 03, 2018 9:58 am
Forum: Personal Finance (Not Investing)
Topic: New vehicle research
Replies: 48
Views: 3458

Re: New vehicle research

Savio wrote:
Sat Mar 03, 2018 2:10 am
Why not a Honda Accord?
Years ago we compared a new Camry with a new Accord. Both were nice cars and good choices but, to me, sitting in the driver's seat of the Accord was torture. Something about the seat design did not fit my body. It's a very personal choice.
by spammagnet
Sat Mar 03, 2018 9:55 am
Forum: Personal Finance (Not Investing)
Topic: 0% CC as part of EF
Replies: 31
Views: 1764

Re: 0% CC as part of EF

Whatever the rationale is for banks closing accounts or restricting credit, the fact remains that they can, with little or no notice. As someone wrote above, use of credit might be a reasonable choice at the time the money is needed, but it should not be part of a plan.
by spammagnet
Fri Mar 02, 2018 10:00 pm
Forum: Personal Finance (Not Investing)
Topic: Housing Budget Check (paging Watty / KlangFool)
Replies: 86
Views: 6520

Re: Housing Budget Check (paging Watty / KlangFool)

Big news on my end is that I'm expecting my first child in two months. All of a sudden, our lovely 2-bed is feeling a bit small! Congrats on the kid. Hope all goes well. While you might be justified in getting a bigger home, there's no rush. Take your time to find something that fits your needs and...
by spammagnet
Fri Mar 02, 2018 8:27 pm
Forum: Personal Finance (Not Investing)
Topic: 0% CC as part of EF
Replies: 31
Views: 1764

Re: 0% CC as part of EF

willthrill81 wrote:
Fri Mar 02, 2018 8:21 pm
Has this actually happened to anyone here?
I had credit limits pared back with no change in the income from my very stable job.
by spammagnet
Fri Mar 02, 2018 8:37 am
Forum: Personal Finance (Not Investing)
Topic: 0% CC as part of EF
Replies: 31
Views: 1764

Re: 0% CC as part of EF

I wouldn't rely on it. Banks can reduce your credit limit or close accounts whenever they choose. That happened a lot during the last recession when banks revaluated their exposure. Independent of economic events, do you have disability insurance or other ways to cover your being out of work for rea...
by spammagnet
Thu Mar 01, 2018 11:52 pm
Forum: Personal Finance (Not Investing)
Topic: Physical cash
Replies: 121
Views: 7871

Re: Physical cash

SocalLiving wrote:
Tue Feb 27, 2018 8:19 pm
westcoast wrote:
Tue Feb 27, 2018 6:22 pm
a thousand in the house twenty to forty in the wallet.
This is exactly what we do.
+1, but we rarely actually use it. It's for tips and donations outside the grocery store, like Girl Scout cookies or high school fund raisers. Sometimes I forget I have a $20 tucked in my wallet.
by spammagnet
Thu Mar 01, 2018 11:39 pm
Forum: Personal Finance (Not Investing)
Topic: What should my priorities be?
Replies: 34
Views: 2807

Re: What should my priorities be?

Exactly on the reason for the loan. And no, it won't make a difference to the family member who lent it to me if I pay it off slowly - they don't need the money now (thankfully!) Morbid thought but what happens when they die? Will heirs resent it not having been paid off? Will it just be a deductio...
by spammagnet
Thu Mar 01, 2018 11:12 pm
Forum: Personal Finance (Not Investing)
Topic: New vehicle research
Replies: 48
Views: 3458

Re: New vehicle research

ElwoodBlues wrote:
Wed Feb 28, 2018 7:07 pm
... get the Takata bag replaced ...
Takata air bags are dangerous only if the shrapnel actually hits you. ;)
by spammagnet
Thu Mar 01, 2018 9:54 am
Forum: Personal Finance (Not Investing)
Topic: Student loan information source
Replies: 18
Views: 1214

Re: Student loan information source

Loans, including accumulated interest: Sallie Mae, $23,170 @ 7.375% variable Sallie Mae, $23,076 @ 6.000% fixed Stafford, $55,886 @ 5.7% fixed, in aggregate. (11K @ 6%, 20.5K @ 5.31%, 20.5K @ 5.84%, plus accumulated interest) With both lenders on standard 10 year amortization, the minimum total paym...
by spammagnet
Wed Feb 28, 2018 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Student loan information source
Replies: 18
Views: 1214

Re: Student loan information source

... On the other hand, if not aiming for PSLF, once can (currently) find better interest rates by consolidating outside of the Direct Loan Program. Loan forgiveness would be nice but that's a 10 year bet based on an unreliable future. Besides which, my daughter's unlikely to be in an eligible job u...
by spammagnet
Wed Feb 28, 2018 12:14 am
Forum: Personal Finance (Not Investing)
Topic: Student loan information source
Replies: 18
Views: 1214

Re: Student loan information source

... a direct loan consolidation does not change the interest rate, or rather, the new rate represents a weighted average of the consolidated loans, such that the total annual interest is the same after consolidation. ... That being the case, what's the point of a consolidation loan other than conve...
by spammagnet
Mon Feb 26, 2018 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: Student loan information source
Replies: 18
Views: 1214

Re: Student loan information source

... I clearly had far more student debt than your daughter, because a $125/month student loan payment sounds like an absolute dream to me, ... Perhaps you missed a digit? Her minimum at standard payment rates would be ~$1,225, not $125. That said, her profession and prospects for dependable income ...
by spammagnet
Mon Feb 26, 2018 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: Student loan information source
Replies: 18
Views: 1214

Re: Student loan information source

bloom2708 wrote:
Mon Feb 26, 2018 3:42 pm
Can you pay them off and have her pay you 3% interest?
We're considering that on the highest rate variable interest loan but don't have free cash on hand at the moment.
by spammagnet
Mon Feb 26, 2018 9:10 am
Forum: Personal Finance (Not Investing)
Topic: [Replacement for Amazon credit card]
Replies: 16
Views: 332

Re: What's Your Credit Card Rewards Strategy?

onourway wrote:
Mon Feb 26, 2018 6:13 am
... Your son should still be able to share logins for the streaming access without being the second adult on the account. Does he really need free shipping at college? ...
FYI, Amazon is a major source of college text books. Textbooks are heavy. Shipping is part of the cost.
by spammagnet
Mon Feb 26, 2018 12:06 am
Forum: Personal Finance (Not Investing)
Topic: Help with GIANT interest car loan (28%)
Replies: 44
Views: 5355

Re: Help with GIANT interest car loan (28%)

I did recommend checking into that. Wasn't sure if she could do that without an account. I will let her know that she should definitly do that. Maybe she can open a savings account too. Not sure how she pays for anything right now without a bank account and I wouldn't want to be holding a lot of ca...
by spammagnet
Mon Feb 26, 2018 12:02 am
Forum: Personal Finance (Not Investing)
Topic: Perspective on my family tax/health insurance/income situation.
Replies: 9
Views: 915

Re: Perspective on my family tax/health insurance/income situation.

... For the past few years my husband has been a stay-at-home parent/manager of our properties (3 including our home)/and helper with my business. He would prefer to have a full time job and do less watching young children which I completely understand but ... Is the nature of the business dependen...
by spammagnet
Sun Feb 25, 2018 11:48 pm
Forum: Personal Finance (Not Investing)
Topic: Student loan information source
Replies: 18
Views: 1214

Student loan information source

I'm helping my daughter figure out the the most efficient way to pay off her grad school student loans. Can someone recommend a site such as Bogleheads where there is active correspondence on that topic? She has 2 Sallie Mae loans at 7.x% variable and 6% fixed, plus 3 Stafford loans at a weighted av...
by spammagnet
Sun Feb 25, 2018 11:18 pm
Forum: Personal Finance (Not Investing)
Topic: [Replacement for Amazon credit card]
Replies: 16
Views: 332

Re: What's Your Credit Card Rewards Strategy?

5+% on amazon is possible buying gift cards from office supply stores with chase ink plus (not available for new applications) ... Is there a practical way to liquidate office supply gift cards, in the sense of manufactured spending? I have not done that and don't plan to. Just wondering. At what d...
by spammagnet
Tue Feb 20, 2018 9:11 am
Forum: Personal Finance (Not Investing)
Topic: FSA Question
Replies: 3
Views: 231

Re: FSA Question

Someone may correct me but I believe you can pay with the FSA only the out-of-pocket portion of your medical expenses. Otherwise you'd be converting untaxed income intended for healthcare purposes to a non-healthcare purpose, without paying the tax. Edit: you're better off using your regular credit ...
by spammagnet
Mon Feb 19, 2018 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: Criteria used to make Roth Conversion decision
Replies: 39
Views: 2931

Re: Criteria used to make Roth Conversion decision

Hi I'm 62, semi retired, wife still working, self employed. I'm looking at making a Roth conversion for 2018 tax year. I expect to be able to move $20k and still stay in the 12% bracket, HOWEVER, that is dependent on fully funding two SEP/IRAs and HSA. Does it make sense to Roth convert while still...
by spammagnet
Fri Feb 16, 2018 10:28 pm
Forum: Personal Finance (Not Investing)
Topic: How to get child's skin in the game for college?
Replies: 135
Views: 7047

Re: How to get child's skin in the game for college?

I haven't read the whole thread and, while we provided our 2 kids a full ride at a state university, a former colleague had an interesting approach to this topic. Their daughter was expected to take out loans for college without a co-signature with the agreement that the parents would pay the loans ...
by spammagnet
Mon Feb 12, 2018 9:15 am
Forum: Personal Finance (Not Investing)
Topic: The value of car body repairs/upkeep of older cars?
Replies: 33
Views: 2951

Re: The value of car body repairs/upkeep of older cars?

I've kept a new car as long as 17 years. I would have impact or other damage repaired but I would never bother with rust repair. I would get rid of the car as soon as it became evident, before the value of the car (if any) was completely trashed. I have had a faded car repainted with the knowledge t...
by spammagnet
Sun Feb 11, 2018 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: Passthrough deduction affected by solo 401k?
Replies: 39
Views: 2393

Re: Passthrough deduction affected by solo 401k?

Yeah I am waiting for some real-world results before I make any changes https://www.forbes.com/sites/anthonynitti/2018/01/04/the-new-qualified-business-income-deduction-varies-based-on-your-business-type-or-does-it/#5691a2542076 Either way it won't make a big difference in my plans. I'll have only ...
by spammagnet
Sun Feb 11, 2018 8:59 pm
Forum: Personal Finance (Not Investing)
Topic: Passthrough deduction affected by solo 401k?
Replies: 39
Views: 2393

Re: Passthrough deduction affected by solo 401k?

... There is a growing consensus that the W-2 payroll limit in the law does apply to the self-employed and this is not in conflict with the legislative intent. ... There are indications that the W-2 payroll limit was inserted specifically to limit the deduction to small businesses that employ peopl...
by spammagnet
Sun Feb 11, 2018 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: Passthrough deduction affected by solo 401k?
Replies: 39
Views: 2393

Re: Passthrough deduction affected by solo 401k?

My previous post on the topic. https://www.bogleheads.org/forum/viewtopic.php?f=2&t=240925 In short, yes, solo 401k contributions can potentially reduce your 199A deduction. It cannot be greater than 20% of taxable income calculated without regard to the 20% deduction. Since 401k contributions indir...
by spammagnet
Sun Feb 11, 2018 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k basic question
Replies: 12
Views: 657

Re: Solo 401k basic question

... There is still some debate on how the 199A deduction will apply to sole proprietorships with no W-2 payroll. I am pretty sure that it can not be greater than 20% of the lessor of business income or taxable income. Here is my take on what it might be if the 199A deduction applies at all. ... To ...
by spammagnet
Sun Feb 11, 2018 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: what to look for when buying a flipped house
Replies: 27
Views: 1979

Re: what to look for when buying a flipped house

mikeast wrote:
Sun Feb 11, 2018 7:11 am
I thinks its critical that you take the time to find a really good home inspector. ...
They're hard to find. There is a very low entry barrier in the field. Many just pay a subscription to a home inspection software web site to make pretty reports with pictures they took with their smartphone.
by spammagnet
Sun Feb 11, 2018 7:31 am
Forum: Personal Finance (Not Investing)
Topic: Auto loan teaser rates lower than mortgage rates - arbitrage opportunity?
Replies: 13
Views: 998

Re: Auto loan teaser rates lower than mortgage rates - arbitrage opportunity?

I've not done it but my credit union is quite willing. Their decision is based on the likelihood of getting paid and the value of the car used as collateral.
by spammagnet
Fri Feb 09, 2018 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: Surprise financial disaster, severe debt $300K caused by brother-in-law - Please help!
Replies: 246
Views: 61285

Re: Surprise financial disaster, severe debt $300K caused by brother-in-law - Please help!

phatkev wrote:
Fri Feb 09, 2018 7:33 pm
Also I appreciate the concern for privacy with my star trek quote. I thought everyone would get that I was not really taking to someone named Jim and I’m not really a doctor.

That’s what I get for trying to be funny.
Perhaps if you had used quotes and attributed it to Bones, it might have survived.
by spammagnet
Thu Feb 08, 2018 1:30 am
Forum: Personal Finance (Not Investing)
Topic: Solo 401k basic question
Replies: 12
Views: 657

Re: Solo 401k basic question

Spirit Rider wrote:
Thu Feb 08, 2018 1:26 am
For an S-Corp shareholder-employee it is 25% of W-2 Wages. For the self-employed it is 20% of net self-employment earnings. These are actually both the same 25% of compensation, just calculated differently.
Thank you for the explanation. Information like this is why I like this place.