Search found 63 matches

by speer
Wed Sep 09, 2020 4:44 pm
Forum: Investing - Theory, News & General
Topic: Buying covid hit stocks
Replies: 30
Views: 1856

Re: Buying covid hit stocks

I hope that didn't come across as condescending. I was exactly where you are about 6-7 years ago. I thought I could "outperform" the market. It takes a measure of humility to take what the market gives and call it good. I could be 100% wrong. SP500 has recovered already, so I am looking d...
by speer
Wed Sep 09, 2020 4:07 pm
Forum: Investing - Theory, News & General
Topic: Buying covid hit stocks
Replies: 30
Views: 1856

Buying covid hit stocks

Making some purchases in growth stocks that took a major covid hit. My picks: carnival corp NYSE: CCL amusment parks NYSE: FUN, SIX REIT NYSE: PK NYSE: WELL NYSE: SPG carnival corp and amusment parks will come back, may not be for a few years, but I dont believe these industries will go backrupt. Sa...
by speer
Wed Sep 09, 2020 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Is an owners equtiy draw taxable only above basis?
Replies: 4
Views: 311

Re: Is an owners equtiy draw taxable only above basis?

Its operated as an S-Corp.

From my understanding, theres no tax consequences for any amounts that equal your current equity basis. Example, if I invest $10k, but withdraw $15k, the extra $5 is a taxable distribuion
by speer
Wed Sep 09, 2020 12:31 pm
Forum: Personal Finance (Not Investing)
Topic: Is an owners equtiy draw taxable only above basis?
Replies: 4
Views: 311

Is an owners equtiy draw taxable only above basis?

Is an LLC's owner's equity draw only taxable on the amount higher then my original investment? Example, say I invevest a total of $10k in my LLC by depositing cash from my personal savings. I then withdraw this $10k at a later date. 1. Is this in anyway a taxable event on my personal taxs? 2. Would ...
by speer
Wed Sep 02, 2020 3:34 pm
Forum: Personal Investments
Topic: Worried about preserving my wealth
Replies: 33
Views: 5207

Re: Worried about preserving my wealth

I believe the stock market and housing market are massivly inflated since 2008 from QE, inflation has defintley hit these markets, but other consumer products less so. I have a fear for continued future central bank mismanagment with more QE and hyperinflation. A majority of the money banks get fro...
by speer
Wed Sep 02, 2020 2:19 pm
Forum: Personal Investments
Topic: Worried about preserving my wealth
Replies: 33
Views: 5207

Re: Worried about preserving my wealth

So do you invest primarily in savings, CDs, Treasuries, quality bond funds? Even looking at TIPS, their yields are negative right now Speer, Yes, that's the answer to wealth preservation. I'm 0% stocks and have been since 2008. That passes the sleep test for me. MYGA's and annuities give me heartbu...
by speer
Wed Sep 02, 2020 1:32 am
Forum: Personal Investments
Topic: Worried about preserving my wealth
Replies: 33
Views: 5207

Re: Worried about preserving my wealth

Im mid 20's and self employed, but dont have a traditional retirment or job projection/ideal as most. I can see myself buying (with cash) a cheap LCOL rural homestead in the next few years and living a self sufficent lifestyle with a much decreased income. I could get my expenses very low, with my m...
by speer
Wed Sep 02, 2020 12:53 am
Forum: Personal Investments
Topic: Worried about preserving my wealth
Replies: 33
Views: 5207

Re: Worried about preserving my wealth

Im dual US/Canadian. I live in the states now and earn USD. I just still have assets in Canada, but plan on moving it over to USD in the near future. Discussion on wealth preserveration would generally remain helpful regardless if your in Canada or USA. Please keep the thread here. Why do you have ...
by speer
Tue Sep 01, 2020 11:43 pm
Forum: Personal Investments
Topic: Worried about preserving my wealth
Replies: 33
Views: 5207

Re: Worried about preserving my wealth

Im dual US/Canadian. I live in the states now and earn USD. I just still have assets in Canada, but plan on moving it over to USD in the near future. Discussion on wealth preserveration would generally remain helpful regardless if your in Canada or USA. Please keep the thread here. Why do you have ...
by speer
Tue Sep 01, 2020 11:20 pm
Forum: Personal Investments
Topic: Worried about preserving my wealth
Replies: 33
Views: 5207

Re: Worried about preserving my wealth

Im dual US/Canadian.

I live in the states now and earn USD. I just still have assets in Canada, but plan on moving it over to USD in the near future.

Discussion on wealth preserveration would generally remain helpful regardless if your in Canada or USA. Please keep the thread here.
by speer
Tue Sep 01, 2020 11:15 pm
Forum: Personal Investments
Topic: Worried about preserving my wealth
Replies: 33
Views: 5207

Worried about preserving my wealth

assets: $210k CAD in a HISA earning 2.5% until ~apr 2021 $5k CAD in a checking account $25k USD cash earning 0.8% in a savings account ~$30k CAD RRSP holding BMO.ZHY [junk bonds] bought @ 13.74 ~$50k CAD in a business bank account I have no debt and live in the states Ive always held cash using HISA...
by speer
Sat Mar 21, 2020 4:43 pm
Forum: Personal Finance (Not Investing)
Topic: Is it possible to enter a negative value for "inventory purchased"?
Replies: 5
Views: 371

Re: Is it possible to enter a negative value for "inventory purchased"?

I just experimented in TT and it did not object or flag it as an error. For entering -$300 for inventory purchased? I tried it in StudioTax and it wont let me enter anything other then a positive number. Because of this, Ill likley just enter it as $300 in income, even tho it actually isnt and reco...
by speer
Fri Mar 20, 2020 10:45 pm
Forum: Personal Finance (Not Investing)
Topic: Is it possible to enter a negative value for "inventory purchased"?
Replies: 5
Views: 371

Re: Is it possible to enter a negative value for "inventory purchased"?

Why under other income?

Normally, other purchases throughout the year would wipe out this -$300 so line 36 would be a positive value.

I sum all refunds/charges from my supplier during the year and this is my net inventory purchase value.
by speer
Fri Mar 20, 2020 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Is it possible to enter a negative value for "inventory purchased"?
Replies: 5
Views: 371

Is it possible to enter a negative value for "inventory purchased"?

On a Sched C (line 36) is it allowed to enter a negative value for inventory purchased?

Example, you receive a refund from a supplier in 2020 for inventory purchased in 2019 and you make no more inventory purchases in 2020.
by speer
Sat Mar 14, 2020 2:31 pm
Forum: Investing - Theory, News & General
Topic: Estimated state tax payments
Replies: 2
Views: 224

Re: Estimated state tax payments

Well thats good to know.

So since my IRS liability was $200, I pay the IRS $200 (in lump sump instalemnt) and $0 to Michigan and im good until Apr 15, 2021 when I pay the tax on what I earned during 2020?
by speer
Sat Mar 14, 2020 2:09 am
Forum: Investing - Theory, News & General
Topic: Estimated state tax payments
Replies: 2
Views: 224

Estimated state tax payments

US citizen. Became Michigan resident 1/20/2020 (from Canada). Michigan states it follows IRS guidelines for estimated tax requirement: 90% of your current year's tax liability, or 100% of your previous year's tax liability, or 110% of your previous year's tax liability if your previous year's adjust...
by speer
Thu Feb 27, 2020 12:34 am
Forum: Personal Finance (Not Investing)
Topic: Am I doing these taxes correctly?
Replies: 0
Views: 451

Am I doing these taxes correctly?

Canadian/US citizen Jan 1st - Jan 20 2020 Canadian resident Jan 21st - Dec 31st 2020 US (Michigan) resident I had significant income as a Canadian resident in Jan 1st - Jan 20th 2020 and my income tax will be around $6000. For my Canadian 2020 taxes I will file a partial return for Jan 1-20 (I will ...
by speer
Mon Feb 24, 2020 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: LLC paying off personal credit card or use expense report?
Replies: 7
Views: 694

Re: LLC paying off personal credit card or use expense report?

Is this expense report an additional form that must be filled with the IRS or just a term used for a sheet to track my expenses for internal bookkeeping / accounting? Reimbursements are done via payroll, which is why I would advise not doing it that way. Too many of those probably looks odd to the ...
by speer
Thu Feb 20, 2020 4:26 pm
Forum: Personal Finance (Not Investing)
Topic: Cheapest way to convert currency?
Replies: 17
Views: 1378

Re: Cheapest way to convert currency?

Looks good!

However in order to get my CAD funds to IB they require I wire the funds in. Wiring costs around $50-75 CAD each time.

Do you know a cheaper method instead of wiring? Normally an institution would send a micro-deposit and link an account allow free transfers to and from.
by speer
Thu Feb 20, 2020 4:11 pm
Forum: Personal Finance (Not Investing)
Topic: Cheapest way to convert currency?
Replies: 17
Views: 1378

Re: Cheapest way to convert currency?

No idea about the Gambit, but it's very cheap to convert via forex trade at Interactive Brokers. 0.2 basis points for trades under $1B, with a minimum of $2 (so $2 for transfers under 100k). It can take a while to go from bank account A to B though, due to settlement times and possible holds on fun...
by speer
Thu Feb 20, 2020 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: Cheapest way to convert currency?
Replies: 17
Views: 1378

Re: Cheapest way to convert currency?

Looks like Charles Schwab global account can hold CAD and allow me to do Norbert Gambit. No fees involved. My only concern is the fees of wiring in the funds. It appears this is the only method and theres no ability to "link" my Canadian bank via micro-deposit. Does anyone know if there ar...
by speer
Thu Feb 20, 2020 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: Cheapest way to convert currency?
Replies: 17
Views: 1378

Cheapest way to convert currency?

US/CA citizen. US resident. Objective: Have a brokerage account that can Norbert Gambit CAD -> USD and transfer the funds to my US bank. Preferably a broker which is mostly free and doesn't require a min deposit. I understand services like transferwise exist, but at my volumes Norbert Gambit makes m...
by speer
Thu Feb 20, 2020 1:09 am
Forum: Personal Finance (Not Investing)
Topic: LLC paying off personal credit card or use expense report?
Replies: 7
Views: 694

Re: LLC paying off personal credit card or use expense report?

Im my own bookkeeper. Ill be generating my own profit and loss statments and balance sheets and accountant does payroll and S-corp taxes. So basically, I buy all the inventory on my Credit Card, and my S-Corp pays me for the costs incurred. Wham,bam, done. With the volume I buy It often takes months...
by speer
Thu Feb 20, 2020 12:08 am
Forum: Personal Finance (Not Investing)
Topic: LLC paying off personal credit card or use expense report?
Replies: 7
Views: 694

LLC paying off personal credit card or use expense report?

I have an S-Corp and buy inventory using CC's (credit cards) in my personal name (business only). I get excellent cashback rates / points as I regularly spend >$50,000 every year. Questions: 1. Should the S-Corp pay off the credit card directly (online banking) or pay me to pay off the CC? My accoun...
by speer
Fri Feb 07, 2020 4:37 pm
Forum: Investing - Theory, News & General
Topic: Question about bonds
Replies: 1
Views: 270

Question about bonds

I understand the net bond yields decrease or increase when their NAV changes. Example a $100 coupon with a 5% yield would decrease in relation to its NAV to 4.5% if the NAV increased to $110. 1. Is the same so for bond ETF's? Example: NYSE: JNK shows a yield of 5.41% @ a NAV of 109.60 USD. If the NA...
by speer
Sat Dec 28, 2019 11:04 pm
Forum: Personal Finance (Not Investing)
Topic: Norbert Gambit with a US entity
Replies: 9
Views: 848

Re: Norbert Gambit with a US entity

Norbert Gambit is a term used where you journal a CAD stock to a USD stock. The only fee is the buy / sell fees charged by the broker. This is the cheapest method to convert currency.

Interactive brokers is a brokerage site. Norbert Gambit can be initiated using interactive brokers.
by speer
Fri Dec 27, 2019 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: Norbert Gambit with a US entity
Replies: 9
Views: 848

Re: Norbert Gambit with a US entity

Im not exactly sure, but its the closest to par possible for exchanging. My alternative is paying 1% on all revenues I make which is a lot higher.
by speer
Fri Dec 27, 2019 2:19 am
Forum: Personal Finance (Not Investing)
Topic: Norbert Gambit with a US entity
Replies: 9
Views: 848

Norbert Gambit with a US entity

Scenario: S-Corp receives CAD for Canadian Amazon sales (~$500,000 CAD) in to a virtual CAD bank(Payoneer). You then can transfer the funds to your US bank (with a 1% currency conversion fee). Searching for a smarter option. Norbert Gambit (besides a $5-$10 broker fee) would cost nothing. You will b...
by speer
Fri Sep 27, 2019 5:18 pm
Forum: Personal Finance (Not Investing)
Topic: US bank for Canadian business income
Replies: 0
Views: 400

US bank for Canadian business income

Ill be moving to the USA and forming an S-Corp. This S-Corp will have Canadian sourced income (CAD). I am seeking a US bank that has Canadian checking accounts. Are there any US banks that have this or you recommend? Would prefer a bank that isnt expensive with fees or has large minimum deposit requ...
by speer
Sat Sep 21, 2019 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: Moving from Canada -> USA tax implications
Replies: 19
Views: 1346

Re: The US is more expensive to be self-employed than Canada

OP, one thing to consider is that your future social security checks will be much larger than your CPP checks because your contributions are larger during your working years. I agree that at 75k income level, the taxation difference is not large. Doing some more research I could take advantage of a...
by speer
Sat Sep 21, 2019 11:39 am
Forum: Personal Finance (Not Investing)
Topic: Moving from Canada -> USA tax implications
Replies: 19
Views: 1346

The US is more expensive to be self-employed than Canada

[Thread merged into here, see below. --admin LadyGeek] The US is only marginally more beneficial in the much higher tax brackets. Medicare / SS also really dig in to income. Im self employed so im paying the full amount (15.3%). Medicare has no cap. SS tax is capped at around $150k USD income. Cana...
by speer
Tue Aug 13, 2019 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: Moving from Canada -> USA tax implications
Replies: 19
Views: 1346

Re: Moving from Canada -> USA tax implications

Factor in the cost of health insurance in the US while you are at it! Best wishes Oh 100%. I did call around and talked to a broker, they sell faith based plans, its about $140 USD per month and covers up to $250k per year to a max of $1 mil. High deductible, but this is all I need. Just dont want ...
by speer
Tue Aug 13, 2019 6:47 pm
Forum: Personal Finance (Not Investing)
Topic: Moving from Canada -> USA tax implications
Replies: 19
Views: 1346

Re: Moving from Canada -> USA tax implications

Update: Talked to an accountant and looks like being a non-resident of Canada I will not be subject to Canadian income or withholding tax because my business will not have a permanent establishment (its all amazon.ca sales, inventory stored in Amazon FBA located in Canada). Im still surprised my inc...
by speer
Mon Aug 12, 2019 10:02 pm
Forum: Personal Finance (Not Investing)
Topic: Moving from Canada -> USA tax implications
Replies: 19
Views: 1346

Re: Moving from Canada -> USA tax implications

Forgot about that forum, posted there as well thank you.
by speer
Mon Aug 12, 2019 8:43 pm
Forum: Personal Finance (Not Investing)
Topic: Moving from Canada -> USA tax implications
Replies: 19
Views: 1346

Moving from Canada -> USA tax implications

Im a dual US/CA citizen. Currently an Ontario resident. I am self-employed (Amazon.ca FBA). I net $95,000 CAD per year. I have no US tax liability and harvest FTC's (Foreign Tax Credits) yearly. Considering moving to Michigan and trying to grasp how my taxes will change while continuing my Canadian ...
by speer
Tue Mar 26, 2019 10:28 pm
Forum: Personal Finance (Not Investing)
Topic: Are capital loss deductions included on Form 1116 for Deductions and losses?
Replies: 8
Views: 647

Re: Are capital loss deductions included on Form 1116 for Deductions and losses?

Heres an album of my full return: Tax return: https://imgur.com/a/5t7dE9F As someone else had told me: "The foreign tax credit cannot be more than your total U.S. tax multiplied by the fraction of taxable income from foreign sources. Since you have some U.S. income, it's not possible for the fo...
by speer
Tue Mar 26, 2019 4:16 pm
Forum: Personal Finance (Not Investing)
Topic: What am I doing wrong on my return?
Replies: 3
Views: 778

Re: What am I doing wrong on my return?

Foreign Tax Credits are put in different baskets by income type. I had ordinary and passive income (interest). If I paid $100k in foreign taxes on ordinary income type only, I would only have credits against "ordinary" income, not "passive". I had a total income of $3482.85 in th...
by speer
Tue Mar 26, 2019 3:48 pm
Forum: Personal Finance (Not Investing)
Topic: What am I doing wrong on my return?
Replies: 3
Views: 778

What am I doing wrong on my return?

I earned (all figures in USD): US source interest income (Bank bonus, not taxed in Canada): $1349.81 Canadian source interest income: $2133.04 (only $1876.10 was taxable by Canada) Net interest income: $3482.85 The $1349.81 of US source interest income is taxable by the US. My US tax liability is $9...
by speer
Tue Mar 26, 2019 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Are capital loss deductions included on Form 1116 for Deductions and losses?
Replies: 8
Views: 647

Re: Are capital loss deductions included on Form 1116 for Deductions and losses?

The interest income on Form 1116 is correct. net US source interest income (Bank bonus, not taxed in Canada): $1349.81 net Canadian source interest income: $2133.04 (only $1876.10 was taxable by Canada) Total interest income was: $3482.85 The $1349.81 of US source interest income is taxable by the u...
by speer
Sat Mar 23, 2019 10:31 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8949 - Sales and Other Dispositions of Capital Assets
Replies: 7
Views: 569

Form 8949 - Sales and Other Dispositions of Capital Assets

Lets say I buy 1 btc on 1/1/2018, and 2.5 on 1/4/2018. Then I sell 3 btc on 1/5/2018. 1) How many sales transactions on 8949 would I report? a) two sales transactions of 1 btc and 2 btc b) one sales transaction of 3 btc 2) If I report one sales transaction of 3 btc, what would I enter for: (b) Date ...
by speer
Fri Mar 22, 2019 9:37 pm
Forum: Personal Finance (Not Investing)
Topic: IRS treatment of Cryptocurrency
Replies: 3
Views: 382

Re: IRS treatment of Cryptocurrency

... Normally its a capital loss in Canada like the US but after further research and CPA advice I can treat the crypto as business inventory. Treatment info is from citation to "Adventure or Concern in the Nature of Trade" notably lines 13-15 here: https://www.canada.ca/…/archived-adventur...
by speer
Fri Mar 22, 2019 8:12 pm
Forum: Personal Finance (Not Investing)
Topic: IRS treatment of Cryptocurrency
Replies: 3
Views: 382

IRS treatment of Cryptocurrency

IRS treatment of Cryptocurrency? Received $4000 FMV worth of crypto in Q1 2018 for goods and services I provided to a client. Traded the the crypto throughout the year as an attempt to make additional profit from speculation (~15 trades). Cashed out and sold the same crypto for $1000 FMV in Q4 2018....
by speer
Thu Mar 21, 2019 11:26 pm
Forum: Personal Finance (Not Investing)
Topic: Unused Foreign Tax Credits
Replies: 3
Views: 536

Re: Unused Foreign Tax Credits

I talked to an accountant he said: "You can include on your current year return. You would need to attach a statement to show how much excess taxes have been carried over from various years" This means I dont have to amend 5 years worth of taxes to fix line 10 on form 1116 for the carry ov...
by speer
Thu Mar 21, 2019 8:54 pm
Forum: Personal Finance (Not Investing)
Topic: Unused Foreign Tax Credits
Replies: 3
Views: 536

Re: Unused Foreign Tax Credits

Ouch. Will I be required to amend my past 5 years of tax returns or can I just start putting the carryover amount from these 5 years on my current returns line 10?
by speer
Thu Mar 21, 2019 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: Unused Foreign Tax Credits
Replies: 3
Views: 536

Unused Foreign Tax Credits

For Foreign Tax Credits on Form 1116 Part III line 10, do you have to actively calculate carry forwards of unused foreign taxes paid year? Or is this only necessary if you will be using carry forwards against US tax for that year? Ive had Unused foreign tax for the past 5 years and have always left ...
by speer
Thu May 26, 2016 12:29 am
Forum: Personal Investments
Topic: Why the discrepancy? [ETF NAV]
Replies: 2
Views: 580

Why the discrepancy? [ETF NAV]

If Canadian [VFV] and American [VOO] S&P 500 ETF both track the same index, why such a difference in price? [VOO] is 191.93 USD per share and [VFV]is 48.45 CAD per share. If they hold the same underling assets shouldn't the NAV difference for the most part just be in conversion rate of the two c...