Search found 96 matches

by Jamesla30
Mon Apr 08, 2019 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes for First Time Solo Small Business Owner
Replies: 32
Views: 1833

Re: Taxes for First Time Solo Small Business Owner

I own a small business...a bit more complicated than your situation, but two things I would STRONGLY recommend: open a separate checking account for the business, and do ALL of your transactions from that account. Don't mix and match personal and business purchases and deposits. Buy quickbooks and ...
by Jamesla30
Wed Mar 20, 2019 3:39 pm
Forum: Personal Consumer Issues
Topic: Composite Cedar Siding and Real Cedar Siding Maintenance
Replies: 24
Views: 2060

Re: Composite Cedar Siding and Real Cedar Siding Maintenance

I think we decided on "Nichiha Vintage Wood (cedar color)". Thanks again for all the help!
by Jamesla30
Wed Mar 20, 2019 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: How will cancelling ACA healthcare mid year effect subsidy?
Replies: 17
Views: 1499

Re: How will cancelling ACA healthcare mid year effect subsidy?

How much would it cost to continue COBRA per month? How much would the ACA plan cost per month, and what amount of subsidy would you receive? Keep in mind it's a sliding scale, not all or nothing. You might use the calculator to estimate the subsidy at a few different levels of expected income. Let...
by Jamesla30
Wed Mar 20, 2019 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: How will cancelling ACA healthcare mid year effect subsidy?
Replies: 17
Views: 1499

Re: How will cancelling ACA healthcare mid year effect subsidy?

How much would it cost to continue COBRA per month? How much would the ACA plan cost per month, and what amount of subsidy would you receive? Keep in mind it's a sliding scale, not all or nothing. You might use the calculator to estimate the subsidy at a few different levels of expected income. Let...
by Jamesla30
Wed Mar 20, 2019 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: self employed tax question
Replies: 81
Views: 5109

Re: self employed tax question

To the OP, you're making bad decisions. I won't feel sorry for you in the future if you get audited and have to pay hundreds of thousands of dollars in back taxes and penalties. But hey, at least you saved a few hundred dollars this year :oops:
by Jamesla30
Fri Mar 01, 2019 3:28 am
Forum: Personal Finance (Not Investing)
Topic: How will cancelling ACA healthcare mid year effect subsidy?
Replies: 17
Views: 1499

Re: How will cancelling ACA healthcare mid year effect subsidy?

How much would it cost to continue COBRA per month? How much would the ACA plan cost per month, and what amount of subsidy would you receive? Keep in mind it's a sliding scale, not all or nothing. You might use the calculator to estimate the subsidy at a few different levels of expected income. Let ...
by Jamesla30
Sat Feb 23, 2019 3:30 pm
Forum: Personal Investments
Topic: bitcoin guy wants to stock market
Replies: 234
Views: 13381

Re: bitcoin guy wants to stock market

That means you might need income to last for 70 years. That being said, I still think your expectations (at your age) are not reasonable. If you don't want to listen to any of that advice..... Speculating on bitcoin and other cryptocurrencies are in my opinion not much different than gambling. i'm ...
by Jamesla30
Sat Feb 23, 2019 2:04 pm
Forum: Personal Consumer Issues
Topic: Composite Cedar Siding and Real Cedar Siding Maintenance
Replies: 24
Views: 2060

Re: Composite Cedar Siding and Real Cedar Siding Maintenance

I have ordered samples for the following, if anyone has anything else to add to the list, please let me know.

Woodtone Rustic Series Lap Siding
Nichiha Vintage Wood Lap Siding
Longboard Facades (Wood Grain) Aluminum Siding
by Jamesla30
Sat Feb 23, 2019 1:49 pm
Forum: Personal Investments
Topic: bitcoin guy wants to stock market
Replies: 234
Views: 13381

Re: bitcoin guy wants to stock market

I can't help you unless you provide more precise info on how much money you have in the real world, and how much you still have in the bitcoin universe. If you think $500,000 or $1,000,000 is enough to live comfortably for the rest of your life, you are mistaken. i'm not telling. if you think a mil...
by Jamesla30
Sat Feb 23, 2019 1:30 pm
Forum: Personal Investments
Topic: bitcoin guy wants to stock market
Replies: 234
Views: 13381

Re: bitcoin guy wants to stock market

OP, I don't think anyone asked about your overall situation.... How much money do you have from Bitcoin? Is that all in the bank or still in the bitcoin universe? Do you have any sort of education? Have you ever had a job or any sort of career path? I'd like to give you some honest advice, but woul...
by Jamesla30
Sat Feb 23, 2019 12:54 pm
Forum: Personal Investments
Topic: bitcoin guy wants to stock market
Replies: 234
Views: 13381

Re: bitcoin guy wants to stock market

OP, I don't think anyone asked about your overall situation.... How much money do you have from Bitcoin? Is that all in the bank or still in the bitcoin universe? Do you have any sort of education? Have you ever had a job or any sort of career path? I'd like to give you some honest advice, but would...
by Jamesla30
Fri Feb 22, 2019 10:28 pm
Forum: Personal Investments
Topic: Sole Proprietor investing into Solo 401k
Replies: 22
Views: 1007

Re: Sole Proprietor investing into Solo 401k

Time to find a new CPA. Immediately.
by Jamesla30
Fri Feb 22, 2019 10:04 pm
Forum: Personal Finance (Not Investing)
Topic: [Are we eligible for the 20% tax deduction]
Replies: 35
Views: 2637

Re: [Are we eligible for the 20% tax deduction]

Everyone is totally ignoring the fact that software sales is not a specified service trade or business SSTB and therefore, the taxable income limits do not apply. You are definitely qualified. This is misleading. Above the limits the W2 wages rule applies, and because she has no W2 wages and are ab...
by Jamesla30
Fri Feb 22, 2019 9:19 pm
Forum: Personal Finance (Not Investing)
Topic: [Are we eligible for the 20% tax deduction]
Replies: 35
Views: 2637

Re: [Are we eligible for the 20% tax deduction]

Everyone is totally ignoring the fact that software sales is not a specified service trade or business SSTB and therefore, the taxable income limits do not apply. You are definitely qualified. This is misleading. Above the limits the W2 wages rule applies, and because she has no W2 wages and are ab...
by Jamesla30
Thu Feb 21, 2019 11:51 pm
Forum: Personal Finance (Not Investing)
Topic: [Are we eligible for the 20% tax deduction]
Replies: 35
Views: 2637

Re: [Are we eligible for the 20% tax deduction]

PS, for 2018 401k you can contribute a max of $18,500, plus roughly 20% of net income. So you won't be about to get to $48k if your net income is $100k.
by Jamesla30
Thu Feb 21, 2019 11:47 pm
Forum: Personal Finance (Not Investing)
Topic: [Are we eligible for the 20% tax deduction]
Replies: 35
Views: 2637

Re: [Are we eligible for the 20% tax deduction]

Thanks, I reread your post now. The net income, I think would be around 90 - 100k, after SSN and Medicare employer and employee taxes, after cash deductions, internet, business meals, CPA fees, lawyer fees etc. I plan to contribute max to Solo 401k (around 48k maybe), not sure if the 20% is after t...
by Jamesla30
Thu Feb 21, 2019 11:05 pm
Forum: Personal Finance (Not Investing)
Topic: [Are we eligible for the 20% tax deduction]
Replies: 35
Views: 2637

Re: [Are we eligible for the 20% tax deduction]

Is this business set up as a corporation, or have you elected s-corp tax treatment (as an LLC, etc) Or are you just running it as a sole-proprietorship? Does your wife take a salary through payroll and did she get a W2? It is complicated, but because you are over the income limit (fully phased out ...
by Jamesla30
Thu Feb 21, 2019 10:57 pm
Forum: Personal Finance (Not Investing)
Topic: [Are we eligible for the 20% tax deduction]
Replies: 35
Views: 2637

Re: [Are we eligible for the 20% tax deduction]

Is this business set up as a corporation, or have you elected s-corp tax treatment (as an LLC, etc) Or are you just running it as a sole-proprietorship? Does your wife take a salary through payroll and did she get a W2? It is complicated, but because you are over the income limit (fully phased out b...
by Jamesla30
Wed Feb 20, 2019 2:05 am
Forum: Personal Finance (Not Investing)
Topic: self employed tax question
Replies: 81
Views: 5109

Re: self employed tax question

OP... With all due respect... You are in WAAAAY over your head. You have absolutely no idea what you are doing, and turbo tax isn't going to cut it. Get off this forum, and go talk to a CPA. Seriously. Yes it might cost a good chunk of change. But you are going to make some serious mistakes if you d...
by Jamesla30
Tue Feb 19, 2019 12:26 pm
Forum: Personal Consumer Issues
Topic: Composite Cedar Siding and Real Cedar Siding Maintenance
Replies: 24
Views: 2060

Re: Composite Cedar Siding and Real Cedar Siding Maintenance

Short and sweet!! This may interest your situation Hardiboard At: Jameshardie.com Yes, we are doing hardie siding on about 40% of the house. The other 40% will be brick, and the remaining 20% is cedar (or cedar look). The only product I have seen that I might look into is "Nichiha Vintage Wood" as ...
by Jamesla30
Sun Feb 17, 2019 9:07 pm
Forum: Personal Consumer Issues
Topic: Composite Cedar Siding and Real Cedar Siding Maintenance
Replies: 24
Views: 2060

Re: Composite Cedar Siding and Real Cedar Siding Maintenance

Thanks for the recommendation guys. I should clarify, the cedar siding would only be about 10-15% of the house. The main portions will be brick or james hardie siding. We are in Nebraska, so we have rough winters and summers. I am going to continue to look for a composite material that has some vari...
by Jamesla30
Fri Feb 15, 2019 10:19 pm
Forum: Personal Consumer Issues
Topic: Composite Cedar Siding and Real Cedar Siding Maintenance
Replies: 24
Views: 2060

Composite Cedar Siding and Real Cedar Siding Maintenance

Hi all, my wife and I are building a custom home and have a few large accents on our home that has been spec'd as clear cedar siding. I was hoping to find a great looking composite/engineered product to use instead of real cedar. I know there is some fiberboard products that are painted to look like...
by Jamesla30
Fri Feb 15, 2019 9:44 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes for First Time Solo Small Business Owner
Replies: 32
Views: 1833

Re: Taxes for First Time Solo Small Business Owner

I own a small business...a bit more complicated than your situation, but two things I would STRONGLY recommend: open a separate checking account for the business, and do ALL of your transactions from that account. Don't mix and match personal and business purchases and deposits. Buy quickbooks and e...
by Jamesla30
Tue Nov 13, 2018 12:15 am
Forum: Personal Investments
Topic: Roth vs. Traditional 401k
Replies: 132
Views: 8128

Re: Roth vs. Traditional 401k

Roth 401K is a bad choice. I like KlangFool, he offers a lot of great advice on this forum. However, sometimes he likes to play devils advocate. Constantly telling people Roth 401k is a bad choice for everyone is misleading and not helpful. It's as simple as this people... If you can lock in a low ...
by Jamesla30
Tue Nov 13, 2018 12:01 am
Forum: Personal Investments
Topic: Roth vs. Traditional 401k
Replies: 132
Views: 8128

Re: Roth vs. Traditional 401k

I'm only in the 12% marginal bracket now, but my accounts are low and I still choose deferred and max both 401k and Traditional IRA. Once my retirement savings gets up over a million, I figure that Roth contributions might start to make sense i.e. locking in a 12% tax rate will be a good bet. An ex...
by Jamesla30
Mon Nov 12, 2018 11:58 pm
Forum: Personal Investments
Topic: Roth vs. Traditional 401k
Replies: 132
Views: 8128

Re: Roth vs. Traditional 401k

Here is a simple rule to follow: if you make <50k (individual) or <100k (jointly), direct your contributions to roth 401k (or roth ira). If you make more than that, go traditional. I believe that income $100k - $200k can make the case for (at least partial) Roth 401k contributions. Even more of a c...
by Jamesla30
Sun Nov 11, 2018 5:25 pm
Forum: Personal Investments
Topic: Roth vs. Traditional for low tax bracket
Replies: 10
Views: 1105

Re: Roth vs. Traditional for low tax bracket

Keep plugging into ROTH... Once your income gets above $100k (before deductions), then you can start thinking about traditional. This is the point that your marginal tax rate goes from 12% to 22%. As long as you guys stay all in the 12% bracket, keep putting all you can in the Roth.
by Jamesla30
Sun Nov 11, 2018 4:00 pm
Forum: Personal Investments
Topic: Roth vs. Traditional 401k
Replies: 132
Views: 8128

Re: Roth vs. Traditional 401k

Here is a simple rule to follow: if you make <50k (individual) or <100k (jointly), direct your contributions to roth 401k (or roth ira). If you make more than that, go traditional. Here are the rules of thumb from Traditional versus Roth on the wiki. If your current marginal tax rate is 15% or less...
by Jamesla30
Sun Nov 11, 2018 3:56 pm
Forum: Personal Investments
Topic: Roth vs. Traditional 401k
Replies: 132
Views: 8128

Re: Roth vs. Traditional 401k

I give you an even simple rule. Do not contribute to Roth 401K. Almost every time someone posted that they contribute to Roth 401K, we can prove that it is not a good idea. KlangFool We'll have to agree to disagree. I believe for 'low'-income earners there is a great deal of benefit to roth contrib...
by Jamesla30
Sun Nov 11, 2018 3:44 pm
Forum: Personal Investments
Topic: Roth vs. Traditional 401k
Replies: 132
Views: 8128

Re: Roth vs. Traditional 401k

Here is a simple rule to follow: if you make <50k (individual) or <100k (jointly), direct your contributions to roth 401k (or roth ira). If you make more than that, go traditional. I give you an even simple rule. Do not contribute to Roth 401K. Almost every time someone posted that they contribute ...
by Jamesla30
Sun Nov 11, 2018 3:35 pm
Forum: Personal Investments
Topic: Roth vs. Traditional 401k
Replies: 132
Views: 8128

Re: Roth vs. Traditional 401k

Here is a simple rule to follow: if you make <50k (individual) or <100k (jointly), direct your contributions to roth 401k (or roth ira). If you make more than that, go traditional. I give you an even simple rule. Do not contribute to Roth 401K. Almost every time someone posted that they contribute ...
by Jamesla30
Sun Nov 11, 2018 3:32 pm
Forum: Personal Investments
Topic: Roth vs. Traditional 401k
Replies: 132
Views: 8128

Re: Roth vs. Traditional 401k

Here is a simple rule to follow: if you make <50k (individual) or <100k (jointly), direct your contributions to roth 401k (or roth ira). If you make more than that, go traditional. I give you an even simple rule. Do not contribute to Roth 401K. Almost every time someone posted that they contribute ...
by Jamesla30
Sun Nov 11, 2018 3:24 pm
Forum: Personal Investments
Topic: Roth vs. Traditional 401k
Replies: 132
Views: 8128

Re: Roth vs. Traditional 401k

Here is a simple rule to follow: if you make <50k (individual) or <100k (jointly), direct your contributions to roth 401k (or roth ira). If you make more than that, go traditional. I give you an even simple rule. Do not contribute to Roth 401K. Almost every time someone posted that they contribute ...
by Jamesla30
Sun Nov 11, 2018 2:51 pm
Forum: Personal Investments
Topic: Roth vs. Traditional 401k
Replies: 132
Views: 8128

Re: Roth vs. Traditional 401k

Here is a simple rule to follow: if you make <50k (individual) or <100k (jointly), direct your contributions to roth 401k (or roth ira). If you make more than that, go traditional.
by Jamesla30
Sun Nov 11, 2018 2:50 pm
Forum: Personal Investments
Topic: Roth vs. Traditional 401k
Replies: 132
Views: 8128

Re: Roth vs. Traditional 401k

FiveK: Very good question. I always thought the only option was Roth. I've never seen what you mentioned before. I will dig deeper. Employer contributions are only allowed to go into a traditional IRA 401K. Chances are you have balances in both traditional and roth. And chances are you can contribu...
by Jamesla30
Sun Nov 11, 2018 2:39 pm
Forum: Personal Investments
Topic: Roth vs. Traditional 401k
Replies: 132
Views: 8128

Re: Roth vs. Traditional 401k

FiveK: Very good question. I always thought the only option was Roth. I've never seen what you mentioned before. I will dig deeper. Employer contributions are only allowed to go into a traditional IRA. Chances are you have balances in both traditional and roth. And chances are you can contribute to...
by Jamesla30
Fri Nov 02, 2018 5:41 pm
Forum: Personal Investments
Topic: Employer Monthly Contributions and Rounding Issues ($.666667)
Replies: 5
Views: 618

Re: Employer Monthly Contributions and Rounding Issues ($.666667)

why is this even a question? Are you really concerned about getting the extra 8 cents in there? Check to see if the employer stops at the IRS max. I know mine does. It's a lot easier to enter $18,500 and $7,000 when doing taxes and other record keeping than having to go back and find whatever screw...
by Jamesla30
Fri Nov 02, 2018 1:12 pm
Forum: Personal Investments
Topic: Employer Monthly Contributions and Rounding Issues ($.666667)
Replies: 5
Views: 618

Employer Monthly Contributions and Rounding Issues ($.666667)

Hi guys, trying to figure out the best "monthly contribution amount" for my employer when trying to achieve $18,500 401k max, and $7000 HSA max. Because of rounding, the totals are going to end up as follows: 401k $1541.66 x 12 = $18,499.92 $1541.67 x 12 = $18,500.04 HSA $583.33 X 12 = $6,999.96 $58...
by Jamesla30
Sun Apr 22, 2018 10:52 am
Forum: Personal Consumer Issues
Topic: Visiting Chicago - Foodie suggestions?
Replies: 28
Views: 2667

Re: Visiting Chicago - Foodie suggestions?

My wife did a year residency in Chicago last year, and I was there every other weekend. My favorite "nice" meal by far was Bavette's (Bavette's Bar & Boeuf). It is lesser known but food was awesome, and great atmosphere. If you can get a reservation, and don't mind spending a little money, I highly ...
by Jamesla30
Sat Feb 03, 2018 4:41 pm
Forum: Personal Consumer Issues
Topic: How to receive large payment for a boat, PayPal vs Wire
Replies: 31
Views: 3861

Re: How to receive large payment for a boat, PayPal vs Wire

I have an ecommerce business and deal in a lot of high value electronic transactions. Please DO NOT use paypal. That is a huge red flag for a scam. Chances are the buyer is a scammer from another country. Wire transfer is the best option. It has absolutely zero risk for you. If the buyer is willing ...
by Jamesla30
Wed Jan 24, 2018 5:47 pm
Forum: Personal Investments
Topic: First experience with Financial Advisor
Replies: 18
Views: 2575

Re: First experience with Financial Advisor

As others have stated. Run as fast as you can the other way. How much money are we talking here? If its a small amount like you say, then you're probably overthinking things as far as tax consequence, etc. Unless you have really high income.
by Jamesla30
Wed Jan 24, 2018 5:42 pm
Forum: Personal Investments
Topic: Backdoor IRA Questions
Replies: 11
Views: 1470

Re: Backdoor IRA Questions

Your rollover IRA is essentially a traditional IRA. So if you roll any money from that into ROTH, you will owe taxes on it. If your 401k allows roll-ins, you can transfer all of the rollover IRA into the 401k, because both are "traditional"/before-tax accounts. Is your income above the limit that al...
by Jamesla30
Sun Jan 21, 2018 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: Question re 2018 tax rates
Replies: 13
Views: 2013

Re: Question re 2018 tax rates

I thought his statement sounded confusing too... But no, you still get the $24k deduction plus an additional $1300/each for being over 65. So $26,600 deduction :)
by Jamesla30
Fri Jan 19, 2018 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth strategy - your thoughts
Replies: 15
Views: 2399

Re: Backdoor Roth strategy - your thoughts

Jamesla30, All your assumptions are correct. Your explanation (both posts) makes a lot of sense. Thank you for taking the time to explain things the way you did. Cleared everything up for me quite nicely. I've been wrestling with the same question - as much as we may have a higher net worth in the ...
by Jamesla30
Tue Jan 16, 2018 6:09 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth strategy - your thoughts
Replies: 15
Views: 2399

Re: Backdoor Roth strategy - your thoughts

Also, I will add that if you cannot roll your traditional IRA balances into a traditional 401k, then yes you will have to start doing conversions from traditional ira to roth ira and pay some taxes on it. I would try to fill up the 24% bracket as much as you can with conversions. So if you end up ha...
by Jamesla30
Tue Jan 16, 2018 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth strategy - your thoughts
Replies: 15
Views: 2399

Re: Backdoor Roth strategy - your thoughts

I think you are making this a bit more complicated than necessary. Your income level currently puts you in sort of a gray zone on if traditional or roth contributions are best. It sounds like you are expecting a VERY large inheritance, because $300k income isn't going to get you into 8 figure saving...
by Jamesla30
Tue Jan 16, 2018 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Should Pass-Thru's Now Increase Salaries vs. Distributions?
Replies: 9
Views: 1508

Re: Should Pass-Thru's Now Increase Salaries vs. Distributions?

Your analysis looks correct to me. Something worth noting: if your LLC weren't taxed as an S corp., your increase in salary wouldn't reap you a benefit under a strict reading of 199A. By default, the single owner LLC is taxed as a disregarded entity, or sole proprietorship. If your business were a ...
by Jamesla30
Tue Jan 16, 2018 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: Should Pass-Thru's Now Increase Salaries vs. Distributions?
Replies: 9
Views: 1508

Re: Should Pass-Thru's Now Increase Salaries vs. Distributions?

Well I just went ahead and adjusted my salary from $60k in 2017 to $146k in 2018. Seems odd but financially it makes sense. According to my calculations, I will pay $2600 less in taxes, plus another $6020 in tax savings from the additional $21,500 that I will contribute towards my 401k (maxing at $5...
by Jamesla30
Mon Jan 15, 2018 7:41 pm
Forum: Personal Consumer Issues
Topic: Advice On A Tour From Port Canaveral To Kennedy Space Center
Replies: 14
Views: 1254

Re: Advice On A Tour From Port Canaveral To Kennedy Space Center

My wife and I just visited KSC last month and only had a few hours and still saw quite a bit. Don't stress out about it, its super easy to enjoy without planning much. I think its about a 20-30 min drive from your port, so you'll have to see how much a taxi or uber would cost compared to renting a c...