Search found 66 matches

by hachiko
Sat Oct 03, 2020 11:40 am
Forum: Personal Finance (Not Investing)
Topic: Danger in checking CC online?
Replies: 14
Views: 1594

Re: Danger in checking CC online?

I understood that deleting cookies would erase my last activity on that particular CC. For instance, could a credit card number be seen by a hacker? Can you just use a private browser that deletes cookies at the end of each session? Or force authentication with each login? I'm not aware of the risk...
by hachiko
Sat Oct 03, 2020 11:20 am
Forum: Personal Finance (Not Investing)
Topic: Danger in checking CC online?
Replies: 14
Views: 1594

Re: Danger in checking CC online?

I'm not sure what you're referring to about cookies specifically, but the general rule about all things security is that there are always points of attack that can potentially be compromised.

So, even if you delete cookies, you are potentially vulnerable to a security breach.
by hachiko
Thu Oct 01, 2020 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: part owner of C corp dies--what happens to outside investments
Replies: 3
Views: 383

Re: part owner of C corp dies--what happens to outside investments

First, you should hire an attorney. Not hiring an attorney in a situation like this may create MAJOR problems in the future. You need to protect both the companies and you and the other shareholders. 1 - I suppose it could depend on the purpose of the appraisal, but generally, yes, the value of a pa...
by hachiko
Wed Sep 30, 2020 11:54 am
Forum: Personal Finance (Not Investing)
Topic: Penalty for too much tax withholding?
Replies: 11
Views: 1613

Re: Penalty for too much tax withholding?

There could be consequences of a refund too large (mostly time and scrutiny as mentioned below) , but I've never heard of a penalty. Either way it sounds like this refund is maybe 10k? It could depend on how the refund compares to your overall tax amount, but I've never seen any issues with refunds ...
by hachiko
Wed Sep 30, 2020 11:30 am
Forum: Personal Finance (Not Investing)
Topic: 401K Overpayment - Ex Employer Asking for Money Back
Replies: 152
Views: 9420

Re: 401K Overpayment - Ex Employer Asking for Money Back

I am not your lawyer, and this is not my area of practice. But I know enough about the law and litigation to know that a lot of advice provided in this thread is not great. Since the OP has already sent the letter, the only piece of advice someone should take from this thread if they find themselves...
by hachiko
Wed Sep 16, 2020 7:25 am
Forum: Personal Finance (Not Investing)
Topic: ethics concern with trust
Replies: 69
Views: 4681

Re: ethics concern with trust

If you suspect that the trust attorney was unethical or negligent, you can file a complaint with the (depending on your) state's Office of Disciplinary Counsel/State Bar. The Disciplinary Counsel will investigate your complaint to see if the attorney violated his duty to the trustees. It is my unde...
by hachiko
Tue Sep 15, 2020 10:31 pm
Forum: Personal Finance (Not Investing)
Topic: Misspelled Trust Name in IRS Form
Replies: 19
Views: 1261

Re: Misspelled Trust Name in IRS Form

I don't see why it matters. You have no reason to give the bank a copy of the EIN app. Just give them a completed W9. The bank shouldn't be involved as they are. The IRS doesn't care about an obvious typo. They probably wouldn't even notice. If the name of the trust was totally wrong then I'd worry...
by hachiko
Tue Sep 15, 2020 9:44 pm
Forum: Personal Finance (Not Investing)
Topic: Misspelled Trust Name in IRS Form
Replies: 19
Views: 1261

Re: Misspelled Trust Name in IRS Form

I agree, the attorney should fix it for free and apologize. Not only does it matter for several things, but it's just very poor client service. The attorney made a mistake and you want it fixed. It's something that can be fixed very easily. Hopefully the attorney didn't mean it doesn't matter in the...
by hachiko
Mon Sep 14, 2020 11:40 pm
Forum: Personal Finance (Not Investing)
Topic: Remote Job - Taxes
Replies: 31
Views: 3104

Re: Remote Job - Taxes

Ok.. I didn't know about this 'registration' . I guess it may be paperwork and money. So a company may just have to pay withholding for one state and the employee will have to do the both tax returns to fix it. Out of curiosity, how would it work if you decide to telework from Canada? Depending on ...
by hachiko
Mon Sep 14, 2020 11:07 pm
Forum: Personal Finance (Not Investing)
Topic: Witholding taxes if estimated tax payments already cover 100% of last years tax amount
Replies: 23
Views: 1306

Re: Witholding taxes if estimated tax payments already cover 100% of last years tax amount

26 US Code Sec. 3402 Thanks! Interesting read. It is indeed bereft of any mention of estimated taxes. With publications such as Pay As You Go, So You Won’t Owe: A Guide to Withholding, Estimated Taxes, and Ways to Avoid the Estimated Tax Penalty | Internal Revenue Service , however (and acknowledgi...
by hachiko
Mon Sep 14, 2020 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: Witholding taxes if estimated tax payments already cover 100% of last years tax amount
Replies: 23
Views: 1306

Re: Witholding taxes if estimated tax payments already cover 100% of last years tax amount

Withholding reported by the employer on Form 941 is considered paid throughout the year. You need to make sure the S-Corp has your w-4 on file. If you provide your S-Corp with an inaccurate w-4 there may be penalties. If you don't pay any estimated taxes throughout the year, and pay all your taxes t...
by hachiko
Sat Sep 12, 2020 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: So how does CA track residency for tax purposes?
Replies: 37
Views: 2781

Re: So how does CA track residency for tax purposes?

Agreed. If the job income is effectively leveraging the resources of the state (e.g. a California based company in tech; e.g. Biotech, Internet, computing, that is operating with other tech companies in the state), then working remotely in another state to avoid paying their share of infrastructure...
by hachiko
Sat Sep 12, 2020 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: So how does CA track residency for tax purposes?
Replies: 37
Views: 2781

Re: So how does CA track residency for tax purposes?

You may only have one domicile in theory - that doesnt mean that two states cant both win on a domicile argument. It's the taxpayer's burden to prove the domicile is not within the state. Generally the burden is on the party asserting change of domicile. I agree that, in theory, two different state...
by hachiko
Sat Sep 12, 2020 8:46 am
Forum: Personal Finance (Not Investing)
Topic: So how does CA track residency for tax purposes?
Replies: 37
Views: 2781

Re: So how does CA track residency for tax purposes?

You may only have one domicile in theory - that doesnt mean that two states cant both win on a domicile argument. It's the taxpayer's burden to prove the domicile is not within the state. Generally the burden is on the party asserting change of domicile. I agree that, in theory, two different state...
by hachiko
Sat Sep 12, 2020 8:36 am
Forum: Personal Finance (Not Investing)
Topic: So how does CA track residency for tax purposes?
Replies: 37
Views: 2781

Re: So how does CA track residency for tax purposes?

I think it's necessary to provide some guidance on the overall structure of state income taxation. If you are a tax resident of a state, you are generally taxed on all of your worldwide income as long as the income is included for federal purposes (states have their own income modifications and they...
by hachiko
Tue Jul 21, 2020 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: Attorney vs accountant, attorney fired
Replies: 9
Views: 2136

Re: Attorney vs accountant, attorney fired

Attorneys are, in my experience, more risk averse than accountants. There are good reasons for filing the return (keep paper trail, contemporaneously prove the intent of transactions, start sol clock, etc.) For a simple filing, it can be worth the extra cost. All that said, why is your attorney prep...
by hachiko
Tue Jul 21, 2020 9:40 am
Forum: Personal Finance (Not Investing)
Topic: Tax implications with dissolving farm LLC
Replies: 20
Views: 1339

Re: Tax implications with dissolving farm LLC

This may be a complicated question but I wanted to get any advice I can regarding the tax implications that happens when a family farm LLC is dissolved at put solely in a personal family name. I provided as much of the details as I know below. My in-laws have had a family farm for 80+ years. It was...
by hachiko
Mon Jul 20, 2020 11:45 pm
Forum: Personal Finance (Not Investing)
Topic: Lease to own tax question
Replies: 7
Views: 486

Re: Lease to own tax question

It's probably going to depend a lot on what the "lease to own" means. In other words, what the terms of the contract are. Off the top of my head and without really any experience at all in this area, I'd be looking at installment sales, installment obligations, gifts of encumbered property, and simi...
by hachiko
Mon Jul 20, 2020 10:46 pm
Forum: Personal Finance (Not Investing)
Topic: When does purchasing Umbrella Insurance Coverage makes sense?
Replies: 108
Views: 7224

Re: When does purchasing Umbrella Insurance Coverage makes sense?

One possible benefit of an umbrella policy is if it's a different insurer. I know of a situation where a plaintiff made a policy limits demand on the homeowners insurance and the umbrella provider's attorney wrote a letter to the primary insurer "demanding" that they settle since the primary insurer...
by hachiko
Tue Mar 10, 2020 9:00 am
Forum: Personal Finance (Not Investing)
Topic: Airfare and corona virus
Replies: 21
Views: 2140

Re: Airfare and corona virus

What was the airline? Was this an international trip or domestic? Most airlines now have coronavirus specific fee waivers in place. Even without that, a 400 fare that has no value after cancelation is rough. Was it one of the basic economy fares? If they aren't giving you anything to cancel, never c...
by hachiko
Thu Feb 20, 2020 9:50 pm
Forum: Personal Finance (Not Investing)
Topic: LLC paying off personal credit card or use expense report?
Replies: 7
Views: 692

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

Look up accountable and non accountable expense reimbursement plans.

Agree with the other person who said the cash back for a deductible expense is income (or reduction of the expense depending on procedures and /or interpretation). Either way, you don't get the double dip.
by hachiko
Thu Feb 20, 2020 9:42 pm
Forum: Personal Finance (Not Investing)
Topic: Amending 2010 1040 for taxes owed
Replies: 8
Views: 1004

Re: Amending 2010 1040 for taxes owed

The IRS won't process an amended return filed after the assessment sol has expired because they cannot assess additional tax. They'll simply kick it back.
by hachiko
Thu Feb 20, 2020 9:16 pm
Forum: Personal Finance (Not Investing)
Topic: Capital Gains tax on sale of residence
Replies: 3
Views: 557

Re: Capital Gains tax on sale of residence

Agree with Gill, but just to clarify, the safe harbor shields you from the penalty for failure to make estimated payments, but doesn't shield you from a substantial underpayment of tax due. I think it went without saying, but just wanted to make that clear, since you mentioned a substantial underpay...
by hachiko
Thu Feb 20, 2020 9:08 pm
Forum: Personal Finance (Not Investing)
Topic: Tax saving strategy with (S-Corp)?
Replies: 9
Views: 613

Re: Tax saving strategy with (S-Corp)?

Change it to a C Corp and you decrease your flow through to 0.
by hachiko
Thu Feb 20, 2020 9:05 pm
Forum: Personal Finance (Not Investing)
Topic: RSU Vesting vs Income
Replies: 13
Views: 1337

Re: RSU Vesting vs Income

I think many of the responses are confusing income earned while a resident with income earned from sources within a state.
by hachiko
Sat Feb 08, 2020 7:25 pm
Forum: Personal Finance (Not Investing)
Topic: Downside to using Cash Back credit cards
Replies: 40
Views: 5149

Re: Downside to using Cash Back credit cards

You have to pay it off before the statement closing date. The only thing that gets reported to your credit file is what that balance is on that date. To maximize your credit score, you want your utilization to be 1% of your available credit. Many cards only report the statement balance, but not all.
by hachiko
Sun Jan 19, 2020 11:28 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Reimbursement for Expenses Deducted only on State Return?
Replies: 5
Views: 472

Re: HSA Reimbursement for Expenses Deducted only on State Return?

Do you need the cash from your HSA now? Why not take the deduction and keep the receipt for a future distribution. The future distribution could result in taxable income if the distribution is based on the same receipt in the future, but a deduction now is likely much more valuable than an increase ...
by hachiko
Sun Jan 19, 2020 11:48 am
Forum: Personal Finance (Not Investing)
Topic: Is There a Tax Basis on These Stocks?
Replies: 16
Views: 1139

Re: Is There a Tax Basis on These Stocks?

This really isn't a tax question, it's purely a trust/estate/probate question. The tax answer is easy once you know what happened with the stock transfers from person to person.
by hachiko
Sun Jan 19, 2020 11:15 am
Forum: Personal Finance (Not Investing)
Topic: Chase Sapphire Reserve - Travel Insurance Question
Replies: 8
Views: 1204

Re: Chase Sapphire Reserve - Travel Insurance Question

My experience with the Chase travel protections (and Citi's toward the end) is that if your claim is for a large amount they will delay and deny your claim for any reason they can come up with. Even when there's literally no basis for the denial other than "after review we have determined that your ...
by hachiko
Sat Jan 18, 2020 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Personal Capital
Replies: 6
Views: 1247

Re: Personal Capital

You mentioned dividends in the form of shares. Unless this is a tax advantaged account or you get some benefit from taking dividends as additional shares, my suggestion for tax purposes is to not take dividends in the form of additional shares, especially now that so many brokerages have $0 commissi...
by hachiko
Tue Jan 14, 2020 9:33 pm
Forum: Personal Finance (Not Investing)
Topic: Self tax preparation for a newby
Replies: 15
Views: 1711

Re: Self tax preparation for a newby

If your accountant was only charging you $350 for a return with rental properties, he/she was probably just punching in your information to one of the software programs anyway. Assuming by taxable assets at Schwab you mean just capital gains from the sale publicly traded corporations and maybe divid...
by hachiko
Tue Jan 14, 2020 9:18 pm
Forum: Personal Finance (Not Investing)
Topic: Taxation issues with more than one state of residence?
Replies: 15
Views: 1142

Re: Taxation issues with more than one state of residence?

When are you moving? When will you first have a home/apartment/similar available to you in New York (whether owning, renting, borrowing, etc.)? Will you be physically present in New York for more than 183 days (including any second of a day) in 2020? Generally speaking, you pay tax to your state of ...
by hachiko
Mon Jan 13, 2020 10:54 pm
Forum: Personal Finance (Not Investing)
Topic: Financial Consultants?
Replies: 18
Views: 1537

Re: Financial Consultants?

Perhaps you have an unusual definition of the term "fiduciary"? Nope. My definition of fiduciary is a legal obligation of one party to act in the best interest of another. FA's that charge AUM and claim to be fiduciaries really don't meet that standard. What obligation do they have to ensure you ma...
by hachiko
Mon Jan 13, 2020 10:06 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question - California depreciation recapture
Replies: 25
Views: 1657

Re: Tax question - California depreciation recapture

So this is getting very complex very quickly. Not saying this is your answer, but just a couple hypotheticals to consider. If you were a California resident and took depreciation deductions on the Texas property, but then moved to Texas, established a domicile there, and then sold the property, wou...
by hachiko
Mon Jan 13, 2020 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question - California depreciation recapture
Replies: 25
Views: 1657

Re: Tax question - California depreciation recapture

So this is getting very complex very quickly. Not saying this is your answer, but just a couple hypotheticals to consider. If you were a California resident and took depreciation deductions on the Texas property, but then moved to Texas, established a domicile there, and then sold the property, woul...
by hachiko
Mon Jan 13, 2020 7:17 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question - California depreciation recapture
Replies: 25
Views: 1657

Re: Tax question - California depreciation recapture

I understand what you say generally, but depreciation recapture seems a bit different, because it's not a tax on real income, but more like a tax subsidy that is eventually repaid. The link you provided is helpful, but in many cases adjustments are made to total income to calculate CA-taxable incom...
by hachiko
Mon Jan 13, 2020 6:24 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question - California depreciation recapture
Replies: 25
Views: 1657

Re: Tax question - California depreciation recapture

I understand what you say generally, but depreciation recapture seems a bit different, because it's not a tax on real income, but more like a tax subsidy that is eventually repaid. The link you provided is helpful, but in many cases adjustments are made to total income to calculate CA-taxable incom...
by hachiko
Mon Jan 13, 2020 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Does Apple Cash identity verification use your credit report?
Replies: 2
Views: 483

Re: Does Apple Cash identity verification use your credit report?

They have to tell you before they pull or attempt to pull a credit report. Most identity verification is done through public records.
by hachiko
Sun Jan 12, 2020 7:15 am
Forum: Personal Finance (Not Investing)
Topic: Passing Money Efficiently to Heirs
Replies: 14
Views: 2017

Re: Passing Money Efficiently to Heirs

We also have a budding start-up company that we modestly fund with our IRAs. If it is successful, it could generate very significant income. How do you do succession planning in this case with an eye toward minimizing taxes and keeping the company intact? Make them all company officers, stock holde...
by hachiko
Sat Jan 11, 2020 10:10 am
Forum: Personal Finance (Not Investing)
Topic: Question about RSU vesting in severance
Replies: 6
Views: 717

Re: Question about RSU vesting in severance

You should try to figure out whether they're RSUs or RSAs. Were you one of the initial employees?
by hachiko
Sat Jan 11, 2020 8:20 am
Forum: Personal Finance (Not Investing)
Topic: Question about RSU vesting in severance
Replies: 6
Views: 717

Re: Question about RSU vesting in severance

Just to confirm, are you sure these are actually RSUs?
by hachiko
Thu Jan 09, 2020 9:31 am
Forum: Personal Finance (Not Investing)
Topic: Opportunities Moving to State w/o Income Tax
Replies: 15
Views: 1484

Re: Opportunities Moving to State w/o Income Tax

North Carolina issued an advisory memo some time in 2018 regarding change of domicile. Read through that and do everything you can to establish a change. While most states have somewhat similar rules, they aren't all the same, so you shouldn't rely on a generic article.
by hachiko
Wed Jan 08, 2020 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: JPM Chase Reserve Card gets more expensive
Replies: 498
Views: 47805

Re: JPM Chase Reserve Card gets more expensive

Most people are limited in the number of cards they can hold at any given time. The question isn't whether the benefits outweigh the annual fee. The question is whether the benefits minus the annual fee is more than the benefits minus annual fee of a card you could PC to.
by hachiko
Wed Jan 08, 2020 7:36 pm
Forum: Personal Investments
Topic: General question on capital gains, taxes
Replies: 10
Views: 993

Re: General question on capital gains, taxes

Not sure what you mean by do trading. However, if you're talking about day trading then I would say no. There are significant restrictions on tax advantaged accounts that make day trading difficult, particularly lack of margin (and yes, some brokerages do offer "limited margin" to allow individuals ...
by hachiko
Wed Jan 08, 2020 6:12 pm
Forum: Personal Finance (Not Investing)
Topic: Using 401k funds to pay off debt?
Replies: 33
Views: 2070

Re: Using 401k funds to pay off debt?

Can someone explain to me why a 401k loan is a bad option here or in general. I understand a permanent 401k withdrawal is a bad idea, but why is a loan a bad idea? You don't lose space in your 401k, as your loan payments get put back in, you are only out of the market for a short time... why is it ...
by hachiko
Wed Jan 08, 2020 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: Using 401k funds to pay off debt?
Replies: 33
Views: 2070

Re: Using 401k funds to pay off debt?

It wouldn’t be a loan. It would be an withdrawal. I already have one one loan out on my 401k I took out last year to deal with some house expenses. That’s at 9k right now. If I can hold out to mid March I’ll get my annual bonus and can pay that loan off with that and use a new loan to pay this crap...
by hachiko
Tue Jan 07, 2020 5:08 am
Forum: Personal Finance (Not Investing)
Topic: Using 401k funds to pay off debt?
Replies: 33
Views: 2070

Re: Using 401k funds to pay off debt?

As long as you will pay off the 401k loan faster than you would pay off the debt, I don't think there's anything wrong with a 401k loan. I'm assuming the interest rate on the debt is at or above about 15%.
by hachiko
Mon Jan 06, 2020 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: Renting without income
Replies: 23
Views: 2610

Re: Renting without income

It depends primarily on where you're renting. If it's NYC or SF for example, I think you may have a difficult time. It's not impossible, but you'll be less desirable than the standard 10x rent income households. And since properties in those areas go really quickly (and therefore landlords are less ...