Search found 116 matches

by deathb4disco
Thu Nov 07, 2013 10:52 am
Forum: Investing - Help with Personal Investments
Topic: 100 Percent Equity Asset Allocation
Replies: 36
Views: 6820

Re: 100 Percent Equity Asset Allocation

EmergDoc wrote:Hmmm....another 100% equity allocation thread. The last time I saw this many was early 2008.


:D
by deathb4disco
Thu Aug 22, 2013 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: Fee for tax strategy
Replies: 18
Views: 1127

Re: Fee for tax strategy

Our combined income last year was about 500k and so it would be nice to reduce the amount we paid on taxes. The fee for this service was based on the total net worth and would run us about 6k. I agree with EmergDoc. As a CPA, I regularly do tax planning for my clients. However, my fees are based so...
by deathb4disco
Sat Apr 06, 2013 11:03 am
Forum: Personal Finance (Not Investing)
Topic: CPA exam
Replies: 39
Views: 6192

Re: CPA exam

Dan999 wrote:Congrats.
That is a major accomplishment and be proud of yourself.


Ditto.

I passed it about twenty years ago. It's great to get that behind you. Celebrate! :sharebeer
by deathb4disco
Thu Apr 04, 2013 1:51 pm
Forum: Personal Finance (Not Investing)
Topic: How to handle these CPA errors?
Replies: 20
Views: 1975

Re: How to handle these CPA errors?

markfaix wrote:
billern wrote:Obviously his associate did all the work, and the head CPA reviewed it only briefly.


That's SOP at every CPA firm (unless he's a sole proprietor.) At this point, I'd point out the errors and let the guy fix it. If you're still not satisfied, you've got a year to find someone else.
by deathb4disco
Fri Feb 22, 2013 11:12 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax K-1/Expenses/Retirement Plan Questions
Replies: 12
Views: 2184

Re: TurboTax K-1/Expenses/Retirement Plan Questions

billern wrote:As a CPA, I have to agree. OP, I'd suggest using a CPA this year, especially since this is your first year in this partnership.


This CPA also agrees.
by deathb4disco
Wed Jan 30, 2013 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: What Tax Preparers Really Charge (WSJ)
Replies: 52
Views: 5883

Re: What Tax Preparers Really Charge (WSJ)

After that asset was disposed of (I did well -- put in all my 70K of savings and got out zero but I did have tax losses), I inquire whether there is a K1 for any new investment I consider. [/quote] Smart move. I had a client who had a pretty straightforward return. Then, he invested in a hedge fund...
by deathb4disco
Tue Jan 29, 2013 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Helaine Olen: Pound Foolish
Replies: 73
Views: 15286

Re: Helaine Olen: Pound Foolish

I read the book this weekend. The author makes some good points, but she is an unabashed fan of both Teresa Ghilarducci and the Occupy Wall Street movement. I am a fan of neither. I don't want to get into politics, so I'll just leave it at that.
by deathb4disco
Sun Jan 27, 2013 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: What Tax Preparers Really Charge (WSJ)
Replies: 52
Views: 5883

Re: What Tax Preparers Really Charge (WSJ)

Peter Foley wrote:... $250 is a lot to spend for data entry and a little oversight.


So, I guess the $18,000 I billed a guy last year is out of the question. :wink:
by deathb4disco
Thu Jan 24, 2013 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: Schedule K-1 and carrying forward a loss?
Replies: 11
Views: 4079

Re: Schedule K-1 and carrying forward a loss?

Good point. But my question remains. Is it possible to distribute losses to a K-1? I always thought the losses needed to be carried over in the entity that is sending out the K-1. For example, when a mutual fund has losses, those losses remain in the fund... they're never distributed to you. K-1's ...
by deathb4disco
Thu Jan 24, 2013 2:29 pm
Forum: Personal Finance (Not Investing)
Topic: Schedule K-1 and carrying forward a loss?
Replies: 11
Views: 4079

Re: Schedule K-1 and carrying forward a loss?

Do you think this situation is tricky enough that you recommend hiring a professional? Speaking as a professional, yes. It sounds like it might be a passive activity, which means the losses could be limited. Also, does she have enough basis to take the losses? That's another question for the pro. T...
by deathb4disco
Tue Nov 27, 2012 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: How do I find/choose a tax professional?
Replies: 5
Views: 753

Re: How do I find/choose a tax professional?

We chose advisors before through personal referrals - that didn't work out so well ... Interesting. At my firm, I'd say at least 90% of our new business comes through referrals. Here's another option: call one of the big firms and ask them to suggest a CPA. Lots of people (like me) leave the big fi...
by deathb4disco
Tue Sep 18, 2012 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: Where do you splurge?
Replies: 31
Views: 3205

Re: Where do you splurge?

Fishing!
by deathb4disco
Mon Sep 03, 2012 3:15 pm
Forum: Personal Finance (Not Investing)
Topic: CPA exam
Replies: 39
Views: 6192

Re: CPA exam

Good luck to you on the exam! I passed it almost twenty years ago. What a mind-crushing experience that was!
by deathb4disco
Wed Jun 06, 2012 2:55 pm
Forum: Investing - Help with Personal Investments
Topic: Tax Help
Replies: 9
Views: 700

Re: Tax Help

I would consider a single member limited liability company (SMLLC.) It is a disregarded entity for tax purposes (meaning it doesn't file its own tax return.) It's income and expenses would be reported on Sch C of your 1040. The S corp is a good option, but you will have to file a separate return for...
by deathb4disco
Thu Mar 22, 2012 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: Is having the same CFP and CPA only a good concept on paper?
Replies: 10
Views: 1126

Re: Is having the same CFP and CPA only a good concept on pa

I know lots of CPAs who also have the CFP cert or the PFS designation. I don't see a problem with it unless you just want another opinion.
by deathb4disco
Fri Mar 16, 2012 4:02 pm
Forum: Personal Finance (Not Investing)
Topic: company valuation
Replies: 7
Views: 566

Re: company valuation

The definitions for investment value are vague and/or too complicated for me to understand. It is not so much income based, but based on future worth and it's worth to the potential buyer. I just checked with an ABV guy in my office. He agreed that the investment method tends to result in a higher ...
by deathb4disco
Thu Mar 15, 2012 5:54 pm
Forum: Personal Finance (Not Investing)
Topic: Does your tax accountant charge $1650?
Replies: 42
Views: 4919

Re: Does your tax accountant charge $1650?

Bongleur wrote:I'm thinking that I really should shop around ???


Without actually seeing your return, it's hard to tell, but that does not seem excessive to me. (I'm a CPA.) FWIW, I bill a couple of clients approximately $15,000 per year for their returns.
by deathb4disco
Fri Mar 02, 2012 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: Are orthodontics (invisalign) prices negotiable?
Replies: 13
Views: 5082

Re: Are orthodontics (invisalign) prices negotiable?

I paid $5,000 for Invisalign, so that seems high.
by deathb4disco
Wed Feb 29, 2012 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: Tax prep and tax planning help
Replies: 3
Views: 316

Re: Tax prep and tax planning help

dgm wrote:I was curious about what a reasonable rate for tax prep is for a personal/family tax prep person.


Speaking as a professional, it all depends. $600 could be a bargain on some returns. On others, it could be too high.
by deathb4disco
Sun Feb 26, 2012 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: S Corporation
Replies: 5
Views: 564

Re: S Corporation

doclotek wrote:if I am the only employee and owner does an a LLC still make sense?


That's called a "single member LLC", and you don't have to file a separate return for them. Just report the income on Sch C of your 1040.
by deathb4disco
Thu Feb 23, 2012 1:18 pm
Forum: Investing - Theory, News & General
Topic: Sean Hannity is not in the market
Replies: 50
Views: 4464

Re: Sean Hannity is not in the market

baw703916 wrote:In the case of your client, his human capital is already very intertwined with the stock market. So that would probably be a good reason for having even less invested in equities than his net worth would imply.


Agreed. He's semi-retired now.
by deathb4disco
Thu Feb 23, 2012 12:18 pm
Forum: Investing - Theory, News & General
Topic: Sean Hannity is not in the market
Replies: 50
Views: 4464

Re: Sean Hannity is not in the market

bottlecap wrote:He has absolutely no need to take risk.


Exactly.

I have a client whose net worth is in the $50 million range. He's a Wall Street investment guy and has maybe 10% in the stock market.
by deathb4disco
Sun Feb 19, 2012 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: LLC vs S-corp
Replies: 14
Views: 1774

Re: LLC vs S-corp

Many states provide the same legal protection to single member LLCs. Being a disregarded entity for tax purposes does not negate the liability protection of an LLC as long as your state recognizes single member LLCs. True, but I read the OP as saying he would own the entity equally with his wife. T...
by deathb4disco
Sat Feb 18, 2012 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: LLC vs S-corp
Replies: 14
Views: 1774

Re: LLC vs S-corp

IRS says a husband and wife "qualified joint venture" can choose not to be taxed as a partnership and therefore avoid that complexity. You can, but I've never seen it done in 25+ years as a CPA. I just checked with two other CPAs, and they'd never seen it done, either. If you make the ele...
by deathb4disco
Sat Feb 18, 2012 5:19 pm
Forum: Personal Finance (Not Investing)
Topic: LLC vs S-corp
Replies: 14
Views: 1774

Re: LLC vs S-corp

tfb wrote:... I heard LLC is simpler but S-Corp has the advantage of potential savings on payroll taxes.


Partnership tax is extremely complex, but you're correct on the payroll tax savings with the S-corp.
by deathb4disco
Sat Feb 18, 2012 5:18 pm
Forum: Personal Finance (Not Investing)
Topic: LLC vs S-corp
Replies: 14
Views: 1774

Re: LLC vs S-corp

Random thoughts, starting with this: I am not exactly sure how to pay ourselves. You have to take "guaranteed payments" which are subject to self-employment tax. Members in an LLC cannot take salaries. LLC's are very flexible because they're taxed as partnerships. (I'm assuming you're not ...
by deathb4disco
Thu Feb 16, 2012 12:58 pm
Forum: Personal Finance (Not Investing)
Topic: Why isn't this Tax software feature available?
Replies: 14
Views: 1622

Re: Why isn't this Tax software feature available?

I don't think there is anything quite like that available. There is definitely professional tax planning software available. I have always used one called BNA. It's a standard professional package, and you can run all kinds of scenarios with it. If you're willing to pay, I'm sure a local tax profes...
by deathb4disco
Thu Feb 09, 2012 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: K-1 Reporting
Replies: 7
Views: 862

Re: K-1 Reporting

southerndoc wrote:Would you recommend filing an amendment for prior year's returns since I didn't claim the K-1 previously?


It sounds like your CPA was correct. If the prior year's K-1 showed no income or deductions, there's no need to amend.
by deathb4disco
Thu Feb 09, 2012 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: K-1 Reporting
Replies: 7
Views: 862

Re: K-1 Reporting

It lists domestic partner, limited partner or other LLC member. Profit is 0.6%, ending 0.62%. Nonrecourse 53, beginning capital account 100, ending capital account 100. Lines 1-19 are blank and 20 only has Y* for a code with "STMT" written. Hello, southerndoc. Southerncpa, here. If lines ...
by deathb4disco
Thu Feb 09, 2012 1:18 pm
Forum: Personal Finance (Not Investing)
Topic: Basic Tax Education
Replies: 29
Views: 2476

Re: Basic Tax Education

... I am more interested in learning to itemize deductions. For most people, that is not an issue until they buy a home. Until you do that, I wouldn't agonize too much over the thought that you're missing deductions you're entitled to. As a CPA, I agree with the other suggestions on Pub 17. I think...
by deathb4disco
Mon Feb 06, 2012 5:33 pm
Forum: Personal Finance (Not Investing)
Topic: how often do u write checks?
Replies: 79
Views: 4991

Re: how often do u write checks?

I write 5-6 per month. I'm old fashioned.
by deathb4disco
Tue Jan 31, 2012 5:30 pm
Forum: Personal Finance (Not Investing)
Topic: CPA
Replies: 24
Views: 2157

Re: CPA

FWIW, the managing partner of my firm does not have an accounting degree. (His degree is in finance.) However, he did have enough accounting hours to sit for the exam.
by deathb4disco
Tue Jan 31, 2012 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: CPA
Replies: 24
Views: 2157

Re: CPA

Can you take 24 hours of accounting courses without majoring in accounting? I had 24 hours as an undergrad, but I was an accounting major. I would check with the accounting departments of whatever schools you're considering.
by deathb4disco
Fri Jan 27, 2012 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: How can I lower my taxes ?
Replies: 42
Views: 3688

Re: How can I lower my taxes ?

bhead33 wrote:I am taking the standard deduction - not much to itemize. Turbox Tax says with all that that I am not subject to AMT.


I don't understand. How can you have that much income and live in Illinois and not be able to deduct state income tax?
by deathb4disco
Fri Jan 27, 2012 10:36 am
Forum: Personal Finance (Not Investing)
Topic: How can I lower my taxes ?
Replies: 42
Views: 3688

Re: How can I lower my taxes ?

bhead33 wrote:Turbo tax says I am not subject to AMT ...


Interesting. You're itemizing, right? I'm asking because the tax deduction is what kicks most people into AMT.
by deathb4disco
Fri Jan 20, 2012 12:52 pm
Forum: Investing - Theory, News & General
Topic: Nassim Taleb interview on upcoming book (01/16/2012)
Replies: 13
Views: 2121

Re: Nassim Taleb interview on upcoming book (01/16/2012)

Looking forward to the new book. Taleb's an interesting guy, and you never know what you'll learn from him. He mentioned an economist named Art De Vany in one of his books, but the comment was in reference to diet and exercise, not economics. I subsequently read up on De Vany and bought his book: m ...
by deathb4disco
Thu Jan 19, 2012 10:44 am
Forum: Investing - Theory, News & General
Topic: Corporate tax rate
Replies: 11
Views: 657

Re: Corporate tax rate

There is often a difference between tax rates and what a corporation pays in taxes. The statutory federal income tax rate for big American companies is 35%. But a study by the Citizens for Tax Justice and the Institute on Taxation and Economic Policy, two Washington, DC-based think-tanks, has asses...
by deathb4disco
Sun Jan 15, 2012 11:45 pm
Forum: Investing - Theory, News & General
Topic: Everyone beats the market - just ask them!
Replies: 20
Views: 2410

Re: Everyone beats the market - just ask them!

Here's commentary on what most people say when you ask them their investment performance: My Return Beat the Market (or Not) It's not easy converting friends and family into Bogleheads when they're all doing so well. Rick Ferri Rick, I read Serious Money when it first came out and am still using th...
by deathb4disco
Tue Jan 03, 2012 2:36 pm
Forum: Investing - Help with Personal Investments
Topic: What would you change if you had a 9-figure portfolio?
Replies: 31
Views: 3107

Re: What would you change if you had a 9-figure portfolio?

I have a client with a 10-figure portfolio. He invests pretty conservatively: lots of high-grade muni bonds and cash. Maybe 10% is in stocks.
by deathb4disco
Sat Dec 24, 2011 10:59 am
Forum: Personal Finance (Not Investing)
Topic: Can a state tax you if you're never there?
Replies: 22
Views: 2343

Re: Can a state tax you if you're never there?

Can you point me to where I can read more about these sourced income rules? The concept is called "nexus". If you Google "income tax nexus", you can read for days. Every state has its own idiosyncrasies, though, so check out their websites for more detail. As I noted above, most...
by deathb4disco
Sat Dec 24, 2011 10:52 am
Forum: Personal Finance (Not Investing)
Topic: Can a state tax you if you're never there?
Replies: 22
Views: 2343

Re: Can a state tax you if you're never there?

MarkNYC wrote:
xerty24 wrote: ...the percentage of "business income" allocated to that state because it has operations in that state and the business is organized as a flow-through entity for tax purposes, such as a partnership, LLC, or S Corporation.


This is what nails most people.
by deathb4disco
Mon Dec 19, 2011 10:11 am
Forum: Investing - Theory, News & General
Topic: Gold is old hat, Guns and Ammo are the new investment
Replies: 61
Views: 6064

Re: Gold is old hat, Guns and Ammo are the new investment

Yesterday I was speaking with a gun salesman at Bass Pro Shop. He said their stock of handguns is critically low and that their supplies also have record low inventories. It might take up to 3 months before the supply chain improves. People want guns, and particularly hand guns. I think this says s...
by deathb4disco
Mon Nov 28, 2011 2:17 pm
Forum: Personal Finance (Not Investing)
Topic: Larry Swedroe's new book
Replies: 13
Views: 2537

Re: Larry Swedroe's new book

Looking forward to reading it.

I'm a little behind. I just picked this one up recently:

http://www.amazon.com/Only-Guide-Youll- ... pd_sim_b_4
by deathb4disco
Tue Nov 08, 2011 3:58 pm
Forum: Investing - Theory, News & General
Topic: Is Clark Howard a Boglehead?
Replies: 20
Views: 3470

Re: Is Clark Howard a Boglehead?

Clark is one of the good guys. But using a razor blade for an entire year ... well, that's a little over the top. I dunno. I heard that tip, and I've been using the same razor for about six months now. Works great. I doubt it will last a whole year, though. Incidentally, I could have sworn I once r...
by deathb4disco
Tue Nov 08, 2011 3:55 pm
Forum: Investing - Theory, News & General
Topic: Is Clark Howard a Boglehead?
Replies: 20
Views: 3470

Re: Is Clark Howard a Boglehead?

hicabob wrote:He gets a bit corny and it's usually very basic but a boglehead has to like him - esp. relative to the other tv financial advisors


Agreed. I think he's much better than Dave Ramsey, but DR seems to do a better job of promoting himself.
by deathb4disco
Thu Nov 03, 2011 2:11 pm
Forum: Investing - Theory, News & General
Topic: Anyone ever convinced their company to change 401k Providers
Replies: 25
Views: 2852

Re: Anyone ever convinced their company to change 401k Provi

Anyone ever convinced their company to change 401k Providers or improve their investment choices? How did you do it? The company I work for employees about 2000 people so it is relatively small. My firm is only about sixty people, and our 401k has hundreds of choices (including 54 Vanguard funds.) ...
by deathb4disco
Tue Oct 25, 2011 3:10 pm
Forum: Investing - Theory, News & General
Topic: Question on "cashing in on the american dream" - Terhost
Replies: 20
Views: 2432

Re: Question on "cashing in on the american dream" - Terhost

... what he is talking about in todays reality (really in his reality as well, as 8 percent CD rates likely did not persist that long?). I read the book a year or two ago. A big part of his "reality" is that he spends most (if not all) of his time outside the U.S. He's a big proponent of ...