Search found 43 matches

by ig77
Sun May 17, 2020 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: PPP- which lender?
Replies: 7
Views: 659

Re: PPP- which lender?

Apply on BlueVine - turnaround of a few hours and funds are transferred within 24 hours. I think they are still taking applications.
by ig77
Thu May 14, 2020 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10012
Views: 704943

Re: Refinance Mega Thread

You will get a check with remaining funds in your current escrow once you refinance. The lender doesn’t get to keep your money. The downside is that you may need to come up with a lot of money you may or may not have. I didn’t want to come up with $10,000 to refinance. If someone told you they woul...
by ig77
Thu May 14, 2020 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10012
Views: 704943

Re: Refinance Mega Thread

I am looking for some advice. I got a LE from a lender and the closing costs are about $10k and they have been added to the loan amount. The cash at closing is around $1k. This came as a surprise to me (first time refi noob). When looking at the breakup of costs the $10k includes property taxes for...
by ig77
Thu May 14, 2020 7:48 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10012
Views: 704943

Re: Refinance Mega Thread

I am looking for some advice. I got a LE from a lender and the closing costs are about $10k and they have been added to the loan amount. The cash at closing is around $1k. This came as a surprise to me (first time refi noob). When looking at the breakup of costs the $10k includes property taxes for ...
by ig77
Fri May 08, 2020 9:06 am
Forum: Personal Finance (Not Investing)
Topic: PPP - One employee (owner) S-Corp questions
Replies: 8
Views: 760

Re: PPP - One employee (owner) S-Corp questions

Are you suggesting I pay myself $2923 more during the 8 week period and reduce the pay later in the year to still total $81k or should increase my salary this year to $100k? (For the first few months in 2020, I've paid myself salary based on the 81k annual pay) Same question with i401k. Bump up it ...
by ig77
Wed May 06, 2020 10:52 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 369
Views: 27919

Re: Optimizing PPP Forgiveness

bbqguru wrote: Wed Apr 22, 2020 1:02 pm Image
In the spreadsheet, is EE MO SIT - State tax withholding? If so, is this not eligible for forgiveness?

I thought the all items under gross pay (the ones that show up in my paystub are EE Medicare, EE Fed, EE SS, EE State tax) are eligible.
by ig77
Wed May 06, 2020 10:39 pm
Forum: Personal Finance (Not Investing)
Topic: PPP - One employee (owner) S-Corp questions
Replies: 8
Views: 760

Re: PPP - One employee (owner) S-Corp questions

You might be able to pay yourself an additional $19k per year but that would only work out to $2923 over the period. Your employer i401k contribution is already at 25%, so no room there even if allowed. Thanks. Is there anything in the guidance that suggests that pay hikes are possible for employee...
by ig77
Wed May 06, 2020 9:40 pm
Forum: Personal Finance (Not Investing)
Topic: PPP - One employee (owner) S-Corp questions
Replies: 8
Views: 760

PPP - One employee (owner) S-Corp questions

I am the only owner/employee of my S-Corp. I recently applied for PPP and it's in the approval stage. I have a few questions: 1. Payroll calculations - My W2 salary is $81000. I made an employer contribution to my Solo 401K of $20000 in 2019. I calculated my total payroll costs to be $81000 + $20000...
by ig77
Mon May 04, 2020 10:41 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10012
Views: 704943

Re: Refinance Mega Thread

Thank you! I followed the advice of this thraed and used the Northpointe Loan Estimate I received to leverage into a better deal through a local broker. The original deal from Nortpointe was 15 year, 2.625%, for $2280 in total fees (origination, title fees, appraisal , etc..- I do not consider Escr...
by ig77
Sun Apr 26, 2020 7:19 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10012
Views: 704943

Re: Refinance Mega Thread

Northpointe is in the process of dominating that. Both terms. I think I'm going with 3.375 30yr with nearly $5k lender credits (getting $400 back) and nothing rolled into the loan. Could get 3.25 with about $2k out of pocket, or 2.75% 15yr and similarly low cost. I appreciate the posts that have me...
by ig77
Sun Apr 19, 2020 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10012
Views: 704943

Re: Refinance Mega Thread

Someone on this thread had mentioned Northpointe. So, I reached out to them to get an estimate. They sent me a Closing Costs Worksheet. I sent that to Better to ask if they could beat that price. Better mentioned that I need to get an official loan estimate for them to determine if they could do a p...
by ig77
Wed Apr 15, 2020 9:11 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10012
Views: 704943

Re: Refinance Mega Thread

Can anyone give some input on a 20 year loans? I keep hearing a lot about 30 and 15 with not much info around 20 year. Any caveats that I need to be aware of? We are 2 years into a 30 year mortgage and would like to refi. The monthly payment for 15 year appears to be a little too tight for us and we...
by ig77
Mon Apr 13, 2020 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10012
Views: 704943

Re: Refinance Mega Thread

Awesome! Thanks
by ig77
Mon Apr 13, 2020 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10012
Views: 704943

Re: Refinance Mega Thread

Anyone know how I can monitor the mortgage rates in real time (or atleast daily). I found the link below, but it appears to not get updated frequently. https://fred.stlouisfed.org/series/MORTGAGE30US I'd like to reach out to the lenders for a quote only on the days that they are going down so as to...
by ig77
Mon Apr 13, 2020 11:34 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10012
Views: 704943

Re: Refinance Mega Thread

Anyone know how I can monitor the mortgage rates in real time (or atleast daily). I found the link below, but it appears to not get updated frequently. https://fred.stlouisfed.org/series/MORTGAGE30US I'd like to reach out to the lenders for a quote only on the days that they are going down so as to ...
by ig77
Tue Apr 07, 2020 9:44 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10012
Views: 704943

Re: Refinance Mega Thread

Ridiculous how the rates have gone up. On Friday, I applied for a 15 yr 2.75% when LenderFi quoted a $95 credit. They sat on the application for a few days and today the closing costs has gone up to $10k !! Lender says the rates are going up and I should lock it ASAP.

Any thoughts?
by ig77
Fri Apr 03, 2020 12:26 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10012
Views: 704943

Re: Refinance Mega Thread

I am having trouble finding 2.75 with no closing costs for a 15-yr refinance that I am seeing a number of people on here say they are getting. Have looked through Credible and LenderFI and am not seeing anything under 3% for a 15-yr. Is it perhaps because of where I am located (MN) that rates diffe...
by ig77
Fri Mar 27, 2020 9:15 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10012
Views: 704943

Re: Refinance Mega Thread

Be patient. Rates will be coming down as mortgage departments are able to work through the mountainous backlog of work created several weeks ago. As has been mentioned in this thread, the quick rise in rates was somewhat artificial, not a reflection of any real market conditions, but intended to te...
by ig77
Fri Mar 27, 2020 5:47 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10012
Views: 704943

Re: Refinance Mega Thread

Which lenders/banks are accepting applications for re-fi now? I'm currently on a 4.25% rate on a 30 year mortgage and would like to refinance to a 15 year. Hoping for a no cost closing with a target rate of less than 3%

Any recommendations? I live in IL.
by ig77
Wed Mar 25, 2020 9:46 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10012
Views: 704943

Re: Refinance Mega Thread

Does anyone know when LenderFi will start accepting new applications? I'd like to start a new refi application and based on this thread it appears that LenderFi is the way to go? Any other lenders you guys recommend?
by ig77
Tue Nov 12, 2019 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Educate myself with financial planning
Replies: 8
Views: 561

Educate myself with financial planning

I am 41 yo with wife and 2 kids. I own a S-Corp and have been maxing my solo 401k (both employee and employer contribution of around 40k per year for the last few years). Also have a 401k from my previous employer that I am actively managing (not rolled over). Total of 300k. Wife has 2 401k accounts...
by ig77
Fri Nov 08, 2019 1:32 pm
Forum: Personal Investments
Topic: What's the maximum that an employer can contribute to the 401k?
Replies: 1
Views: 431

What's the maximum that an employer can contribute to the 401k?

I work for my own S-Corp and have a Solo 401K with Vanguard. As an employee, I have contributed $19000 this year. I'd like to put away as much as possible in the 401k. As an employer, what's the maximum I can contribute? I've read that the total employee + employer contribution should not exceed $53...
by ig77
Tue Oct 22, 2019 1:33 pm
Forum: Personal Investments
Topic: Am I double dipping by investing in 401k and IRA?
Replies: 2
Views: 463

Am I double dipping by investing in 401k and IRA?

I am an employee of my own S-Corp and last year I did the following: Contributed $18000 in 401k as an employee Contributed 25% of the salary as an employer contribution Did a backdoor by investing $5500 in a Traditional IRA before rolling it over to Roth I read an article that appear to suggest that...
by ig77
Wed May 01, 2019 3:40 pm
Forum: Personal Investments
Topic: Accredited investor resources
Replies: 26
Views: 2911

Re: Accredited investor resources

I am in the process of investing in a private placement real estate backed note fund. They buy notes of distressed assets from the secondary market and have multiple exit strategies. This is the first time I am getting exposure to private fund companies.
by ig77
Wed Jul 11, 2018 8:18 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need Commercial Auto Insurance for a Business vehicle?
Replies: 14
Views: 1024

Re: Do I need Commercial Auto Insurance for a Business vehicle?

The business is a software business and I will primarily use it for my transport (to and from clients). Are you planning to use any signage on the vehicle to identify your business? What kind of license plates does it carry, private passenger registration? Or commercial? Laws vary from state to sta...
by ig77
Wed Jul 11, 2018 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need Commercial Auto Insurance for a Business vehicle?
Replies: 14
Views: 1024

Re: Do I need Commercial Auto Insurance for a Business vehicle?

I do have a business license from my city.

Are you suggesting getting a personal auto policy and getting it endorsed for use by business? That would help in deducting business expenses?
by ig77
Wed Jul 11, 2018 11:43 am
Forum: Personal Finance (Not Investing)
Topic: Do I need Commercial Auto Insurance for a Business vehicle?
Replies: 14
Views: 1024

Re: Do I need Commercial Auto Insurance for a Business vehicle?

The business is a software business and I will primarily use it for my transport (to and from clients).
by ig77
Wed Jul 11, 2018 10:43 am
Forum: Personal Finance (Not Investing)
Topic: Do I need Commercial Auto Insurance for a Business vehicle?
Replies: 14
Views: 1024

Do I need Commercial Auto Insurance for a Business vehicle?

I recently purchased a SUV in the name of my business. Do I need to get commercial auto insurance for that vehicle or can I get the regular personal auto insurance? The premiums on the commercial insurance is outrageous and would like to know if I really need it.

Thanks!
by ig77
Thu May 31, 2018 7:01 am
Forum: Investing - Theory, News & General
Topic: Does my business quality for the 20% pass through deduction?
Replies: 5
Views: 999

Does my business quality for the 20% pass through deduction?

I have a small business. It's a one employee S-Corp providing software and consulting services. My CPA mentioned that I won't be eligible for the new 20% deduction. I did my own research and it appears that subject to certain income limits, we maybe eligible for it. Link: https://www.pscpa.com/profe...
by ig77
Wed Apr 18, 2018 11:36 am
Forum: Personal Finance (Not Investing)
Topic: Got hit with a $2800 Medical bill. Can I negotiate?
Replies: 187
Views: 17952

Re: Got hit with a $2800 Medical bill. Can I negotiate?

From my reading of the narrative, the issue is the deductible not having been met - and not the specific charges. OK, so you (somehow) negotiate this down to, say, $1,000 - THEN (unless you are being dishonest) - only the $1,000 goes towards your deductible for the year. THEN, if you have another b...
by ig77
Tue Apr 17, 2018 8:11 pm
Forum: Personal Finance (Not Investing)
Topic: Got hit with a $2800 Medical bill. Can I negotiate?
Replies: 187
Views: 17952

Re: Got hit with a $2800 Medical bill. Can I negotiate?

I had an injury and was asked to see a Neurologist who had me take multiple MRI/MRAs. I have medical insurance and knew that I would responsible for a portion of it. But I didn't realize it was going to be a monster bill. I received a bill for $2800 with a small portion covered by insurance. The in...
by ig77
Tue Apr 17, 2018 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: Got hit with a $2800 Medical bill. Can I negotiate?
Replies: 187
Views: 17952

Re: Got hit with a $2800 Medical bill. Can I negotiate?

A lot of provider contracts with health insurers don't allow further discounting to people insured. Don't you get an insurance discount? Was it in network? You say a small portion was covered, yet you hadn't reached your deductible. We had to get a CT Scan last year. The bill was $2100 but the insu...
by ig77
Tue Apr 17, 2018 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: Got hit with a $2800 Medical bill. Can I negotiate?
Replies: 187
Views: 17952

Re: Got hit with a $2800 Medical bill. Can I negotiate?

N10sive wrote: Tue Apr 17, 2018 4:56 pm Ask for a payment plan.
I don't prefer getting on a payment plan. I'd like to pay a portion and get done with it.
by ig77
Tue Apr 17, 2018 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: Got hit with a $2800 Medical bill. Can I negotiate?
Replies: 187
Views: 17952

Re: Got hit with a $2800 Medical bill. Can I negotiate?

Pajamas wrote: Tue Apr 17, 2018 5:02 pm
ig77 wrote: Tue Apr 17, 2018 4:26 pm
I can pay a portion of it but it'll be very difficult to pay all of it.
Call the number on the bill and tell them exactly that.
Are they open to listen when calls like that are made? What if they reject it outright?
by ig77
Tue Apr 17, 2018 4:26 pm
Forum: Personal Finance (Not Investing)
Topic: Got hit with a $2800 Medical bill. Can I negotiate?
Replies: 187
Views: 17952

Got hit with a $2800 Medical bill. Can I negotiate?

I had an injury and was asked to see a Neurologist who had me take multiple MRI/MRAs. I have medical insurance and knew that I would responsible for a portion of it. But I didn't realize it was going to be a monster bill. I received a bill for $2800 with a small portion covered by insurance. The ins...
by ig77
Sun Apr 15, 2018 8:37 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a used car or lease one for business use
Replies: 10
Views: 1518

Re: Buy a used car or lease one for business use

Thanks for the replies. Appears that leasing is more beneficial from tax perspective. Any other thoughts?
by ig77
Sat Apr 14, 2018 6:29 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a used car or lease one for business use
Replies: 10
Views: 1518

Re: Buy a used car or lease one for business use

Typically with a lease the full amount paid each year can be claimed as a business expense against revenues earned. I think there might be a situation where larger startup costs of a lease if any have to be spread over the life of the lease for claiming but I could be wrong. When buying, the price ...
by ig77
Fri Apr 13, 2018 4:58 am
Forum: Personal Finance (Not Investing)
Topic: Buy a used car or lease one for business use
Replies: 10
Views: 1518

Re: Buy a used car or lease one for business use

PFInterest wrote: Thu Apr 12, 2018 5:23 pm lease and write it off.
Are both the monthly payments and the down payment deductible? Wouldn't buying a car let us deduct the depreciation on it?
by ig77
Thu Apr 12, 2018 9:06 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a used car or lease one for business use
Replies: 10
Views: 1518

Re: Buy a used car or lease one for business use

Not enough info in your post for an accurate answer. Is your business a Schedule C, a C corp, an S corp, etc? Personally, I don't like leasing for a business or for personal use because there is less value to you than in purchasing. Leasing is simply another way to finance the car, that's all it is...
by ig77
Thu Apr 12, 2018 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a used car or lease one for business use
Replies: 10
Views: 1518

Buy a used car or lease one for business use

What are the tax implications of buying a used car vs leasing a car that'll primarily be for business use? I have a small business and am in the market for a car. Currently I use the mileage method to deduct the expenses of my personal car. I've never considered buying a new car as a good investment...
by ig77
Sun Dec 24, 2017 9:05 am
Forum: Personal Finance (Not Investing)
Topic: Building Credit for a New Small Business
Replies: 1
Views: 243

Re: Building Credit for a New Small Business

I have my business checking account with TCF bank. I spoke to their customer rep asking him if they could waive the personal guarantee if I apply for their Credit card. They need my SSN and other personal details. I asked if their credit card reports to the business credit bureaus and he had no idea.
by ig77
Sat Dec 23, 2017 9:49 am
Forum: Personal Finance (Not Investing)
Topic: S-CORP: How do taxes work?
Replies: 33
Views: 3706

Re: S-CORP: How do taxes work?

This is an excellent thread. As a new S-Corp owner, the information helped me answer a lot of questions I had. I am still confused about taxes on distributions. In the example used in a previous post, how is $75000 taxed? Does the S-Corp pay taxes on this amount when quarterly estimated taxes are pa...
by ig77
Fri Dec 22, 2017 9:50 am
Forum: Personal Finance (Not Investing)
Topic: Building Credit for a New Small Business
Replies: 1
Views: 243

Building Credit for a New Small Business

Hello - My S Corporation was formed in 2016 and I have since then been using Debit cards for all transactions. I'd like to start building credit for the business and would like to apply for a Credit Card and secure loans in the future. How do I go about it? My understanding is that most if not all B...