Search found 18 matches

by vtomar
Wed Jan 01, 2020 9:53 pm
Forum: Personal Finance (Not Investing)
Topic: How much were you able to save this year?
Replies: 142
Views: 11242

Re: How much were you able to save this year?

74% of total income saved in 2019.
by vtomar
Wed Jan 01, 2020 9:46 pm
Forum: Investing - Theory, News & General
Topic: What are you up YTD? [Year To Date]
Replies: 3208
Views: 552611

Re: What are you up YTD? [Year To Date]

2019: 25.9%
by vtomar
Sat May 04, 2019 2:10 pm
Forum: Personal Finance (Not Investing)
Topic: QBI Calculator single member LLC
Replies: 3
Views: 334

Re: QBI Calculator single member LLC

Thanks for confirming SpiritRider!
by vtomar
Sat May 04, 2019 11:06 am
Forum: Personal Finance (Not Investing)
Topic: QBI Calculator single member LLC
Replies: 3
Views: 334

QBI Calculator single member LLC

I found the following QBI calculator online from Intuit: https://proconnect.intuit.com/tax-reform/entity-selection-calculator/ Can anyone confirm if this looks updated after all the IRS clarifications that were provided? I am kinda unsure about the subtraction of Self Employed SEP/Solo 401k plan bei...
by vtomar
Fri Feb 22, 2019 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: [2018 tax return - How does it compare to previous years?]
Replies: 441
Views: 37191

Re: [2018 tax return - How does it compare to previous years?]

2018 AGI up by 18%
Effective tax rate (tax/AGI) went down from 23.2% to 22.6%
by vtomar
Fri Feb 22, 2019 11:30 am
Forum: Personal Finance (Not Investing)
Topic: Sale of condo/parking spot property 1099-S
Replies: 3
Views: 345

Re: Sale of condo/parking spot property 1099-S

Thank you. that makes sense!
by vtomar
Fri Feb 22, 2019 10:06 am
Forum: Personal Finance (Not Investing)
Topic: Sale of condo/parking spot property 1099-S
Replies: 3
Views: 345

Sale of condo/parking spot property 1099-S

Hello, When I bought my high rise condo, it came along with 2 parking spots. The condo and the parking spots have their own property PIN. But during the purchase, I paid a lump sum amount. The purchase agreement does not list separate prices for the condo and the parking spots. I recently sold one o...
by vtomar
Fri Feb 08, 2019 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: How The New QBI Deduction-Reduction Ruins The Value Of Pre-Tax Retirement Plans For Small Business Owners
Replies: 57
Views: 5054

Re: How The New QBI Deduction-Reduction Ruins The Value Of Pre-Tax Retirement Plans For Small Business Owners

@Terran started a thread about this issue before Kites article. The relevant snippet from the final 199A regulations. "the deduction for contributions to qualified retirement plans under section 404 are considered attributable to a trade or business to the extent that the individual’s gross income ...
by vtomar
Fri Feb 08, 2019 3:17 pm
Forum: Personal Finance (Not Investing)
Topic: How The New QBI Deduction-Reduction Ruins The Value Of Pre-Tax Retirement Plans For Small Business Owners
Replies: 57
Views: 5054

Re: How The New QBI Deduction-Reduction Ruins The Value Of Pre-Tax Retirement Plans For Small Business Owners

An example will illustrate. A sole proprietor has $100K in net self-employment earnings after 1/2 SE tax. He takes no self-employed health insurance deduction and makes no employer contribution. Their net QBI is $100K and their QBI deduction = $20k A sole proprietor has $100K in net self-employment...
by vtomar
Thu Feb 07, 2019 10:33 am
Forum: Personal Finance (Not Investing)
Topic: How The New QBI Deduction-Reduction Ruins The Value Of Pre-Tax Retirement Plans For Small Business Owners
Replies: 57
Views: 5054

Re: How The New QBI Deduction-Reduction Ruins The Value Of Pre-Tax Retirement Plans For Small Business Owners

I have done my taxes using Turbo Tax and turbo tax hasn't taken into account my solo 401k contributions while calculation QBI.
by vtomar
Sat Jan 05, 2019 2:29 pm
Forum: Investing - Theory, News & General
Topic: What are you up YTD? [Year To Date]
Replies: 3208
Views: 552611

Re: What are you up YTD? [Year To Date]

+5.87% 2018 Returns. I rebalanced my allocation monthly in 2018
by vtomar
Sun Dec 30, 2018 10:46 pm
Forum: Personal Finance (Not Investing)
Topic: Qualified Business Deduction for Scorp vs sole proprietorship
Replies: 3
Views: 459

Re: Qualified Business Deduction for Scorp vs sole proprietorship

What is the nature of her business? Is she primarily providing products or services? The threshold will not apply if her business is not a SSTB. The nature of the business: spouse is an engineer providing technology services. Does the business qualify for QBI? You are missing the fact that an S-Cor...
by vtomar
Sun Dec 30, 2018 8:21 pm
Forum: Personal Finance (Not Investing)
Topic: Qualified Business Deduction for Scorp vs sole proprietorship
Replies: 3
Views: 459

Qualified Business Deduction for Scorp vs sole proprietorship

My spouse currently owns a single member LLC treated as a sole proprietorship. I am thinking of converting it to Scorp in 2019. I am providing some numbers below: Spouse Net business income: $205,000 My W-2 Income (after 401k): $250,000 Now with the above numbers if I file as a sole-proprietor: Busi...
by vtomar
Sun Dec 02, 2018 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: solo 401k contribution
Replies: 4
Views: 264

Re: solo 401k contribution

Thank you so much for the reply!
by vtomar
Sun Dec 02, 2018 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: solo 401k contribution
Replies: 4
Views: 264

Re: solo 401k contribution

I have an account with etrade. Can I simply transfer money from checking account? Is it that simple?
by vtomar
Sun Dec 02, 2018 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: solo 401k contribution
Replies: 4
Views: 264

solo 401k contribution

Hello, I own a single member LLC and was planning to make contribution to a solo 401k account that I opened recently. Can I simply transfer money (ACH) from my business checking account into the solo 401k or is there a certain process that I need to follow? Also, is the money transfer process simila...
by vtomar
Sun Sep 09, 2018 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: Sole Proprietor LLC quarterly estimated tax payment
Replies: 11
Views: 812

Re: Sole Proprietor LLC quarterly estimated tax payment

Just to confirm, the below website is where I make the payment for disregarded entity, correct?
https://directpay.irs.gov/directpay/pay ... ution=e1s1

By selecting the following from dropdown for disregarded entity:
Reason for payment: Estimated Tax
Apply payment to: 1040ES

Correct?
by vtomar
Sun Sep 09, 2018 10:52 am
Forum: Personal Finance (Not Investing)
Topic: Sole Proprietor LLC quarterly estimated tax payment
Replies: 11
Views: 812

Sole Proprietor LLC quarterly estimated tax payment

Hello, this is going to be my first quarterly estimated federal tax payment for a single member llc (treated as disregarded entity- sole proprietor). I see online that for annual taxes, I need to fill out schedule C, but I do not see any schedule C form when making the quarterly tax payments. Does s...