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pshonore

A couple of points: 1. WC laws and regulations vary widely from state to state. About 2/3 of the states follow the the NCCI (National Council on Compensation Insurance) rules and rates. 2. Doubtful that a WC policy is required for a sole proprietor or S-Corp without W2 employees (other than the owne...

pshonore

The easiest way to this is to increase withholding from your paycheck. Of course you'll have to figure out how much additional tax will be due. If you go the estimated payment route, I believe the Q1 payment for Tax year2021 is still due on 4/15/21.

pshonore

Any good commercial tax software should do this. However I bet a lot of folks don't bother to input this data, since in most cases it will not effect the bottom line of your tax return.

pshonore

finster869 wrote: ↑Mon Apr 05, 2021 5:41 am Are you a title owner of shares of the company stock (or units, partnership %, etc.) if it is an LLC or Partnership? Or, is everything titled in your brother's name?

Excellent question. Have you been getting a K1 form to input tax data for this investment in the past?

pshonore

An ethical tax preparer should never sign a return if he believes it's incorrect.

pshonore

I have a 3.5 ft space on one side between my house and my neighbor's. Planning to install a 2' X 8' raised garden bed leaving 6-inch distance from the house's side, and planning to plant a few varieties of vegetables. This is in addition to a few plants we already have in the pots on our deck. 1. 6...

pshonore

This may not be helpful advice on bogleheads, but local sawmills in my area did not get nailed the way the big box store supply chains did. If I was building a deck I would either get white oak from my hardwood supplier or go to the Amish for tamarack. Both species are very rot resistant, significa...

pshonore

I don't believe you'll get a tax slip unless your winnings exceed 600 times your bet amount. And multiple bets on one ticket count the number of combinations. Lets say you like four horses in a trifecta (pick the first, second and third horses to finish in order. There are 24 possible combinations u...

pshonore

Just before 3/15 I e-filed our 2020 LLC return using taxact. We owed a few thousand (the 6.99% PE tax). I thought I entered my routing/account info, but I just got a letter in the mail stating I owe the amount that was due, plus a 10% penalty and approx. 5% interest. I then checked our bank account...

pshonore

Since this is a job move is the company paying relocation expenses including RE commission?

pshonore

Have you looked at other alternatives like IPE? Another wood that has the properties of Teak and while cheaper, still expensive. Approx $7 sq ft for 1 by stock. It weathers to a nice gray. I used it for a deck about 15 years ago (Southern New England) and have been quite happy with it.

pshonore

Here's a link to the Finance Buff's excellent post on it.
https://thefinancebuff.com/covid-retire ... block.html

pshonore

Basically a SEP allows 20% of net business income AFTER subtracting 1/2 of any SE tax attributable to the business.

pshonore

I applaud what you're doing, but I'm not sure why you couldn't just look up taxes of each state here: * https://smartasset.com/taxes/nevada-tax-calculator Substitute "nevada" in the above hyperlink for the desired state. Two-word states have a hyphen (e.g. https://smartasset.com/taxes/new...

pshonore

What does BlueRhino charge for an exchange? Tractor Supply is usually 2.49 a gallon which equals about $11 if empty. BJs is $12.99 or so. Maybe I'll take my non-refillable tank to Blue Rhino, get their tank and only use it for a few days if my main tank runs dry. That way the Blue Rhino tank will la...

pshonore

I am 68 and husband will be 66 in April. We were both planning to wait until we each reach 70 to collect SS. His check will be more than mine. Can I start collecting my SS now, and then when he applies for his at 70, can I apply for his higher benefit? Thanks Are you talking about a Spousal benefit...

pshonore

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pshonore

If you're covered by a retirement plan for even one day, you are considered to be covered for the whole year.

pshonore

Did you mean that you were told you could make Employee contributions for 2020 in a plan opened in 2021? Yep exactly. Note this is for people with sole proprietor status, not LLC. And another source said that IRS has not yet issued guidance and so they might negate it later. But seeing as we're les...

pshonore

Be careful where you put the outdoor unit. Our Mitsubishi unit had a convenient entry hole for rodents who decided to much on the control board to the tune of several hundred dollars. Or better yet, plug the hole with hardware cloth.

pshonore

You take the depreciation on Schedule C of your return. You cannot deduct it on your Schedule A. Wait, isn’t a net loss on Schedule C deductible from my overall income? (not just self employment income) It can get complicated - for example a deduction for business use of your home is limited to net...

pshonore

So no gift tax return required if I buy a 30K car for someone and I pay the dealer directly?

pshonore

Please note the following quote from earlier in the thread. While you try to decide if you will start as early as now or as late as age 70, keep in mind that you can file at any time in the future and ask for “back pay” for as much as 10 months in the past. This is not universally true. Only under ...

pshonore

I have the same setup you do. An old ISP that ran email through Yahoo behind the scenes and eventually was taken over by AT&T. I too use Thunderbird. No problems yet but thanks for the potential solution if one arises.

pshonore

Orvis makes some great door mats. https://www.orvis.com/p/diamonds-recycl ... r-mat/21zp
They're not cheap - 3 x 5 size is about $100 for typical entry door/hall but they work very well.

pshonore

Your IRA custodian may need to file 990-T and pay taxes due from the IRA if the K-1 shows Unrelated Business Taxable Income. I think you need to have at least $1k total UBTI to trigger that. I'm assuming this is from a Master Limited Partnership held in the IRA? It’s from an IShares commodity ETF. ...

pshonore

We are eligible. First round came DD for both of us. Second round DW got a paper check, I received nothing and will claim as rebate on 2020TR as we have not filed yet. Neither of us have received the third. Get my payment indicates “Payment status not available, “need more information”. We always o...

pshonore

Just a reminder that in a Solo 401K, Roth employee contributions do not reduce QBI; Roth employER contributions do. There are no Roth employER contributions. So if I have a Roth 401K, my employer cannot match contributions? (I probably should have added that employer contributions are considered pr...

pshonore

You can gift shares with ST gains and they may become LT gains. It all depends on when the recipient sells the stock

pshonore

How much would the maximum employer contribution be? As an S-Corp it's limited to 25% of your W-2 payroll compensation. Total available annual contribution is 20k. It can be broken down any way between Roth IRA and solo 401k. Max employer contribution can be as high as 12.5k. I was thinking 7k for ...

pshonore

I have a question regarding SEP-IRA limits. My wife has a 403b at her primary job, but she also has her own private practice that she does part time. She is the only employee. We're looking to get some of her private practice money invested in retirement. We make too much for Roth or Traditional IR...

pshonore

While finishing up my return, I got an error that my BOA routing # was no good even though it came off a blank check. I double checked it and still no luck. TT suggested I use a different # which matched a number I found on the BOA website (still different than my checks). I don't write many checks ...

pshonore

We would immediately roll over the 401ks upon retirement into traditional IRAs. Could we then roll over $37k from the traditional IRAs to Roths (via a backdoor Roth), and take $43k of capital gains from our taxable investments and another $17k from our cash...and pay $0 Federal taxes? My understand...

pshonore

I did a search of sold items on Ebay and there are dozens of $1000+ sales of beanie babies out of 45k successful sales so clearly the are some that still have value (somewhat to my suprise). I did a similar search and the results didn't make sense to me. Filtered on "Sold Items" (only), o...

pshonore

That sure looks like a typical MLP K-1. To oversimplify, looks like $32 of taxable income. I highly recommend you use TurboTax Deluxe (cd/download) if you're investing in MLPs. A lot of those entries carryover and get used in future years (like the suspended $95 loss as well as QBI). MLP tax account...

pshonore

I have not been able to figure out why we, who filed MFJ for 55 years, only get one-half of our economic incentive payment on each of the three payments. We had to file for the recovery rebate credit on our 2020 tax return and will have to do the same next year when we file our 2021 tax return. :co...

pshonore

I recently enrolled in DRIP at eTrade. I bought few stocks a while ago and just left them as is. One of the stock is XOM, 100 shares. I got $87 dividend earlier this week but it still shows number of shares as 100. Shouldn't it be 101.xx? If not, how does it show up? Thanks in advance. When did you...

pshonore

I'm not sure why he would bother with you trying to change a well established system that everyone uses. I am not saying the system is fair or right. Everyone in the big city I live pays 2.5% commission, not 3% per side. Many agents give a discount if you are selling and then buying with them. I'm ...

pshonore

I have to say as a woodworker, I'm hesitant to glue floors. Wood has to expand and contract (across the grain) with moisture. I suppose for an engineered floor you're actually gluing the bottom layer (which is normally plywood or similar) to the subfloor so than can work. And yes I agree that floors...

pshonore

0 Are you using the online version of TT? That might be the first problem. Is there an offline version? I used TurboTax last year without any problems. I am considering taking time to fill the forms out myself and mail them directly with the IRS though. Yes, its called cd/download which you install ...

pshonore

You’re devaluing the work of your agent and at the same time attempting to write a contract that violates Realtor standards. The buyer’s agent can be a zero value add in the transaction. Client finds property on Zillow, books showing, then uses agent to write contract. I doubt you’ll be able to neg...

pshonore

Are you using the online version of TT? That might be the first problem.

pshonore

Zillow estimates are not that accurate. I'd find an agent who will take 5% and list it at $220. And the buyers agent will get half (2.5%). And how do you the listing agent doesn't have buyers lined up? Or his/her fellow agents in the firm?

pshonore

sport wrote: ↑Sat Mar 13, 2021 3:23 pm Read your policy. There may be an exclusion of damaging one of your cars with the other one.

At one time, any deductible would be waived in this case. I don't think it would be excluded unless they determined it was a deliberate act.

pshonore

As we all stop reading threads to log on to our accounts to look..... Seems to me like most Bogleheads earn too much to qualify, so I doubt there was a login stampede. :greedy I doubt more than half of Bogleheads have gross HHI >$200k (but I could be wrong). We're just under the cap with our '19 re...

pshonore

QUESTION #1: I have a single-member LLC that is an S-Corporation for tax purposes. In 2020 the S-Corporation established a SEP IRA for the employee (that's me!) and made a $10,000 contribution into the SEP IRA. My tax person has listed the $10,000 SEP IRA contribution on Schedule 1. This of course ...

pshonore

Was the missing payment accounted for (entered) on the return? The IRS usually finds and credits payments from the primary SS#. Not sure about other SS#s.

pshonore

BTW few people need Premier version and Deluxe usually gets it done for most. What does Premier do for you that Deluxe can’t. Cheers Unfortunately, I do a small bit of consulting that requires me to file schedule C. As I learned last year, if I want to write off related expenses I need to use Premi...

pshonore

Does anyone know if there's an appeal process if you don't get a check or if can you use it as a deduction to your 2021 taxes? If you miss out on it this year despite being qualified, it will get trued up with next year's tax returns. Even quicker than that. See Kitces article. https://www.kitces.c...

pshonore

If anyone wants all the details and the ins and outs, Kitces has published an outstanding article.
https://www.kitces.com/blog/the-america ... ed-to-know

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