Search found 7128 matches

by pshonore
Sun Apr 11, 2021 11:29 am
Forum: Personal Consumer Issues
Topic: Hire a contractor without worker's comp insurance if it's a family business?
Replies: 15
Views: 1185

Re: Hire a contractor without worker's comp insurance if it's a family business?

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...
by pshonore
Tue Apr 06, 2021 4:09 pm
Forum: Personal Investments
Topic: Q2 Capital Gains Est. Tax Necessary? (~$10K)
Replies: 10
Views: 686

Re: Q2 Capital Gains Est. Tax Necessary? (~$10K)

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.
by pshonore
Mon Apr 05, 2021 2:23 pm
Forum: Personal Finance (Not Investing)
Topic: Tax software (Tax-Act) keeps track of prior Roth contributions, conversions, earnings?! New to me.
Replies: 11
Views: 596

Re: Tax software (Tax-Act) keeps track of prior Roth contributions, conversions, earnings?! New to me.

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.
by pshonore
Mon Apr 05, 2021 9:53 am
Forum: Personal Finance (Not Investing)
Topic: Windfall State Tax Just When I was Relocating
Replies: 8
Views: 1323

Re: Windfall State Tax Just When I was Relocating

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?
by pshonore
Fri Apr 02, 2021 3:45 pm
Forum: Personal Finance (Not Investing)
Topic: How to resolve tax disagreement with my CPA?
Replies: 28
Views: 4327

Re: How to resolve tax disagreement with my CPA?

An ethical tax preparer should never sign a return if he believes it's incorrect.
by pshonore
Fri Apr 02, 2021 11:45 am
Forum: Personal Consumer Issues
Topic: Question - Raised Garden Bed next to the house
Replies: 7
Views: 573

Re: Question - Raised Garden Bed next to the house

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...
by pshonore
Thu Apr 01, 2021 6:54 pm
Forum: Personal Consumer Issues
Topic: Will building material costs return to Earth? Bonus (?): Deck Material Selection
Replies: 25
Views: 3131

Re: When To Build A Deck (Lumber Price)

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...
by pshonore
Thu Apr 01, 2021 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes on Sportsbook/Gambling Winnings
Replies: 27
Views: 1629

Re: Taxes on Sportsbook/Gambling Winnings

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...
by pshonore
Wed Mar 31, 2021 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: CT LLC / paying taxes owed
Replies: 7
Views: 340

Re: CT LLC / paying taxes owed

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...
by pshonore
Wed Mar 31, 2021 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: Home Sellers Dilemma re Agent
Replies: 24
Views: 2159

Re: Home Sellers Dilemma re Agent

Since this is a job move is the company paying relocation expenses including RE commission?
by pshonore
Tue Mar 30, 2021 10:11 am
Forum: Personal Consumer Issues
Topic: Will building material costs return to Earth? Bonus (?): Deck Material Selection
Replies: 25
Views: 3131

Re: Will building material costs return to Earth? Bonus (?): Deck Material Selection

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.
by pshonore
Mon Mar 29, 2021 11:44 am
Forum: Personal Finance (Not Investing)
Topic: Advice for a HR Block newbie
Replies: 8
Views: 801

Re: Advice for a HR Block newbie

Here's a link to the Finance Buff's excellent post on it.
https://thefinancebuff.com/covid-retire ... block.html
by pshonore
Mon Mar 29, 2021 7:39 am
Forum: Personal Finance (Not Investing)
Topic: SEP-IRA confusion
Replies: 4
Views: 308

Re: SEP-IRA confusion

Basically a SEP allows 20% of net business income AFTER subtracting 1/2 of any SE tax attributable to the business.
by pshonore
Mon Mar 29, 2021 7:34 am
Forum: Personal Finance (Not Investing)
Topic: Fictitious TurboTax returns for what if analysis using different states
Replies: 10
Views: 887

Re: Fictitious TurboTax returns for what if analysis using different states

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...
by pshonore
Sat Mar 27, 2021 3:02 pm
Forum: Personal Consumer Issues
Topic: exipred / obsolete propane jugs
Replies: 58
Views: 3916

Re: exipred / obsolete propane jugs

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...
by pshonore
Fri Mar 26, 2021 5:29 pm
Forum: Personal Finance (Not Investing)
Topic: Social security question
Replies: 10
Views: 1409

Re: Social security question

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...
by pshonore
Wed Mar 24, 2021 10:59 am
Forum: Personal Finance (Not Investing)
Topic: Amending 2020 tax return with traditional IRA contribution to qualify for full stimulus #3
Replies: 20
Views: 1090

Re: Amending 2020 tax return with traditional IRA contribution to qualify for full stimulus #3

If you're covered by a retirement plan for even one day, you are considered to be covered for the whole year.
by pshonore
Wed Mar 24, 2021 10:49 am
Forum: Personal Investments
Topic: Solo 401(k) Contributions Deadline Dates
Replies: 30
Views: 1515

Re: Solo 401(k) Contributions Deadline Dates

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...
by pshonore
Wed Mar 24, 2021 8:43 am
Forum: Personal Consumer Issues
Topic: Ductless AC units?
Replies: 14
Views: 1546

Re: Ductless AC units?

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.
by pshonore
Wed Mar 24, 2021 8:22 am
Forum: Personal Finance (Not Investing)
Topic: Schedule C / Section 179
Replies: 6
Views: 536

Re: Schedule C / Section 179

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...
by pshonore
Tue Mar 23, 2021 4:19 pm
Forum: Personal Finance (Not Investing)
Topic: Can a gift be made on behalf of a deceased spouse?
Replies: 32
Views: 1541

Re: Can a gift be made on behalf of a deceased spouse?

So no gift tax return required if I buy a 30K car for someone and I pay the dealer directly?
by pshonore
Sun Mar 21, 2021 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Applying for Social Security — When?
Replies: 23
Views: 2092

Re: Applying for Social Security — When?

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 ...
by pshonore
Sat Mar 20, 2021 3:57 pm
Forum: Personal Consumer Issues
Topic: AT&T Email Problem (and how to solve it)
Replies: 6
Views: 735

Re: AT&T Email Problem (and how to solve it)

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.
by pshonore
Sat Mar 20, 2021 2:12 pm
Forum: Personal Consumer Issues
Topic: Mat for Dog - Protecting New Hardwood Floors
Replies: 22
Views: 1464

Re: Mat for Dog - Protecting New Hardwood Floors

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.
by pshonore
Fri Mar 19, 2021 3:35 pm
Forum: Personal Finance (Not Investing)
Topic: K-1 for investment inside an IRA
Replies: 4
Views: 363

Re: K-1 for investment inside an IRA

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. ...
by pshonore
Fri Mar 19, 2021 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: [Third stimulus payment - mega-thread]
Replies: 362
Views: 25843

Re: status of $1400 check Get My Payment

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...
by pshonore
Fri Mar 19, 2021 11:41 am
Forum: Personal Investments
Topic: Which to fund first? Roth IRA or solo 401k?
Replies: 25
Views: 1625

Re: Which to fund first? Roth IRA or solo 401k?

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...
by pshonore
Fri Mar 19, 2021 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Time to fill my taxes... how to claim college tuition for our kid?
Replies: 39
Views: 3269

Re: Time to fill my taxes... how to claim college tuition for our kid?

You can gift shares with ST gains and they may become LT gains. It all depends on when the recipient sells the stock
by pshonore
Fri Mar 19, 2021 10:03 am
Forum: Personal Investments
Topic: Which to fund first? Roth IRA or solo 401k?
Replies: 25
Views: 1625

Re: Which to fund first? Roth IRA or solo 401k?

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 ...
by pshonore
Thu Mar 18, 2021 3:40 pm
Forum: Investing - Theory, News & General
Topic: Question about SEP-IRA
Replies: 2
Views: 165

Re: Question about SEP-IRA

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...
by pshonore
Thu Mar 18, 2021 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Tax Return - Incorrect Banking Info. What do I do?
Replies: 7
Views: 410

Re: Tax Return - Incorrect Banking Info. What do I do?

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 ...
by pshonore
Wed Mar 17, 2021 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Early retirement math/taxes - am I thinking about this correctly?
Replies: 35
Views: 4102

Re: Early retirement math/taxes - am I thinking about this correctly?

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...
by pshonore
Wed Mar 17, 2021 11:34 am
Forum: Personal Consumer Issues
Topic: Selling rare/expensive beanie babies
Replies: 56
Views: 5973

Re: Selling rare/expensive beanie babies

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...
by pshonore
Wed Mar 17, 2021 8:14 am
Forum: Personal Finance (Not Investing)
Topic: Schedule K-1 (1065 form)
Replies: 2
Views: 213

Re: Schedule K-1 (1065 form)

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...
by pshonore
Mon Mar 15, 2021 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: [Third stimulus payment - mega-thread]
Replies: 362
Views: 25843

Re: Received 3rd stimulus check 3/12/21

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...
by pshonore
Mon Mar 15, 2021 3:18 pm
Forum: Personal Investments
Topic: How do DRIP investments show up?
Replies: 6
Views: 354

Re: How do DRIP investments show up?

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...
by pshonore
Mon Mar 15, 2021 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: Creative Real Estate Listing Agent Fee Structure
Replies: 40
Views: 2002

Re: Creative Real Estate Listing Agent Fee Structure

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 ...
by pshonore
Mon Mar 15, 2021 11:36 am
Forum: Personal Consumer Issues
Topic: Contractor installed floating hardwood floor - extremely noisy
Replies: 37
Views: 2539

Re: Contractor installed floating hardwood floor - extremely noisy

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...
by pshonore
Mon Mar 15, 2021 11:24 am
Forum: Personal Finance (Not Investing)
Topic: Do SEP Iras not count as a tax break? Need some advice...
Replies: 22
Views: 1194

Re: Do SEP Iras not count as a tax break? Need some advice...

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 ...
by pshonore
Mon Mar 15, 2021 8:20 am
Forum: Personal Finance (Not Investing)
Topic: Creative Real Estate Listing Agent Fee Structure
Replies: 40
Views: 2002

Re: Creative Real Estate Listing Agent Fee Structure

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...
by pshonore
Sun Mar 14, 2021 7:07 pm
Forum: Personal Finance (Not Investing)
Topic: Do SEP Iras not count as a tax break? Need some advice...
Replies: 22
Views: 1194

Re: Do SEP Iras not count as a tax break? Need some advice...

Are you using the online version of TT? That might be the first problem.
by pshonore
Sun Mar 14, 2021 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Creative Real Estate Listing Agent Fee Structure
Replies: 40
Views: 2002

Re: Creative Real Estate Listing Agent Fee Structure

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?
by pshonore
Sat Mar 13, 2021 3:32 pm
Forum: Personal Finance (Not Investing)
Topic: Wife just crashed her car into mine. Tips on handling insurance?
Replies: 55
Views: 6803

Re: Wife just crashed her car into mine. Tips on handling insurance?

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.
by pshonore
Sat Mar 13, 2021 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: [Third stimulus payment - mega-thread]
Replies: 362
Views: 25843

Re: Received 3rd stimulus check 3/12/21

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...
by pshonore
Fri Mar 12, 2021 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: SEP IRA and health ins. tax question for S-Corp
Replies: 12
Views: 664

Re: SEP IRA and health ins. tax question for S-Corp

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 ...
by pshonore
Fri Mar 12, 2021 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Spouse Estimated Tax Direct Pay not credited
Replies: 6
Views: 326

Re: Spouse Estimated Tax Direct Pay not credited

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.
by pshonore
Thu Mar 11, 2021 4:08 pm
Forum: Personal Finance (Not Investing)
Topic: Problem with TurboTax Purchase on Amazon
Replies: 12
Views: 825

Re: Problem with TurboTax Purchase on Amazon

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...
by pshonore
Thu Mar 11, 2021 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Might miss out on that stimulus cheddar...again
Replies: 17
Views: 3594

Re: Might miss out on that stimulus cheddar...again

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...