Search found 152 matches

by Phinance
Fri Jan 08, 2021 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: single member LLC file as an S-Corp
Replies: 5
Views: 251

Re: single member LLC file as an S-Corp

very helpful, thank you.
by Phinance
Fri Jan 08, 2021 12:58 pm
Forum: Personal Finance (Not Investing)
Topic: single member LLC file as an S-Corp
Replies: 5
Views: 251

single member LLC file as an S-Corp

Hi all, what are the steps for a single member LLC filing as an S-Corp? What are the advantages? disadvantages? When and how is the form sent in to the IRS? My understanding is an LLC filing as an S-corp vs. sole prop can save some Self Employment Tax. If I would like to do this for the tax year 202...
by Phinance
Fri Jan 08, 2021 11:20 am
Forum: Personal Finance (Not Investing)
Topic: Side Income into wife’s LLC..
Replies: 19
Views: 918

Re: Side Income into wife’s LLC..

you are a wealth of knowledge, i am indebted to you, thank you.
by Phinance
Thu Jan 07, 2021 8:47 pm
Forum: Personal Finance (Not Investing)
Topic: Side Income into wife’s LLC..
Replies: 19
Views: 918

Re: Side Income into wife’s LLC..

Thanks again, boy I need to do some reading, what is a controlled group? We have a baby girl, I’ll take that as meaning I shouldn’t open a solo 401k. So I can contribute under her solo 401k plan (as an affiliate sole prop), how much can I put in? She is currently doing 19.5 employEE + 20% of net pro...
by Phinance
Thu Jan 07, 2021 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Side Income into wife’s LLC..
Replies: 19
Views: 918

Re: Side Income into wife’s LLC..

A lot to digest, Spirit Rider, thank you. My wife has a 401a (employer-Fidelity) with a solo 401k (her business-Fidelity). I have a 401k (employer-Empower), are you saying we can move monies into her solo 401k (if I’m an affiliate) if I’m a sole prop? So income doesn’t have to go into her business a...
by Phinance
Thu Jan 07, 2021 7:12 pm
Forum: Personal Finance (Not Investing)
Topic: Side Income into wife’s LLC..
Replies: 19
Views: 918

Re: Side Income into wife’s LLC..

I’m assuming not either. In that scenario, as sole prop I would be taxed close to 50% (federal + state). If this side gig business agreed to send payments to my wife’s single member LLC (and I was her subcontractor), how does she declare me her subcontractor? would that income be considered part of ...
by Phinance
Thu Jan 07, 2021 6:51 pm
Forum: Personal Finance (Not Investing)
Topic: Side Income into wife’s LLC..
Replies: 19
Views: 918

Re: Side Income into wife’s LLC..

Spirit Rider and others: Now that I think about it, I work for a company with a profit sharing 401K plan (which we maximize as owners at 57K , 58K this year), can I still open up a solo 401k as a sole prop?
by Phinance
Thu Jan 07, 2021 6:44 pm
Forum: Personal Finance (Not Investing)
Topic: Side Income into wife’s LLC..
Replies: 19
Views: 918

Re: Side Income into wife’s LLC..

not a lot of money, probably 10K for whole year, smart, so sole prop, didn’t know I could open a solo 401K for sole prop.. thanks
by Phinance
Thu Jan 07, 2021 6:25 pm
Forum: Personal Finance (Not Investing)
Topic: Side Income into wife’s LLC..
Replies: 19
Views: 918

Re: Side Income into wife’s LLC..

Thx spiritrider, we are in OR, which I believe is not a community property state..
by Phinance
Thu Jan 07, 2021 6:24 pm
Forum: Personal Finance (Not Investing)
Topic: Side Income into wife’s LLC..
Replies: 19
Views: 918

Re: Side Income into wife’s LLC..

When you say start your own sole prop, do you mean just listing my SS on W-9 form? If company agrees to pay make checks payable to my wife’s business (single member LLC), would check just say business name or does it have to list her name as well? I don’t think there is any tax advantage, just nice ...
by Phinance
Thu Jan 07, 2021 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: Side Income into wife’s LLC..
Replies: 19
Views: 918

Re: Side Income into wife’s LLC..

My current assumption is no, and that I should file my w-9 side income under my #SS, would just be nice to have incomes going into 1 business entity.. thanks
by Phinance
Thu Jan 07, 2021 5:31 pm
Forum: Personal Finance (Not Investing)
Topic: Side Income into wife’s LLC..
Replies: 19
Views: 918

Side Income into wife’s LLC..

Hi all, little dense when it comes to this stuff, would love help: My wife has a single member LLC (which she files as a sole prop), I am going to make a small amount of income in a consultancy gig and am asked to fill out a W-9. Her business entity would span the scope of my consultancy (both medic...
by Phinance
Wed Jan 06, 2021 1:56 pm
Forum: Personal Investments
Topic: Has the world gone bonkers?
Replies: 22
Views: 1934

Re: Has the world gone bonkers?

very helpful, thank you for the sanity check.
by Phinance
Wed Jan 06, 2021 1:24 pm
Forum: Personal Investments
Topic: Has the world gone bonkers?
Replies: 22
Views: 1934

Re: Has the world gone bonkers?

I’m slowly shifting in my mind, herd mentality is working, maybe I’m the sucker for staying conservative (AA) in such an environment?? :confused
by Phinance
Wed Jan 06, 2021 1:20 pm
Forum: Personal Investments
Topic: Has the world gone bonkers?
Replies: 22
Views: 1934

Has the world gone bonkers?

Shiller PE ratio approaching 35 (compared to mean/median ~ 16), just need a sanity check, has the world gone bonkers?

Disclaimer: I know it’s not wise to bet against the Fed, TINA (there is no alternative to equities).
by Phinance
Mon Dec 28, 2020 9:26 am
Forum: Personal Finance (Not Investing)
Topic: My disdain for homes: overpriced, high transaction fees, maintenence etc..
Replies: 90
Views: 9292

Re: My disdain for homes: overpriced, high transaction fees, maintenence etc..

Thank you to all, a lot to chew on. To those that have experience with purchasing a home, any Boglehead to do list? (save for a deposit, find the right real estate person, 30 vs 15 mortgage, perhaps there is a link with this discussion already). Happy Holidays :sharebeer
by Phinance
Sun Dec 27, 2020 11:48 am
Forum: Personal Finance (Not Investing)
Topic: My disdain for homes: overpriced, high transaction fees, maintenence etc..
Replies: 90
Views: 9292

Re: My disdain for homes: overpriced, high transaction fees, maintenence etc..

thank you, that is what we’re leaning to, I think there is a little FOMO (with the historically low interest rates) to feel like we “should” buy a home..
by Phinance
Sun Dec 27, 2020 11:39 am
Forum: Personal Finance (Not Investing)
Topic: My disdain for homes: overpriced, high transaction fees, maintenence etc..
Replies: 90
Views: 9292

My disdain for homes: overpriced, high transaction fees, maintenence etc..

Hi all, My confession is that I have had a long disdain for everything about homes: the multiple bid offers, the transaction fees, the skyrocketing valuation, the maintenance/utility costs, in that perhaps I’ve been a little extreme. Well life has moved on, I’m now married with 1 child and thinking ...
by Phinance
Wed Dec 23, 2020 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Solo 401k contribution: amount and deadline?
Replies: 2
Views: 214

Re: Solo 401k contribution: amount and deadline?

Thank you so much, makes sense.
by Phinance
Tue Dec 22, 2020 6:33 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k contribution: amount and deadline?
Replies: 2
Views: 214

Solo 401k contribution: amount and deadline?

Hi all, My wife has a small private practice (single member LLC taxed as sole prop) who’s net income for the yr appears to be ~40K, we set up a solo 401k through fidelity and have already made the 19.5K employEE contribution, how do we calculate the employER portion that we can contribute? I’m alway...
by Phinance
Thu Dec 17, 2020 1:13 pm
Forum: Investing - Theory, News & General
Topic: Bitcoin @ 23K, why am I anti-Bitcoin?
Replies: 404
Views: 19539

Re: Bitcoin @ 23K, why am I anti-Bitcoin?

Yes this is FOMO (fear of missing out), you’re right, thanks for calling me out, ok I’m awake now :D
by Phinance
Thu Dec 17, 2020 11:32 am
Forum: Investing - Theory, News & General
Topic: Bitcoin @ 23K, why am I anti-Bitcoin?
Replies: 404
Views: 19539

Bitcoin @ 23K, why am I anti-Bitcoin?

Bitcoin hit 23K, remind me again why I’m anti-Bitcoin? Background: I find Bitcoin and other crypto currencies to be pure speculation (digital gold), a way to hedge inflation (rapid stimulus money devaluing US dollar), and no income/dividend stream..Am I missing something? I need a wake-up call/cold ...
by Phinance
Sun Dec 13, 2020 4:22 pm
Forum: Personal Investments
Topic: 529 or not?
Replies: 29
Views: 2310

Re: 529 or not?

I would consider 529 directly from Oregon Savings Plan, fee is ~0.25%:

https://www.oregoncollegesavings.com/fa ... an-account
by Phinance
Tue Dec 08, 2020 11:13 am
Forum: Personal Finance (Not Investing)
Topic: Home Office + Car: LLC Business Expense
Replies: 4
Views: 380

Re: Home Office + Car: LLC Business Expense

Thank you. With the mileage log, does going from “home office” to 1st work place count as mileage? With mileage log, do you just submit that doing tax time for a 57.5 per mile tax deduction?
by Phinance
Tue Dec 08, 2020 10:39 am
Forum: Personal Finance (Not Investing)
Topic: Home Office + Car: LLC Business Expense
Replies: 4
Views: 380

Home Office + Car: LLC Business Expense

Hi all, We will ultimately consult our CPA about this, but wanted to poll the group, pardon my ignorance about these matters: Background: -My wife is a single member LLC physician who started her own practice. -She subleases a space to see her patients and does surgery at different surgery centers. ...
by Phinance
Mon Oct 26, 2020 11:45 am
Forum: Personal Finance (Not Investing)
Topic: We don’t want to retire, but could we?
Replies: 25
Views: 1697

Re: We don’t want to retire, but could we?

Thank you Jack, very helpful :beer
by Phinance
Mon Oct 26, 2020 11:42 am
Forum: Personal Finance (Not Investing)
Topic: We don’t want to retire, but could we?
Replies: 25
Views: 1697

Re: We don’t want to retire, but could we?

Not gonna retire any time soon, just want to know if it is mathematically feasible, would love to understand 4% or 3% rule more based on my prior comment.
by Phinance
Mon Oct 26, 2020 11:34 am
Forum: Personal Finance (Not Investing)
Topic: We don’t want to retire, but could we?
Replies: 25
Views: 1697

Re: We don’t want to retire, but could we?

I see so if I was using the 3% rule and a 2% inflation rate, it would be 60K, then 61.2K, then 62.4K, that’s helpful. Assuming I retired today (2M), and the market dropped tomorrow leaving me with (1.5M), would my new number no longer be 60K (3%) but rather 45K (3% of 1.5M). Or did the study maintai...
by Phinance
Mon Oct 26, 2020 11:00 am
Forum: Personal Finance (Not Investing)
Topic: Moving between states to save on taxes and unload house
Replies: 30
Views: 3186

Re: Moving between states to save on taxes and unload house

OP, I do think it is helpful to share more location specifics.. i also guess PDX to Vancouver, WA
by Phinance
Mon Oct 26, 2020 10:54 am
Forum: Personal Finance (Not Investing)
Topic: We don’t want to retire, but could we?
Replies: 25
Views: 1697

Re: We don’t want to retire, but could we?

You’re right, probably will go up to 75K
by Phinance
Mon Oct 26, 2020 10:52 am
Forum: Personal Finance (Not Investing)
Topic: We don’t want to retire, but could we?
Replies: 25
Views: 1697

Re: We don’t want to retire, but could we?

Got it, so 3% is forever..
by Phinance
Mon Oct 26, 2020 10:51 am
Forum: Personal Finance (Not Investing)
Topic: We don’t want to retire, but could we?
Replies: 25
Views: 1697

Re: We don’t want to retire, but could we?

You’re right, So expensive, I think I saw that by 2038 a 4 yr in-state college tuition is ~400K (100K per year), does that sound real? :confused :oops: We’ll continue to fund 529s as we can.
by Phinance
Mon Oct 26, 2020 10:47 am
Forum: Personal Finance (Not Investing)
Topic: We don’t want to retire, but could we?
Replies: 25
Views: 1697

Re: We don’t want to retire, but could we?

Thank you, I will consider myself financially independent and continue working, is 4% a more agreed upon number than 3%?
by Phinance
Mon Oct 26, 2020 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Health Insurance for mother visiting from Canada?
Replies: 6
Views: 818

Re: Health Insurance for mother visiting from Canada?

Yeah Medipac seems to show up a lot, but can’t tell if it’s because they bought the domain www.snowbirds.org, another one that looks reasonable is Geo Blue. We checked Her Nova Scotia policy it covers @ 500 per day for in patient hospitalization, seems like we need to purchase more insurance given U...
by Phinance
Mon Oct 26, 2020 10:41 am
Forum: Personal Finance (Not Investing)
Topic: We don’t want to retire, but could we?
Replies: 25
Views: 1697

Re: We don’t want to retire, but could we?

Thank you, what total asset number would make it a slam dunk?
by Phinance
Mon Oct 26, 2020 10:23 am
Forum: Personal Finance (Not Investing)
Topic: We don’t want to retire, but could we?
Replies: 25
Views: 1697

We don’t want to retire, but could we?

Hi all, We don’t want to retire, but could we? (Based on below numbers) Total Assets: 2M @ 50/25/25 (stocks/bond/cash) Total Expenses (/yr): 60K Total Liabilities: 0 38yo/32yo/3mo old (Married with child, perhaps 1 or 2 more) Yes, atypically cash heavy (hoping to buy more stocks if market dip (I kno...
by Phinance
Sun Oct 18, 2020 11:02 am
Forum: Personal Finance (Not Investing)
Topic: Health Insurance for mother visiting from Canada?
Replies: 6
Views: 818

Health Insurance for mother visiting from Canada?

Hi all, Quick curbside: My 64yo mother is visiting from Canada for 2 mos (to help with our newborn), she has Canadian healthcare but nothing here in the US. She is concerned about COVID and the possibility of a hospitilization. Are there any reasonablly priced, non-scam, travel health insurance poli...
by Phinance
Wed Sep 30, 2020 2:29 pm
Forum: Personal Finance (Not Investing)
Topic: Housing Oh Housing
Replies: 21
Views: 1822

Re: Housing Oh Housing

Very sage advice, thank you.
by Phinance
Wed Sep 30, 2020 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: Housing Oh Housing
Replies: 21
Views: 1822

Re: Housing Oh Housing

Great feedback, thank you. Anything I can start doing now to prepare for a home purchase in the next year?
-I already have saved 200K.
-Should I be talking to banks about rates?
-Would appreciate any other resources

Thank you
by Phinance
Wed Sep 30, 2020 10:37 am
Forum: Personal Finance (Not Investing)
Topic: Housing Oh Housing
Replies: 21
Views: 1822

Re: Housing Oh Housing

Thank you, yeah no debt.. I guess I shouldn’t be market timing housing, I just can’t believe how high prices have gotten, wanted to wait another yr or so?
by Phinance
Wed Sep 30, 2020 10:31 am
Forum: Personal Finance (Not Investing)
Topic: Housing Oh Housing
Replies: 21
Views: 1822

Housing Oh Housing

I’m a 38yo male with a young family (wife, toddler) living in moderate HCOL city (Portland, OR). We have a joint income of approx 500K/yr (pre-tax). I have never owned a home and have always detested everything about housing (high price, mortgage, debt (even if “good”), closing costs, maintenance/up...
by Phinance
Fri Sep 04, 2020 1:14 pm
Forum: Personal Investments
Topic: Zero funds not available at Fidelity solo 401k
Replies: 8
Views: 816

Zero funds not available at Fidelity solo 401k

Hi all, opened a solo 401K with Fidelity, tried to purchase FZIPX (extended market ZERO fund), says it’s not open to investors, has anyone encountered this before? If it is indeed a restriction for 401K accounts, what other low cost mutual funds do you guys recommend (equity)?
by Phinance
Fri Aug 28, 2020 12:46 pm
Forum: Personal Investments
Topic: Which money market at 37 federal/10 state?
Replies: 6
Views: 528

Re: Which money market at 37 federal/10 state?

What is VMBS? Isn't 0.8 (Ally/Marcus) still a better yield than any vanguard money market? (Yields at 0.08 to 0.10)
by Phinance
Fri Aug 28, 2020 12:25 pm
Forum: Personal Investments
Topic: Which money market at 37 federal/10 state?
Replies: 6
Views: 528

Re: Which money market at 37 federal/10 state?

Or am I better off just parking that cash in Ally savings at 0.8 percent?
by Phinance
Fri Aug 28, 2020 12:14 pm
Forum: Personal Investments
Topic: Which money market at 37 federal/10 state?
Replies: 6
Views: 528

Which money market at 37 federal/10 state?

I know money market yields are poor across the board. I'm at 37 federal and 10 state (income tax), which money market would be best ( I have approx 200K)? Thank you.
by Phinance
Thu Aug 27, 2020 5:33 pm
Forum: Personal Investments
Topic: When can we retire?
Replies: 21
Views: 2189

Re: When can we retire?

Sounds awesome :) thanks for sharing.
by Phinance
Thu Aug 27, 2020 5:29 pm
Forum: Personal Investments
Topic: When can we retire?
Replies: 21
Views: 2189

Re: When can we retire?

You’re right, I consider home prices in Portland, OR and surrounding areas to be ridiculous, but people don’t seem to mind given low mortgage interest rates. Yeah for strong school districts (Lake Oswego, West Linn) home prices are >800K (for 3bdr+ homes with decent lots). I do take issue with this ...
by Phinance
Thu Aug 27, 2020 2:42 pm
Forum: Personal Investments
Topic: When can we retire?
Replies: 21
Views: 2189

Re: When can we retire?

Super helpful, thank you. So I should not include 529 as part of my expenses? (My assumption based on above reading is NO). So instead of 1K/mo for 529, maybe I should include a monthly discretionary monthly expense for my child (which will increase over time, i.e. as teenagers). We do plan on havin...