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Phinance

very helpful, thank you.

Phinance

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...

Phinance

you are a wealth of knowledge, i am indebted to you, thank you.

Phinance

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...

Phinance

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...

Phinance

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 ...

Phinance

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?

Phinance

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

Phinance

Thx spiritrider, we are in OR, which I believe is not a community property state..

Phinance

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 ...

Phinance

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

Phinance

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...

Phinance

very helpful, thank you for the sanity check.

Phinance

I’m slowly shifting in my mind, herd mentality is working, maybe I’m the sucker for staying conservative (AA) in such an environment??

Phinance

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).

Phinance

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

Phinance

great advice. thank u

Phinance

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..

Phinance

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 ...

Phinance

Thank you so much, makes sense.

Phinance

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...

Phinance

Yes this is FOMO (fear of missing out), you’re right, thanks for calling me out, ok I’m awake now

Phinance

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 ...

Phinance

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

https://www.oregoncollegesavings.com/fa ... an-account

Phinance

Thank you.

Phinance

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?

Phinance

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. ...

Phinance

Thank you Jack, very helpful

Phinance

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.

Phinance

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...

Phinance

OP, I do think it is helpful to share more location specifics.. i also guess PDX to Vancouver, WA

Phinance

You’re right, probably will go up to 75K

Phinance

Got it, so 3% is forever..

Phinance

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?

We’ll continue to fund 529s as we can.

Phinance

Thank you, I will consider myself financially independent and continue working, is 4% a more agreed upon number than 3%?

Phinance

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...

Phinance

Thank you, what total asset number would make it a slam dunk?

Phinance

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...

Phinance

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...

Phinance

Very sage advice, thank you.

Phinance

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

Phinance

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?

Phinance

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...

Phinance

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)?

Phinance

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)

Phinance

Or am I better off just parking that cash in Ally savings at 0.8 percent?

Phinance

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.

Phinance

Sounds awesome

thanks for sharing.

Phinance

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 ...

Phinance

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...

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