Search found 619 matches

by simas
Sat May 23, 2020 9:34 am
Forum: Personal Finance (Not Investing)
Topic: CapitalOne Venture would not forgive annual fee
Replies: 32
Views: 1761

Re: CapitalOne Venture would not forgive annual fee

Not sure what to think of it. Normally I would expect them to waive the fee. I guess businesses are hurting now on the bottomline, and they saw me unnecessarily tying up credit lines that could be given to someone who spends more. - "Not sure what to think of it" - you tried , they said 'no'. what ...
by simas
Fri May 22, 2020 7:56 pm
Forum: Personal Finance (Not Investing)
Topic: The axe falls and I am prepared. What's next?
Replies: 245
Views: 14971

Re: The axe falls and I am prepared. What's next?

2) I was unemployed for more than 1 year a few years ago. And, the severance is a lump sum. I am immediately eligible for unemployment benefits. I am reverifying this again. KlangFool Yes, that is how this works - with formal layoff you should be 100% eligible for unemployment regardless of severan...
by simas
Fri May 22, 2020 4:47 pm
Forum: Personal Finance (Not Investing)
Topic: Prepaying PPP Loan Prior to Requesting Forgiveness
Replies: 8
Views: 433

Re: Prepaying PPP Loan Prior to Requesting Forgiveness

Hi all, It is my understanding that the principal--but not the interest--of PPP loans are eligible for forgiveness. Since there is no prepayment penalty, is anyone else considering prepaying the PPP loan prior to going through the forgiveness process? Obviously, the interest rate on the PPP loan is...
by simas
Mon May 18, 2020 6:38 pm
Forum: Personal Finance (Not Investing)
Topic: Rent is increased by 6%, negotiation tips?
Replies: 60
Views: 5081

Re: Rent is increased by 6%, negotiation tips?

I’m a small-time landlord (4 single family homes). On account of constantly increasing fixed expenses (property taxes and insurance), I always increase the rent at renewal time, normally by 1-2%. I just proposed a 1.5% increase for some good tenants. If they come back requesting no increase and off...
by simas
Fri May 15, 2020 7:35 am
Forum: Personal Finance (Not Investing)
Topic: Help with some job changes please!
Replies: 17
Views: 1292

Re: Help with some job changes please!

Hey all - I need some board advice in evaluating a couple of job offers on the table. I also acknowledged that I’m privileged to actually have job offers at this time. My current company is going through a very tricky time and layoffs are inevitable at this point. I’ve also been in my role for 5 ye...
by simas
Fri May 15, 2020 7:30 am
Forum: Personal Finance (Not Investing)
Topic: Selling home - low ball negotiation
Replies: 145
Views: 11996

Re: Selling home - low ball negotiation

We've put our house just up about 10 days before the lockdown. There was about an average showing of one visit per day from unique buyer. With the lockdown, there were very few. So after 2 months of listing (about 8-9 weeks of lockdown), we've got our 1st offer. As some of you who are familiar with...
by simas
Wed May 13, 2020 10:27 am
Forum: Personal Finance (Not Investing)
Topic: Ppp loan forgiveness for independent contractors
Replies: 1
Views: 226

Re: Ppp loan forgiveness for independent contractors

Hi, So I’m an independent contractor and do not have employees. I don’t do payroll and just pay taxes on a schedule C at the end of the year. How can I get the ppp loan forgiven? Please run a search on the forum - this is discussed at length here. short answer right now - you get 'owner compensatio...
by simas
Wed May 13, 2020 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Compensation negotiation strategy (rocket ship tech)
Replies: 46
Views: 6480

Re: Compensation negotiation strategy (rocket ship tech)

One year update to this thread. Today marks 18 months since I joined my company, and in that time something completely unexpected has happened - my high beta unprofitable tech company turned out to be negatively correlated to the biggest economic downturn since the Great Depression! Stock is up 50%...
by simas
Wed May 13, 2020 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Compensation negotiation strategy (rocket ship tech)
Replies: 46
Views: 6480

Re: Compensation negotiation strategy (rocket ship tech)

All the replies resonate with me, I’ll stop responding on LinkedIn. Thanks for talking me off the ledge guys. Sometimes it’s hard to stay focused on the long term in a frothy environment like this. ultimately , as others said - this is people's business. I pull along those I can trust and whose I f...
by simas
Tue May 12, 2020 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: PPP, 'owner compensation replacement', 75% on payroll. math does not seem to work. what am I missing?
Replies: 24
Views: 1964

Re: PPP, 'owner compensation replacement', 75% on payroll. math does not seem to work. what am I missing?

From the above example, is there anyway to get the remaining $2,615.38 forgiven for self-employed? Retirement contributions? Solo 401k , SEP, Etc? What utilities qualify? Or is that not available for self-employed? The only other forgiveness elements are rent, mortgage and utilities--see the April ...
by simas
Mon May 11, 2020 2:26 pm
Forum: Personal Finance (Not Investing)
Topic: What are the personal tax implications of the SBA’s EIDL and PPP loans for a sole proprietor?
Replies: 2
Views: 285

Re: What are the personal tax implications of the SBA’s EIDL and PPP loans for a sole proprietor?

I’ve been offered both EIDL and PPP relief loans from the SBA. I’m confused about the tax implications. I run a small business as a sole proprietor, recording my business income & expenses on a Schedule C, then paying taxes on my profits (including self-employment tax etc) via my personal 1040 retu...
by simas
Mon May 11, 2020 9:17 am
Forum: Personal Finance (Not Investing)
Topic: post covid 19 office work - was coronavirus a game changer for telecommunting?
Replies: 48
Views: 3649

Re: post covid 19 office work - was coronavirus a game changer for telecommunting?

I have been working from home second month now, and i am enjoying all the benefits of working from home. From what i understood so far, our company will keep us working from home for a long time (rest of the year), with a real possibility to make it permanent (our performance not only stayed the sa...
by simas
Sun May 10, 2020 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Very Low Student Loan Interest Rate - Invest Instead?
Replies: 34
Views: 1849

Re: Very Low Student Loan Interest Rate - Invest Instead?

I'm a lawyer with annual income of $200k. I'm in biglaw, so I don't know how long I will be able to last there, and how long my income will be high around this level. I currently have ~$140k of student loan, which I refinanced last year with a variable rate. Monthly minimum payment has been ~$2200,...
by simas
Sat May 09, 2020 4:02 pm
Forum: Personal Finance (Not Investing)
Topic: PPP, 'owner compensation replacement', 75% on payroll. math does not seem to work. what am I missing?
Replies: 24
Views: 1964

Re: PPP, 'owner compensation replacement', 75% on payroll. math does not seem to work. what am I missing?

- 75 % of the PPP loan is expected to be used on 'payroll' for any amount to be forgiven. This part is not true. 75% of the forgivable amount must be used for payroll. If you use $15,384 for payroll and $2,000 for other eligible expenses (rent, utilities, etc.), your total forgivable amount is $17,...
by simas
Sat May 09, 2020 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: PPP, 'owner compensation replacement', 75% on payroll. math does not seem to work. what am I missing?
Replies: 24
Views: 1964

Re: PPP, 'owner compensation replacement', 75% on payroll. math does not seem to work. what am I missing?

simplesimon wrote:
Sat May 09, 2020 2:04 pm
Not missing anything. It looks like as of now the max forgiven amount is (net profit/52*8).
thank you sir. so what happens in that amount (net profit /52*8) is less than 75% of the total loan
a. only that amount is forgiven
b. nothing is forgiven
c. something else
?

have treasury clarified that
by simas
Sat May 09, 2020 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: PPP, 'owner compensation replacement', 75% on payroll. math does not seem to work. what am I missing?
Replies: 24
Views: 1964

PPP, 'owner compensation replacement', 75% on payroll. math does not seem to work. what am I missing?

Given - under PPP, the self-employed are supposed to be limited to 'owner compensation replacement' which is line 31 of schedule C divided by 52 and multiplied by 8. - loan size is/was calculated as same amount divided by 12 times 2.5 - 75 % of the PPP loan is expected to be used on 'payroll' for an...
by simas
Sat May 09, 2020 9:19 am
Forum: Personal Finance (Not Investing)
Topic: My wife/I have a small LLC, no schedule c on our personal tax return?
Replies: 10
Views: 406

Re: My wife/I have a small LLC, no schedule c on our personal tax return?

I just want to confirm that this is correct; my wife has a small business which operates as an LLC. When she gets paid, payment is made directly to the LLC. At year end the LLC gets a 1099 Misc. When we do the LLC taxes it generates K-1s for each of us, which we enter on our personal return. Is it ...
by simas
Sat May 09, 2020 9:11 am
Forum: Personal Finance (Not Investing)
Topic: Kids Sports Turned Into Donation
Replies: 7
Views: 1436

Re: Kids Sports Turned Into Donation

Obviously all of the my children's spring sports have been cancelled and we are generally getting most of our money back. If the sports league is run by a non-profit can I take the amount not returned as a charitable deduction? My child has received nothing in value in exchange for the payment. Mos...
by simas
Thu May 07, 2020 11:35 am
Forum: Personal Finance (Not Investing)
Topic: How to choose a small bank
Replies: 3
Views: 242

Re: How to choose a small bank

We had a very frustrating experience with the PPP loan program when applying through Bank of America. We’ve used this bank for my husband’s dental practice for over 30 years and have been very disappointed with both the process thru BOA and the amount we eventually received. We only received 25% of...
by simas
Wed May 06, 2020 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Anyone receive PPP loan as a NEW businesses/independent contractor?
Replies: 11
Views: 575

Re: Anyone receive PPP loan as a NEW businesses/independent contractor?

To clarify, I'm only looking for honest strategies. Would health insurance premiums over the 8 weeks be forgiven? Would pro-rata retirement plan contributions be forgiven? Would pro-rata HSA contributions be forgiven? Would a portion of automobile expenses, licensure expenses, continuing education ...
by simas
Wed May 06, 2020 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Anyone receive PPP loan as a NEW businesses/independent contractor?
Replies: 11
Views: 575

Re: Anyone receive PPP loan as a NEW businesses/independent contractor?

To clarify, I'm only looking for honest strategies. Would health insurance premiums over the 8 weeks be forgiven? Would pro-rata retirement plan contributions be forgiven? Would pro-rata HSA contributions be forgiven? Would a portion of automobile expenses, licensure expenses, continuing education ...
by simas
Wed May 06, 2020 9:16 am
Forum: Personal Finance (Not Investing)
Topic: Anyone receive PPP loan as a NEW businesses/independent contractor?
Replies: 11
Views: 575

Re: Anyone receive PPP loan as a NEW businesses/independent contractor?

I applied for PPP as a NEW independent contractor, started in Sept 2019. The worksheet for calculating the loan amount was different for a new business vs one open for all or most of 2019. My wife applied as an independent contractor with work throughout 2019. She received around $20k and they calc...
by simas
Tue May 05, 2020 11:15 am
Forum: Personal Finance (Not Investing)
Topic: Stay employee and take a pay cut or go to contractor?
Replies: 13
Views: 801

Re: Stay employee and take a pay cut or go to contractor?

DH and I are both managers at the same company and due to the industry, lost a good amount of business and thus the company needs to consolidate. They are giving us the option - Current: Both make 82k a year plus commission. One of us carries the household insurance, 4% company match on the 401k, 3...
by simas
Tue May 05, 2020 9:14 am
Forum: Personal Finance (Not Investing)
Topic: MAJOR back door roth contribution for 2020
Replies: 9
Views: 545

Re: MAJOR back door roth contribution for 2020

The IRA max contribution is still $6,000 ($7,000 if over 50). And that is the total for all your IRAs. different things here - contribution is one thing, distribution is a different thing , conversion is a third thing. you can do a contribution 6k, do in service rollover of 500k from 401k->IRA, and...
by simas
Tue May 05, 2020 9:04 am
Forum: Personal Finance (Not Investing)
Topic: MAJOR back door roth contribution for 2020
Replies: 9
Views: 545

Re: MAJOR back door roth contribution for 2020

you can make a SUBSTANTIAL $100,000 "back door" roth contribution this year only due to the Cares act.... all you have to do is withdraw up to $100,000 from your 401k as a distribution, deposit that money into a rollover IRA (60 day indirect rollover), and then convert that to a Roth IRA... This wa...
by simas
Tue May 05, 2020 8:57 am
Forum: Personal Finance (Not Investing)
Topic: Trying to lower tax on short term capital gains. Do conservation easements work?
Replies: 136
Views: 8865

Re: Trying to lower $800k tax on short term capital gains. Do conservation easements work?

Build a website, newsletter, social media, patreon, youtube etc. Guaranteed you will find people to subscribe to your plan, whatever you call it. "I made 1.6M day-trading during covid crisis, and you can too!" or anything catchy. No longer unemployed. (For the taxes, just pay them and move on. Also...
by simas
Tue May 05, 2020 8:48 am
Forum: Personal Finance (Not Investing)
Topic: Keep debit card locked at all times?
Replies: 36
Views: 2728

Re: Keep debit card locked at all times?

Chase are making me jump through hoops to dispute the charge . After calling and waiting on hold over an hour, I had to e-mail them a claim form and they said it will take over a week to be resolved. The funds have been deducted from my account so I am out of pocket in the meantime. It was only a s...
by simas
Sat May 02, 2020 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to lower tax on short term capital gains. Do conservation easements work?
Replies: 136
Views: 8865

Re: Trying to lower $800k tax on short term capital gains. Do conservation easements work?

So basically, it will be hard to find a legal way that will save me more than 1:1 not possible without fraud, very high risk, or both. especially since you already realized the gain. free cheese only exists in mousetrap.. hint - guess is you the mouse. as I said earlier, get real CPA , deal with es...
by simas
Sat May 02, 2020 9:33 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to lower tax on short term capital gains. Do conservation easements work?
Replies: 136
Views: 8865

Re: Trying to lower $800k tax on short term capital gains. Do conservation easements work?

I had a similar large gain 15 years ago. I purchased several Gas and Oil Partnerships and other similar investments, I saved a ton of taxes but lost most of my money as ALL the investments I bought,not even one of them got me my original investment back. What they sell are the worst investments, bu...
by simas
Sat May 02, 2020 9:03 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to lower tax on short term capital gains. Do conservation easements work?
Replies: 136
Views: 8865

Re: Trying to lower $800k tax on short term capital gains. Do conservation easements work?

I had a similar large gain 15 years ago. I purchased several Gas and Oil Partnerships and other similar investments, I saved a ton of taxes but lost most of my money as ALL the investments I bought,not even one of them got me my original investment back. What they sell are the worst investments, bu...
by simas
Sat May 02, 2020 8:21 am
Forum: Personal Finance (Not Investing)
Topic: Is it safe to store financial statements in the cloud?
Replies: 48
Views: 3384

Re: Is it safe to store financial statements in the cloud?

My critical information is backed up monthly onto a USB stick that I keep in the home safe, so cloud storage for disaster prevention is not a factor. Keep in mind that these safes are not fireproof. That may not be a big risk but the contents are not safe from fire. You are correct, which is why oc...
by simas
Sat May 02, 2020 7:46 am
Forum: Personal Finance (Not Investing)
Topic: How does SE get PPP loan forgiven?
Replies: 37
Views: 2915

Re: How does SE get PPP loan forgiven?

I am in the same boat and expect some of the PPP to be part of the loan (not forgiven). No big deal, loan that I can then repay (since I did not use the money anyway). Anyone has any information on how retirement contributions factor in this below? SE Payroll Forgiveness amount = weekly average*8 =...
by simas
Fri May 01, 2020 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: How does SE get PPP loan forgiven?
Replies: 37
Views: 2915

Re: How does SE get PPP loan forgiven?

I am in the same boat and expect some of the PPP to be part of the loan (not forgiven). No big deal, loan that I can then repay (since I did not use the money anyway). Anyone has any information on how retirement contributions factor in this below? SE Payroll Forgiveness amount = weekly average*8 = ...
by simas
Fri May 01, 2020 6:41 pm
Forum: Personal Finance (Not Investing)
Topic: PPP forgiveness
Replies: 7
Views: 531

Re: PPP forgiveness

No, probably not. The maximum salary for loan qualification is capped at $100k/yr/employee. There is some disagreement at this point about the maximum amount that can be forgiven. It's likely either $16,666 or $15,384 per employee for the eight week period, depending on whether the calculation will...
by simas
Fri May 01, 2020 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: Expenses used for PPP loan forgiveness not deductible
Replies: 19
Views: 1371

Re: Expenses used for PPP loan forgiveness not deductible

Interesting, thanks for posting. So if I have this right, the 2 months of payroll (and any other expenses) paid for by the PPP loan aren't deductible to the business, at least not if the loan is forgiven. But the forgiven loan itself won't be treated as income either, so that just prevents a double...
by simas
Fri May 01, 2020 7:49 am
Forum: Personal Finance (Not Investing)
Topic: Is it safe to store financial statements in the cloud?
Replies: 48
Views: 3384

Re: Is it safe to store financial statements in the cloud?

My rule has been to never place in the cloud anything where disclosure may have catastrophic consequences. I think that's fine but I'm sure the 25+ institutions that have had my info over the years don't abide by that policy and at some point they will get compromised. To me, it's more about the af...
by simas
Fri May 01, 2020 7:19 am
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 133
Views: 11314

Re: Optimizing PPP Forgiveness

My understanding from my bank is the following: a). they are providing the loan. They are not not given money from the government until the loan is forgiven. I.e. it is truly a bank loan until that point. they are collecting all the information and they have provided me a checklist for the followin...
by simas
Fri May 01, 2020 7:15 am
Forum: Personal Finance (Not Investing)
Topic: Trying to lower tax on short term capital gains. Do conservation easements work?
Replies: 136
Views: 8865

Re: Trying to lower $800k tax on short term capital gains. Do conservation easements work?

What is a DAF? Thanks! I have also been looking into opportunity zone projects Look up Donor Advised Fund - DAF . you contribute money now, write it as charitable donation (which it is) and then get to donate it to qualified charities (based on causes you support) over time. probably your best bet ...
by simas
Fri May 01, 2020 7:11 am
Forum: Personal Finance (Not Investing)
Topic: Looking for advice in deciding to take a new role
Replies: 5
Views: 485

Re: Looking for advice in deciding to take a new role

Long time lurker, first time poster. Good to be here! It feels strange to be writing this during a time when so many are losing their jobs, but I've found myself in a position of evaluating a new opportunity. I'm facing a dilemma and could use some of this group's collective wisdom. Here are the de...
by simas
Thu Apr 30, 2020 10:16 pm
Forum: Personal Finance (Not Investing)
Topic: Converting to a ROTH via CARES Act?
Replies: 14
Views: 1152

Re: Converting to a ROTH via CARES Act?

retiredjg wrote:
Thu Apr 30, 2020 7:49 pm
Spirit Rider wrote:
Thu Apr 30, 2020 6:21 pm
It would be monumentally unwise....
Such lovely wording.... :wink:
on tax matters, I would seriously listen to what Sprit Rider writes. and I agree with wording above, absolutely not the intent of 401k withdrawal and likely get taxpayer into a major mess in the future..
by simas
Thu Apr 30, 2020 10:12 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to lower tax on short term capital gains. Do conservation easements work?
Replies: 136
Views: 8865

Re: Trying to lower $800k tax on short term capital gains. Do conservation easements work?

What is a DAF? Thanks! I have also been looking into opportunity zone projects Look up Donor Advised Fund - DAF . you contribute money now, write it as charitable donation (which it is) and then get to donate it to qualified charities (based on causes you support) over time. probably your best bet ...
by simas
Thu Apr 30, 2020 10:04 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 133
Views: 11314

Re: Optimizing PPP Forgiveness

My understanding from my bank is the following: a). they are providing the loan. They are not not given money from the government until the loan is forgiven. I.e. it is truly a bank loan until that point. they are collecting all the information and they have provided me a checklist for the followin...
by simas
Thu Apr 30, 2020 9:58 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to lower tax on short term capital gains. Do conservation easements work?
Replies: 136
Views: 8865

Re: Trying to lower $800k tax on short term capital gains. Do conservation easements work?

What is a DAF? Thanks! I have also been looking into opportunity zone projects Look up Donor Advised Fund - DAF . you contribute money now, write it as charitable donation (which it is) and then get to donate it to qualified charities (based on causes you support) over time. probably your best bet ...
by simas
Thu Apr 30, 2020 5:32 pm
Forum: Personal Finance (Not Investing)
Topic: Converting to a ROTH via CARES Act?
Replies: 14
Views: 1152

Re: Converting to a ROTH via CARES Act?

If a taxpayer processes the conversion and it is later deemed disallowed, they would have a failed conversion that would be treated as an excess regular Roth contribution and corrected in the usual manner. Further, it is also not clear after correction if the 3 year repayment option would allow for...
by simas
Thu Apr 30, 2020 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: Car Dealers not really wanting to make a deal
Replies: 226
Views: 31047

Re: Car Dealers not really wanting to make a deal

Just a heads up on a universal internet truth, no matter what price you paid for your car, someone on the forum will tell you that you got ripped off and they got a better deal. I think of this as just a form of trolling, nothing else. useless and ignorable. this is also very common on any forum de...
by simas
Thu Apr 30, 2020 8:02 am
Forum: Personal Finance (Not Investing)
Topic: Our company just closed our regional office permanently
Replies: 35
Views: 5394

Re: Our company just closed our regional office permanently

I've thought this could be very disruptive for employment over the long run. If the work can be done remotely, what's to say it can't be offshored to a cheaper labor force in another country at a favorable exchange rate? scary times. not really. it was always that way - vast majority of white colla...
by simas
Thu Apr 30, 2020 7:56 am
Forum: Personal Finance (Not Investing)
Topic: Quitting a job after two weeks: relocation expenses
Replies: 196
Views: 17335

Re: Quitting a job after two weeks: relocation expenses

I have done a terrible, massive mistake. no. it may just be the environment - throw people in the water and see if they swim (including set priorities, push back where needed, etc). as others said, you are the only person who determines how long you work, what expectations you agree with , etc. so ...
by simas
Wed Apr 29, 2020 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Drivers license Cancelled
Replies: 48
Views: 5441

Re: Drivers license Cancelled

Hi all, I am looking for inputs on how to resolve the driver licence cancelled situation, my husband is facing. Sylph , what are you trying to achieve? What is the end goal? Is it a. want to be in IL and legally driving your car(s) b. want to stay in TX for time reason and be legally driving c. wan...