Search found 23 matches

by J_Markov
Thu Nov 16, 2017 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: tax strategy for side income
Replies: 15
Views: 1114

Re: tax strategy for side income

But why would you elect to be taxed as an S-Corp? As an S-Corp you have to pay the employer portion of social security even if your income as an employee is above the cap between your two W2 jobs - which actually means increased tax burden relative to a sole proprietor who doesn't have to pay the a...
by J_Markov
Thu Nov 16, 2017 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: tax strategy for side income
Replies: 15
Views: 1114

Re: tax strategy for side income

avalpert wrote:
Thu Nov 16, 2017 4:12 pm
J_Markov wrote:
Thu Nov 16, 2017 3:48 pm
In that case open a Solo-401k (do it now so you get it done before end of year) and you can put in 20% adjusted net income as an employer match.
I actually registered an LLC (S-corp). Does that mean I can put aside 25% of gross income I get as 1099?
by J_Markov
Thu Nov 16, 2017 3:48 pm
Forum: Personal Finance (Not Investing)
Topic: tax strategy for side income
Replies: 15
Views: 1114

Re: tax strategy for side income

Hi everyone, Just wanted to update on what has happened with my side job. It actually turned out to be much more lucrative than what I thought as I obtained some unexpected contracts. My income on my personal side business will be in the mid to high 5 figures. So I'm going to ask the same questions ...
by J_Markov
Thu Nov 16, 2017 3:33 pm
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 43
Views: 2912

Re: Buying and Spending Bitcoin

Forgive my ignorance on monetary policy, but can the Federal Reserve come up with a cryptocurrency? In other words, can they decide one day that they will substitute the dollar for their own cryptocurrency? In Europe many countries were switched to the Euro in the not so distant past, could they do ...
by J_Markov
Thu Sep 21, 2017 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: What is the right career path for me?
Replies: 24
Views: 2584

Re: What is the right career path for me?

To the OP: Keep in mind that if you go the MD/ortho route you will need 4 years of med school + 5 years of residency (and possibly 1 additional year of fellowhsip). When are you planning to apply to med school? You'll need time to get your application ready. Did you take the MCAT? In any case, you w...
by J_Markov
Mon Jul 24, 2017 10:17 pm
Forum: Personal Finance (Not Investing)
Topic: Investing in an AirBNB unit? ROI?
Replies: 32
Views: 3348

Re: Investing in an AirBNB unit? ROI?

I wouldn't use your cash to purchase the property. I'd put 20% down payment and then finance the rest with a 15-year mortgage. You should be able to pay the mortgage and other monthly expenses with the rental income, and still get a few hundred bucks left. After 15 years the property is entirely you...
by J_Markov
Wed Apr 12, 2017 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: tax strategy for side income
Replies: 15
Views: 1114

Re: tax strategy for side income

Thank you, everyone, for the advice.

It seems that for now there's not much advantage in doing anything specific regarding tax deferred contributions. I will probably just try to maximize every other possible tax deduction that comes with earning 1099 money (car expenses, meals, travel, etc...).
by J_Markov
Wed Apr 12, 2017 10:29 am
Forum: Personal Finance (Not Investing)
Topic: tax strategy for side income
Replies: 15
Views: 1114

tax strategy for side income

I recently started making some extra income on the side as an IC and I'm trying to figure out the best strategy going forward when it comes to taxes. My current situation is that I'm a full-time employee making most of my income, by far, as W2. I've been maximizing 401k and doing backdoor roth. I re...
by J_Markov
Fri Apr 07, 2017 8:07 am
Forum: Personal Finance (Not Investing)
Topic: Citi Costco Visa vs. Chase Sapphire Reserve
Replies: 73
Views: 9774

Re: Citi Costco Visa vs. Chase Sapphire Reserve

Agree with posts above. CSR and costco cards are completely different. The big advantage of the URs is that you can transfer them to airline miles which are then worth quite a bit. Costco cards sends you a check once a year.
by J_Markov
Tue Apr 04, 2017 2:29 pm
Forum: Personal Finance (Not Investing)
Topic: Enjoying the journey to retirement
Replies: 23
Views: 2737

Re: Enjoying the journey to retirement

what happens when you truly love your job and don't feel like retiring at all? In fact, what happens when the thought of retiring has the opposite effect on you, it scares you and bring you down? Has this happened to many here?
by J_Markov
Wed Mar 29, 2017 8:56 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 2304
Views: 410236

Re: What's Your Credit Card Rewards Strategy?

No, I was talking about calling in. When I said United computer, I meant the computer the CSR rep was using to create the itinerary. If you book an award ticket, no flight system will let you book an illegal route whether you do so by calling in or by using the website. The only time a not-possible...
by J_Markov
Wed Mar 29, 2017 7:41 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 2304
Views: 410236

Re: What's Your Credit Card Rewards Strategy?

Regarding amount of time to get to your next plane--the United computer will reject the itinerary if it doesn't leave enough time. It's never happened to me, but presumably the CSR would say "sorry that's not a valid itinerary." You won't be able to book anything "illegal." Once...
by J_Markov
Wed Mar 22, 2017 1:45 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 2304
Views: 410236

Re: What's Your Credit Card Rewards Strategy?

This may be too much information, but below is what we have done, strategy-wise, since January 2016. (Anyone know how to make the formatting work? It looks great before I submit....) I have done very little MSing. Our spend on credit cards, as a family, is usually around $3-5K/mo. I tried to spread...
by J_Markov
Tue Mar 14, 2017 7:32 pm
Forum: Personal Finance (Not Investing)
Topic: Another rent versus buy - moving from MCOL to VHCOL
Replies: 15
Views: 1683

Re: Another rent versus buy - moving from MCOL to VHCOL

I'd think the budget you have seems tight. Did you calculate other expenses such as vacation, cars, etc...? Unless you're already tied to the Bay area for family reasons, I would personally rent for a couple of years just to make sure you like the new job.
by J_Markov
Thu Mar 09, 2017 9:37 am
Forum: Personal Finance (Not Investing)
Topic: Physician Retirement Savings
Replies: 278
Views: 48615

Re: Physician Retirement Savings

-PoF Great blog and nice post. Regarding geographic arbitrage, most salary comparisons between urban vs rural and between geographic regions do not break down the data to account for differences in distribution of practice types which exist. Particularly in procedural specialties where there is pot...
by J_Markov
Tue Mar 07, 2017 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: Physician Retirement Savings
Replies: 278
Views: 48615

Re: Physician Retirement Savings

Seeing all these posts about high salaries makes me want to leave Boston! I'll be a cardiologist in a few years. If I were to stay in the actual city of Boston, my colleagues are receiving job offers for full-time cardiology positions starting as low as $120k. I've heard you can negotiate up to $16...
by J_Markov
Mon Mar 06, 2017 10:31 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 2304
Views: 410236

Re: What's Your Credit Card Rewards Strategy?

Quick question: I just got he chase sapphire preferred last week without really knowing much about the sapphire reserve... I just realized that if i open the reserve before Friday I get 100k bonus points. Does it make sense to open the reserve at this point just to get those 100k points? My strateg...
by J_Markov
Mon Mar 06, 2017 9:53 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 2304
Views: 410236

Re: What's Your Credit Card Rewards Strategy?

Quick question: I just got he chase sapphire preferred last week without really knowing much about the sapphire reserve... I just realized that if i open the reserve before Friday I get 100k bonus points. Does it make sense to open the reserve at this point just to get those 100k points? My strategy...
by J_Markov
Wed Jan 25, 2017 9:18 pm
Forum: Personal Finance (Not Investing)
Topic: Best CC for Travel
Replies: 82
Views: 8416

Re: Best CC for Travel

Congrats to your wife! Me, I preferred, and still do, Chase's Mileage Plus Visa, where you earn one air mile for every dollar charged. There's an annual fee, but I've flown first class for the cost of Economy more times than I can count, by drawing on the miles earned in that program. (I charge eve...
by J_Markov
Wed Jan 25, 2017 6:39 pm
Forum: Personal Finance (Not Investing)
Topic: Can I afford to stop working overtime?
Replies: 56
Views: 5214

Re: Can I afford to stop working overtime?

If the OP lives in South Florida (as the nickname suggests), and he has a big family (3 kids?), then 9k/month is not unreasonable. Real estate is very expensive and property tax very high in South Fl. In any case, I'm still somewhat confused. The OP said he has never maximized his 401k. He must have...
by J_Markov
Tue Jan 24, 2017 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: Can I afford to stop working overtime?
Replies: 56
Views: 5214

Re: Can I afford to stop working overtime?

Serious question. I have expenses ~$9000 a month. Will try to cut back but probably can't cut back more than $1000 per month, so figure the best month would be about $8000 a month in expenses. Expenses do not include taxes. Income is $164,000 base salary (pretax, for family) + bonus + overtime. Pas...
by J_Markov
Thu Mar 04, 2010 7:10 pm
Forum: Investing - Help with Personal Investments
Topic: Life Strategy Income Fund vs Wellesley
Replies: 7
Views: 2983

Thanks for all the informative advise. Sheepdog, I don't really need the money in 5 years. I can definitely wait longer until using it. I was more thinking in roughly that time i'd one to use it to buy a property, but it's nothing really fixed. KyleAAA, I'm actually in a high tax bracket. I just too...
by J_Markov
Thu Mar 04, 2010 4:53 pm
Forum: Investing - Help with Personal Investments
Topic: Life Strategy Income Fund vs Wellesley
Replies: 7
Views: 2983

Life Strategy Income Fund vs Wellesley

Hi, I'm new to this board. I have some extra money I want to park and won't use for at least the next 5 years. I've been doing some research on where to invest the money and have narrowed it down to either life strategy income fund (VASIX) or Wellesley (VWINX). I already have enough cash to cover 6 ...