Search found 415 matches

by Cuzz35
Sat Sep 14, 2019 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: Bay Area teacher saving half my income – why the doubt? (and asking more questions)
Replies: 174
Views: 6325

Re: Bay Area teacher saving half my income – why the doubt? (and asking more questions)

Nice. I looked into the premium tax credit years ago but do not qualify. So all in all we spend around 15% on medical. Alot more back when my son was in all kinds of therapy that wasn't covered.
by Cuzz35
Sat Sep 14, 2019 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: Accountant Salary Growth
Replies: 32
Views: 3276

Re: Accountant Salary Growth

I'm also in Atlanta finishing up year 7 of my career in public accounting on the tax side. Been at the same firm my entire career. Firm size is over 300 people and around $75 million annual revenue. I would say you are doing a good job. My path is probably been quicker than most but I also didn't st...
by Cuzz35
Sat Sep 14, 2019 12:34 pm
Forum: Personal Finance (Not Investing)
Topic: Bay Area teacher saving half my income – why the doubt? (and asking more questions)
Replies: 174
Views: 6325

Re: Bay Area teacher saving half my income – why the doubt? (and asking more questions)

No medical expenses? Does your health plan cover it all? I'm paying over 3x on insurance premiums with a high deductible plan subsidized through work. We hit our deductible every year which accounts for about $600 a month. Salary is similar to yours but I live in Atlanta, mortgage is half and RE tax...
by Cuzz35
Wed Jul 10, 2019 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: If there are no close or trusted relatives close by, who will care for you, pay your bills, etc.
Replies: 140
Views: 11215

Re: If there are no close or trusted relatives close by, who will care for you, pay your bills, etc.

I still need to go through and read this thread but I have a similar problem. I currently have a grandmother who lives in rural Wyoming and has her entire life. Her only child, my mother, passed away 20 years go and I am her only living grandchild (I'm 33 with 3 young children). I live in Atlanta an...
by Cuzz35
Tue Jul 09, 2019 9:04 pm
Forum: Personal Consumer Issues
Topic: Who cuts your hair? And for how much?
Replies: 153
Views: 9006

Re: Who cuts your hair? And for how much?

I buzz mine myself. Mainly because my hair sucks and there is never much to cut or do with it anyway.
by Cuzz35
Fri Jun 28, 2019 8:08 am
Forum: Personal Finance (Not Investing)
Topic: Tax mistake
Replies: 23
Views: 2881

Re: Tax mistake

Sounds to me like it may be worth your hiring an accountant to prepare your taxes going forward. Your time is valuable, and would likely save a lot of hassle. This is my vote too. I could probably help you but I'd need to see your return and the notice. I'm sure many of us in this thread would real...
by Cuzz35
Mon Mar 25, 2019 10:14 am
Forum: Personal Finance (Not Investing)
Topic: Tax refund: take the cash or apply to next year's estimates?
Replies: 12
Views: 1556

Re: Tax refund: take the cash or apply to next year's estimates?

I would take the refund instead of applying it to future taxes. The reason is simply because I want to isolate any tax payment issue to an individual year. If I apply a refund to next year's return and it then turns out to be subsequently reduced due to an adjustment in my tax return than I run int...
by Cuzz35
Sun Mar 17, 2019 9:39 am
Forum: Personal Finance (Not Investing)
Topic: CPA is not including form 8606 for my backdoor Roth
Replies: 86
Views: 6368

Re: CPA is not including form 8606 for my backdoor Roth

Thank you for your answers, I will just ask my CPA to fill the form. I will consider using some tax software to do my taxes for this year as well, and keep the return prepared for my CPA as a reference, form 8606 being only part of a more complex situation… I suspect your CPA is using this method b...
by Cuzz35
Thu Feb 28, 2019 8:56 pm
Forum: Personal Finance (Not Investing)
Topic: What should I look for in a Tax Accountant?
Replies: 8
Views: 641

Re: What should I look for in a Tax Accountant?

Sure, I get what you are saying, but can't I pay a few hundred (or a grand or two) to have them figure out how to optimize my taxes and holdings? I would look for someone that specializes in helping high net worth families. Even if you don't think you are high net worth. Additional credentials woul...
by Cuzz35
Thu Feb 28, 2019 8:52 pm
Forum: Personal Finance (Not Investing)
Topic: What should I look for in a Tax Accountant?
Replies: 8
Views: 641

Re: What should I look for in a Tax Accountant?

I'm not saying you should not hire a TA as it's a lot of work to file taxes. However, if your goal is to reduce your taxes and figure out how to invest and withdraw funds tax efficiently, then you need to do a lot of the leg work yourself IMHO. From my experience at least, financial advisors don't ...
by Cuzz35
Tue Feb 26, 2019 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: Tax deductibility of advisor fees for a trust
Replies: 16
Views: 690

Re: Tax deductibility of advisor fees for a trust

They are now only deductible in regards to accounting income for the trust. The new Tax law took away their position in previous years as a 2% misc deduction. Irrevocable vs revocable does not matter Mike Upon further research, it appears investment advisory fees for a trust are no longer deductibl...
by Cuzz35
Tue Feb 26, 2019 10:57 am
Forum: Personal Finance (Not Investing)
Topic: Tax deductibility of advisor fees for a trust
Replies: 16
Views: 690

Re: Tax deductibility of advisor fees for a trust

They are now only deductible in regards to accounting income for the trust. The new Tax law took away their position in previous years as a 2% misc deduction. Irrevocable vs revocable does not matter Mike Upon further research, it appears investment advisory fees for a trust are no longer deductibl...
by Cuzz35
Thu Feb 14, 2019 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Depreciation
Replies: 10
Views: 819

Re: Depreciation

Wow. I see now that depreciation recapture is not a flat rate 25%, but a maximum rate of 25%. Really food to know this. Perhaps I can time the sale of my rental property the first year of early eetierment and save quite a bit on taxes. You can also spread out the gain via an installment sale agreem...
by Cuzz35
Tue Feb 12, 2019 5:08 pm
Forum: Personal Finance (Not Investing)
Topic: [2018 tax return - How does it compare to previous years?]
Replies: 441
Views: 32850

Re: Smaller tax refunds this year? Clear explanation please

Refund? What's that? :D It's that thing us accountants have our clients roll into the following year to cover their estimated tax obligations. My income went up a lot and so did my overall tax but the tax law helped me a lot on the federal side. Not so much on the state because my state has a very ...
by Cuzz35
Tue Feb 12, 2019 11:34 am
Forum: Personal Finance (Not Investing)
Topic: Being content with your finances
Replies: 106
Views: 8885

Re: Being content with your finances

I haven't heard anyone mention the old phrase of "putting yourself in someone else's shoes." If you were living my life and earning what I made, your 7 figure salary would be more than enough and that probably goes for the vast majority of people in the world. I mean, are you truly dissatisfied with...
by Cuzz35
Fri Feb 08, 2019 8:28 am
Forum: Personal Consumer Issues
Topic: How many hours do you work and what do you outsource
Replies: 88
Views: 7791

Re: How many hours do you work and what do you outsource

I usually work 40 hours a week. About 10 week a year its double around 80 hours a week. Also things come up and frequently do 50+. My wife stays at home with our three kids (ages 7, 2 and 8 months). So in a sense I outsouce a lot. She cooks for me, she'll do my laundry when I can't keep up during th...
by Cuzz35
Fri Jan 25, 2019 6:26 am
Forum: Personal Finance (Not Investing)
Topic: Sec 199A business tax deduction
Replies: 46
Views: 3139

Re: Sec 199A business tax deduction

But she said the IRS hadn't yet released the information they needed to put it on the software. IRS issued 199A final regs at the end of last week. They may have issued the final regs but doesn't mean turbo has pushed out the necessary updates yet. It's probable that he EA didn't know about the reg...
by Cuzz35
Thu Jan 24, 2019 6:13 pm
Forum: Personal Finance (Not Investing)
Topic: Why doesn't a lot of money feel like a lot of money?
Replies: 205
Views: 21947

Re: Why doesn't a lot of money feel like a lot of money?

I still get pretty excited about a large bonus. I usually don't spend any of it. What excites you? The idea of financial freedom at some point? The money itself. I'm in the same boat. It excites me and makes me happy. I guess it's just extra icing on the cake for working my butt off. Maybe if I wer...
by Cuzz35
Thu Jan 24, 2019 9:09 am
Forum: Personal Finance (Not Investing)
Topic: Why doesn't a lot of money feel like a lot of money?
Replies: 205
Views: 21947

Re: Why doesn't a lot of money feel like a lot of money?

Why doesn't a lot of money feel like a lot of money ? Answer: SWR (Safe Withdrawal Rate) $1 million dollars seems like a lot of money until you realize at a 4% SWR it only produces $40,000/year. burt Yeah but $1million beats the heck out of only having $100k. I think its still something worth smili...
by Cuzz35
Mon Jan 21, 2019 7:12 pm
Forum: Personal Consumer Issues
Topic: Paying thousands per ticket to attend the NFL Super Bowl?
Replies: 138
Views: 6959

Re: Paying thousands per ticket to attend the NFL Super Bowl?

If I could easily afford it, yes I would go to a super bowl that included the Atlanta Falcons and I think it would be worth it. But I can't and won't ever be able to afford it unless a client wants to give me tickets and allows me to use their private jet or something.
by Cuzz35
Mon Jan 07, 2019 7:43 pm
Forum: Personal Finance (Not Investing)
Topic: Recent Engineering College Graduate can’t get job interviews, needs advice
Replies: 145
Views: 11653

Re: Recent Engineering College Graduate can’t get job interviews, needs advice

I was in a similar situation. Low GPA, had switched majors a few times and had no experience. My first degree was in finance. I ended up going back to school and getting a second undergrad degree in accounting. My overall GPA was still low, but I had a 4.0 in all my accounting courses. I attended al...
by Cuzz35
Mon Nov 12, 2018 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: which way is simpler if NOL
Replies: 8
Views: 623

Re: which way is simpler if NOL

ketanco wrote:
Mon Nov 12, 2018 1:04 pm
yes schedule C as a sole proprietorship but it means individual isnt it? i mean how else can an individual have NOL?
By owning a pass through entity such as an s-corporation or partnership or rental real estate.
by Cuzz35
Mon Nov 12, 2018 12:21 pm
Forum: Personal Finance (Not Investing)
Topic: High Earners - What's Your Profession?
Replies: 712
Views: 120749

Re: High Earners - What's Your Profession?

I guess I've made it into the "club." 32 year old CPA 3rd year as a manager in a niche group serving high net worth individuals. Large regional firm Medium to low cost of living Base Salary $115k Bonuses anywhere from 5-20% I was a late starter. I've been doing this for 6 years. My progression is pr...
by Cuzz35
Mon Nov 12, 2018 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: which way is simpler if NOL
Replies: 8
Views: 623

Re: which way is simpler if NOL

wait i was talking about individually myself. are you talking about corporations? and also when i use the NOL in the future year what do i do to show it and deduct it? where what form? Ketanco, I am talking about individuals. Presumably you have some business or else you wouldn't be generating loss...
by Cuzz35
Mon Nov 12, 2018 11:45 am
Forum: Personal Finance (Not Investing)
Topic: which way is simpler if NOL
Replies: 8
Views: 623

Re: which way is simpler if NOL

You also need to look at the new excess business loss rules as those could apply to you as well. Essentially it caps the amount of current year business losses you can take to offset income from other sources (usually wages and portfolio). Essentially business losses over $250k if filing single and ...
by Cuzz35
Fri Nov 09, 2018 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: How much money did you receive from family? (Gifts/inheritance)
Replies: 127
Views: 14586

Re: How much money did you receive from family? (Gifts/inheritance)

$0. Not as lucky as most of you. I inherited some amount over $1 million when my mom and sister died when I was 13. I don't feel very lucky. Not sure on the details as it was kept from me. I believe there was some estate tax due because the exemption was extremely low at the time (unlucky, its over...
by Cuzz35
Wed Aug 22, 2018 5:38 am
Forum: Personal Finance (Not Investing)
Topic: CPA/Account error - who's responsible?
Replies: 24
Views: 2162

Re: CPA/Account error - who's responsible?

If you have a clean filing history, they could request penalty relief. The IRS is usually very good about waiving penalties for first time mistakes.
by Cuzz35
Wed Aug 22, 2018 5:29 am
Forum: Personal Finance (Not Investing)
Topic: Conservation Easement Deductions
Replies: 6
Views: 724

Re: Conservation Easement Deductions

Anyone has feedback on "Conservation Easement Deductions"? How does this thing work and how much deductions can be claimed? My CPA is suggesting that if we invest some money in the conservation easement, you can deduct 4.5 times of contribution. Any input would be helpful. Investing in a Syndicated...
by Cuzz35
Mon Aug 13, 2018 6:19 pm
Forum: Personal Finance (Not Investing)
Topic: sole proprietorship in foreign country
Replies: 4
Views: 504

Re: sole proprietorship in foreign country

What do you mean by leg entity? This is not going to be a company. It is treated the same as its owner, as in the US sole proprietorship, with unlimited liability for the owner. It is not subject to entity tax here for example. It can have any name you choose or your personal name. I mean creating ...
by Cuzz35
Mon Aug 13, 2018 5:43 am
Forum: Personal Finance (Not Investing)
Topic: sole proprietorship in foreign country
Replies: 4
Views: 504

Re: sole proprietorship in foreign country

When you say you are going to open a sole proprietorship do you mean you are creating a specific leg entity in the foreign country? If so, you will need to check and see how that entity type is treated for U.S. tax purposes. Many foreign single member entities are treated as corporations under U.S. ...
by Cuzz35
Wed Aug 01, 2018 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Is there a Boglehead way of running a business?
Replies: 19
Views: 2303

Re: Is there a Boglehead way of running a business?

Any particular reason your building is owned inside a C-corp? Same question relates to your chiropractic business. Most sole practicioners either run their business as a single member LLC which is disregarded for tax purposes or as an S-corp. Right now, as a C-corp, you will likely have to pay tax o...
by Cuzz35
Fri Jul 27, 2018 9:58 am
Forum: Personal Finance (Not Investing)
Topic: Selling a rental and building primary residence
Replies: 3
Views: 314

Re: Selling a rental and building primary residence

If you're talking about U.S. taxes then its possible you have suspended passive losses from the rental property that will offset some of your gain.
by Cuzz35
Thu Jul 26, 2018 9:41 pm
Forum: Personal Finance (Not Investing)
Topic: [S-Corps] Accountant advice on handling profit
Replies: 22
Views: 1531

Re: [S-Corps] Accountant advice on handling profit

One thing to consider is the new qualified business income deduction. Wages do not qualify for this deduction but your s-corp earnings may depending on the type of business as well as your adjusted gross income levels.

I don't get this strategy even without this new deduction.
by Cuzz35
Sat Jun 09, 2018 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: Why do we work?
Replies: 121
Views: 12091

Re: Why do we work?

It isn't fun lol. Probably do 9AM - 2AM M-F, try and only do 5 hours or so Saturdays and then 10 or so Sunday. It is not a sustainable lifestyle. Certainly takes a toll on your personal relationships and health. But it is for a fixed amount of time (3 years) and then I either get promoted and work ...
by Cuzz35
Sat Jun 09, 2018 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: Why do we work?
Replies: 121
Views: 12091

Re: Why do we work?

Are we defining work as being employed by someone else or spending ones time making money? If that is the case, having enough to take care of my family is why I do it. If I had enough, I wouldn't work another day using that definition.. I would do other things that would be considered work but just ...
by Cuzz35
Fri Apr 13, 2018 10:09 pm
Forum: Personal Finance (Not Investing)
Topic: [Help completing the TN state tax return]
Replies: 73
Views: 3541

Re: How do I know which amounts from my 1099 form make me decide on if I have to pay a state tax return to Tennessee?

You include dividends, interest from from bonds (not Bank account interest), non dividend distributions and capital gain distributions. You also include distributions from s-corporations.
by Cuzz35
Fri Apr 06, 2018 11:14 am
Forum: Personal Finance (Not Investing)
Topic: Recapture when selling rental as Primary Residence
Replies: 1
Views: 307

Re: Recapture when selling rental as Primary Residence

You cannot exclude gain attributable to depreciation taken after May 1997.
IRC Secs.121(d)(6) and 1250(b)(3); Reg. 1.121-1(d)
by Cuzz35
Fri Mar 23, 2018 7:39 am
Forum: Personal Finance (Not Investing)
Topic: MLP Taxation Confusion [Master Limited Partnership]
Replies: 27
Views: 2430

Re: MLP Taxation Confusion [Master Limited Partnership]

My point was that after you dispose of a passive activity in a fully taxable transaction any passive losses that would otherwise be suspended are treated as non-passive. The software is doing it correctly when you check the box that you fully disposed of the activities. I think the losses are still...
by Cuzz35
Wed Mar 21, 2018 9:46 pm
Forum: Personal Finance (Not Investing)
Topic: MLP Taxation Confusion [Master Limited Partnership]
Replies: 27
Views: 2430

Re: MLP Taxation Confusion [Master Limited Partnership]

Another thing I noticed that for the two MLPs with passive activity losses carried over from 2016 that could be utilized in 2017 now that they are completely disposed off, TurboTax is putting the losses in the Nonpassive loss column on Schedule E. That seems surprising to me, I would have thought t...
by Cuzz35
Wed Mar 21, 2018 9:16 pm
Forum: Personal Finance (Not Investing)
Topic: Can you validate the tax calculation from my CPA. It doesn't seem right to me
Replies: 16
Views: 2025

Re: Can you validate the tax calculation from my CPA. It doesn't seem right to me

Is it worth earning the extra money when you are taxed at about 50%. What is the "real cost" associated with that earning - stress, sleep deprivation, less time to kids etc. Do you all have any perspectives. Depends on alot of things. I mean 50% of a million is still $500k. 50% on $50k might not ma...
by Cuzz35
Wed Mar 21, 2018 9:07 pm
Forum: Personal Finance (Not Investing)
Topic: Was my experience with a CPA typical?
Replies: 23
Views: 4476

Re: Was my experience with a CPA typical?

Sounds close to my first time using one this year. I made a muck of my taxes by closing a tIRA and Roth ($250 total) via early-distribution (bad idea), along with the usual complexities of a backdoor Roth, private stock sale, some ISO vesting, etc... She did not leave me feeling confident at all. W...
by Cuzz35
Wed Mar 21, 2018 9:03 pm
Forum: Personal Finance (Not Investing)
Topic: MLP Taxation Confusion [Master Limited Partnership]
Replies: 27
Views: 2430

Re: MLP Taxation Confusion [Master Limited Partnership]

Another thing I noticed that for the two MLPs with passive activity losses carried over from 2016 that could be utilized in 2017 now that they are completely disposed off, TurboTax is putting the losses in the Nonpassive loss column on Schedule E. That seems surprising to me, I would have thought t...
by Cuzz35
Fri Mar 16, 2018 5:04 pm
Forum: Personal Finance (Not Investing)
Topic: Am I overpaying for 1120S prep fee?
Replies: 16
Views: 1374

Re: Am I overpaying for 1120S prep fee?

Ask them what their billing rates are and then ask to see the billing WIP detail so you can see how much time it took them to prepare it. It's either their billing rate is too high for you or they are spending way to much time on it. Asking for both these items will tell you. It's also possible you ...
by Cuzz35
Fri Mar 16, 2018 10:37 am
Forum: Personal Finance (Not Investing)
Topic: How does everyone here earn so much?
Replies: 131
Views: 9937

Re: How does everyone here earn so much?

I ask myself this same question when I drive around the area I live. It's littered with million plus mansions and people buy homes for $500k just to bulldoze them to build a 2 million dollar home. The 500k one was nicer than my house. I don't care that I am not as wealthy but I do wonder how there a...
by Cuzz35
Fri Mar 16, 2018 7:05 am
Forum: Personal Finance (Not Investing)
Topic: I owe $50k in 2017 taxes. Where can I find a good accountant/ bookkeeper? Or DIY?
Replies: 26
Views: 4051

Re: I owe $50k in 2017 taxes. Where can I find a good accountant/ bookkeeper? Or DIY?

I have a whole slew of people I have lined up the next few weeks that I am going to tell them they owe $1million plus. For the most part I already know which people will be fine with it and pleased with my work and those that won't. Most realize they made a bunch of money and are used to writing lar...
by Cuzz35
Thu Mar 08, 2018 11:52 pm
Forum: Personal Finance (Not Investing)
Topic: Filing taxes on a rental property loss
Replies: 5
Views: 821

Re: Filing taxes on a rental property loss

In your situation you have no gain or loss on the sale because the sales price is between your adjusted basis for determining gain and adjusted basis for determining loss. Gain basis is the original cost minus accumulated depreciation. Loss basis is the value when placed in service minus accumulated...
by Cuzz35
Thu Jan 25, 2018 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone want to share their monthly budget? Here's ours
Replies: 88
Views: 18283

Re: Anyone want to share their monthly budget? Here's ours

Family 5 (2 college 1 HS) Me: 54 DW: 49 Gross Annual: $475-600k Post Tax Investments: 2M Pre-Tax 980k Home -Valued at 550k Outstanding mortgage: 87k 2 Car Leases: 1,490 Insurance 396 Gas 229 Registration 50 Service 50 Cable 161 Phone/Cell 225 Electric 284 Garbage 1,580 Water 130 Movies 50 Newspaper...
by Cuzz35
Wed Jan 24, 2018 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Dear wife quits job and now we are down to 1 income
Replies: 190
Views: 19766

Re: Dear wife quits job and now we are down to 1 income

How does this set a wrong example? What's wrong with a spouse, male or female deciding to stay home and raise their children? Would you have anything to say if it were a male deciding to stay home? I work all the time and my son tells me (he's 6) he doesn't want to work when he grows up because tha...
by Cuzz35
Wed Jan 24, 2018 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Dear wife quits job and now we are down to 1 income
Replies: 190
Views: 19766

Re: Dear wife quits job and now we are down to 1 income

If your wife is interested in raising them at home, you might find there isn't much difference financially whether she works or stays home for the next few years. This is a very old fashion way of thought. Even if it’s break even, a spouse *should* continue to work to maintain their skills and care...
by Cuzz35
Wed Jan 24, 2018 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Dear wife quits job and now we are down to 1 income
Replies: 190
Views: 19766

Re: Dear wife quits job and now we are down to 1 income

What if the mom doesn't want to work? That's a family decision not a 'mom' decision. It's going to be a hard one when you are $700/month in the hole and no longer saving anything at all. The OP has $67,000 in a taxable account. If the mom takes a year off to spend with the kid, they might use like ...