Search found 389 matches

by Cuzz35
Wed Aug 22, 2018 5:38 am
Forum: Personal Finance (Not Investing)
Topic: CPA/Account error - who's responsible?
Replies: 24
Views: 2074

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: 541

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: 427

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: 427

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: 2159

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: 260

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: 1410

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: 11016

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: 11016

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: 2832

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: 261

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: 1908

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: 1908

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: 17
Views: 1921

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: 4301

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: 1908

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: 1146

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: 8341

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: 3828

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: 708

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: 20
Views: 3350

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: 18337

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: 18337

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: 18337

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 ...
by Cuzz35
Sat Jan 20, 2018 7:21 am
Forum: Personal Finance (Not Investing)
Topic: CPA Careers
Replies: 10
Views: 1721

Re: CPA Careers

There is always public accounting which encompasses alot of different things but the two largest is tax and auditing services. I would say starting salaries vary by location and size of firm but I would guess mid $50k for someone out of college going to a large firm in most areas. I started at $52k...
by Cuzz35
Fri Jan 19, 2018 8:02 pm
Forum: Personal Finance (Not Investing)
Topic: CPA Careers
Replies: 10
Views: 1721

Re: CPA Careers

There is always public accounting which encompasses alot of different things but the two largest is tax and auditing services. I would say starting salaries vary by location and size of firm but I would guess mid $50k for someone out of college going to a large firm in most areas. I started at $52k ...
by Cuzz35
Thu Jan 18, 2018 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: CPA says home sale capital gains tax exclusion criteria changed for 2018?
Replies: 13
Views: 1700

Re: CPA says home sale capital gains tax exclusion criteria changed for 2018?

I could give him a pass for not knowing off the top of his head every change in the new bill. Especially since there were alot of changes back and forth at the last minute.

I can't give him a pass for not figuring out the correct answer.
by Cuzz35
Thu Jan 11, 2018 7:16 pm
Forum: Personal Finance (Not Investing)
Topic: State tax credits that can be bought/traded
Replies: 11
Views: 1686

Re: State tax credits that can be bought/traded

Unfortunately I do not psteinx. I've only on my 4th year and the firm has been doing it his way for a long time. I'm sure there is some sort of authority for the position, I just do not know it. Most of our clients purchase credits and have been audited and to my knowledge, this treatment has not b...
by Cuzz35
Thu Jan 11, 2018 8:34 am
Forum: Personal Finance (Not Investing)
Topic: How much/little money to give kids in will so they continue to work
Replies: 95
Views: 9112

Re: How much/little money to give kids in will so they continue to work

32 year old, father of 2 soon to be three here. If I inherited a substantial amount of money I would quit working in a heart beat. Not because I want to be lazy, just because I don't think the most important thing in life is trying to make a buck. I want to see my kids more and do things with them I...
by Cuzz35
Fri Dec 22, 2017 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: Do you see a meaningful change in your income with new Tax Bill?
Replies: 266
Views: 24604

Re: Do you see a meaningful change in your income with new Tax Bill?

Calculators say my savings will be around $3k which is entirely driven by the new child tax credit.

My state taxes however will go up about $800 because they have their own standard deduction if you don't itemize at the federal level which is only $3k.
by Cuzz35
Fri Dec 15, 2017 8:58 am
Forum: Personal Finance (Not Investing)
Topic: What are your favorite tax deductions and credits for 2017?
Replies: 33
Views: 2627

Re: What are your favorite tax deductions and credits for 2017?

Personally, IRA and HSA contribution deductions. Most bogleheads probably wouldn't do traditional IRA contributions and my tax rate but having a lower income means cash flow needs to be higher. Plus in the past I've been able to drop AGI low enough to get the savers credit. Not this year though. Cli...
by Cuzz35
Thu Sep 21, 2017 11:04 am
Forum: Personal Finance (Not Investing)
Topic: Tax issues relocating abroad, avoid capital gains by gifting to foreign partner
Replies: 20
Views: 1521

Re: Tax issues relocating abroad, avoid capital gains by gifting to foreign partner

Not an expert in this area so please forgive me if I am wrong. Others will hopefully clarify. Don't take this as 100% correct or advice please. Just trying to get the conversation started. Couple of thoughts. 1. She has a US SSN? Is she a greencard holder or U.S. citizen? Sounds like she is probably...
by Cuzz35
Thu Sep 21, 2017 10:44 am
Forum: Local Chapters and Bogleheads Community
Topic: Metro Atlanta Bogleheads Local Chapter
Replies: 66
Views: 14433

Re: Metro Atlanta Bogleheads Local Chapter

Steph,

Congratulations on your new job.

I would suggest sending an email to the group. I don't know how often everyone checks to see if people are replying to this thread.
by Cuzz35
Sun Aug 27, 2017 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: How much $$$ should I expect working in CPA's office for the tax season
Replies: 8
Views: 1574

Re: How much $$$ should I expect working in CPA's office for the tax season

CPA here in a 300 person firm.

We pay our interns $24 an hour (maybe more now). So depending on the size of the firm you are working for and location, you could very well be close the this.
by Cuzz35
Sun Jul 16, 2017 9:50 am
Forum: Personal Finance (Not Investing)
Topic: Large future capital gain
Replies: 8
Views: 1305

Re: Large future capital gain

Do you materially participate in the company or are you a passive investor? The gain will likely be subject to net investment income tax (3.8%) if you are passive. Also if you are passive, do you have suspended passive losses that would be freed up upon sale? This would help reduce the gain a bit if...
by Cuzz35
Tue Jul 11, 2017 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Income tax preparation cost?
Replies: 32
Views: 3346

Re: Income tax preparation cost?

Seems high to me too. My small business LLC runs about $1k per year in Cal. However, I just got nailed with a huge tax bill for my personal return which was almost triple what I paid in the past. I usually pay ~$2,200 for my Fed and State and got a bill for almost triple this year. I am floored. I ...
by Cuzz35
Mon Jun 05, 2017 9:34 pm
Forum: Personal Consumer Issues
Topic: Worth it to buy expensive clothes?
Replies: 91
Views: 12829

Re: Worth it to buy expensive clothes?

There's a distinction between expensive and good quality. I'd definitely pay more for good quality, but I've found that they're not always directly correlated. Example: Brooks Brothers dress shirts are expensive, and they look nice. But the quality is garbage. I received several shirts a little ove...
by Cuzz35
Tue May 16, 2017 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: Selling rental condo - capital gains even though selling at same price??
Replies: 24
Views: 2285

Re: Selling rental condo - capital gains even though selling at same price??

Your basis for determining gain is $170k (plus improvements) minus depreciation. Your basis for determining loss is $80k (plus improvements) minus depreciation. Sounds like you will only have some gain related to depreciation recapture. A sales price between these points results in no gain or lose....
by Cuzz35
Tue May 16, 2017 10:08 am
Forum: Personal Finance (Not Investing)
Topic: High Earners - What's Your Profession?
Replies: 613
Views: 101402

Re: High Earners - What's Your Profession?

Divisional CFO in a LCOL area...wife is PRN PT - in a good year earnings can hit the back 9 of 6 figures but generally we are hitting at about hole 7 or 8. Engineer by training, started as a navy pilot, but earnings really started after graduation from a top MBA program...still considering what to ...
by Cuzz35
Tue May 16, 2017 10:05 am
Forum: Personal Finance (Not Investing)
Topic: Selling Rental Property to Tenant
Replies: 10
Views: 1363

Re: Selling Rental Property to Tenant

See this thread for taxes which also references several other threads that deal with the same tax issue.

viewtopic.php?f=2&t=210739&p=3233645#p3233645
by Cuzz35
Wed May 03, 2017 8:18 am
Forum: Personal Finance (Not Investing)
Topic: Paying foreign contractor - do I need to withhold?
Replies: 4
Views: 690

Re: Paying foreign contractor - do I need to withhold?

Where is this contractor performing the work? If it is in Vietnam I do not believe you have a withholding requirement. Is the contractor an individual or company? §881 imposes a 30% tax on amounts received by foreign corporations from sources within the United States but only to the extent the amoun...
by Cuzz35
Tue Apr 18, 2017 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: Starting "web site business". Need an LLC?
Replies: 20
Views: 2316

Re: Starting "web site business". Need an LLC?

I would talk to your attorney/accountant and have him explain how taxation of LLC's work in Tennessee. While a single member LLC is disregarded for federal income tax purposes, they are taxable to Tennessee and have to pay a franchise and excise tax. Might still be the best option but may need to co...
by Cuzz35
Tue Apr 18, 2017 11:26 am
Forum: Investing - Help with Personal Investments
Topic: My Story so far. Totally confused! Vanguard, Charles Schwab, Merrill Edge. Managing own portfolio... or NOT?
Replies: 86
Views: 9571

Re: My Story so far. Totally confused! Vanguard, Charles Schwab, Merrill Edge. Managing own portfolio... or NOT?

Hi Tyler Aspect, Where can I see the actual percentage of large-cap, mid-cap and small-cap within VTI? I looked through here but didn't see that information... https://personal.vanguard.com/us/funds/snapshot?FundId=0970&FundIntExt=INT I do see the sector composition but that is actually something I...
by Cuzz35
Sun Apr 16, 2017 9:26 am
Forum: Personal Finance (Not Investing)
Topic: Is my new accountant giving me a fair deal on form 5471?
Replies: 3
Views: 431

Re: Is my new accountant giving me a fair deal on form 5471?

This sounds reasonable. What is their hourly rate? What were you being charged before?
by Cuzz35
Sun Apr 16, 2017 9:25 am
Forum: Personal Finance (Not Investing)
Topic: Is my new accountant giving me a fair deal on form 5471?
Replies: 3
Views: 431

Re: Is my new accountant giving me a fair deal on form 5471?

This sounds reasonable. What is their hourly rate?
by Cuzz35
Mon Apr 10, 2017 5:35 pm
Forum: Personal Finance (Not Investing)
Topic: Sold Rental Property IRS 4797 form questions
Replies: 7
Views: 1146

Re: Sold Rental Property IRS 4797 form questions

Hi Cuzz34, 1. No. Line 14 on schedule D is ZERO. The gain from 4797 is going into the line 11 which seems correct. 2. Due to the above, I think all the gain is not going into "ordinary income". But I think I have figured out by comparing with and without where some of the other increase is happenin...
by Cuzz35
Mon Apr 10, 2017 5:31 pm
Forum: Personal Finance (Not Investing)
Topic: Sold Rental Property IRS 4797 form questions
Replies: 7
Views: 1146

Re: Sold Rental Property IRS 4797 form questions

I usually don't worry about splitting it out. Aside from the recapture it will all be taxed at long term rates anyways.
by Cuzz35
Mon Apr 10, 2017 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: Sold Rental Property IRS 4797 form questions
Replies: 7
Views: 1146

Re: Sold Rental Property IRS 4797 form questions

It's hard to say without seeing your return. Here are a couple of guesses. 1. You don't have the property coded correctly as 1250 property and its all being taxed as ordinary income. Is it flowing to line 14 on page 1 of your return or schedule D? 2. You have unrecaptured 1231 losses from the prior ...
by Cuzz35
Thu Apr 06, 2017 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Taxpayer vs. Tax Preparer: Whose responsibility to identify and calculate state tax-free muni dividends?
Replies: 10
Views: 1066

Re: Taxpayer vs. Tax Preparer: Whose responsibility to identify and calculate state tax-free muni dividends?

When I was a new staff just getting started in public accounting, I would look up every fund on this website that would let you enter total dividends and it would calculate state muni interest, interest from U.S. government bonds, foreign dividends (for all world type funds) etc. Then after a year I...
by Cuzz35
Wed Apr 05, 2017 9:31 am
Forum: Personal Finance (Not Investing)
Topic: High Income earners, whats your Tax Strategy?
Replies: 122
Views: 17799

Re: High Income earners, whats your Tax Strategy?

I have alot of clients that invest in syndicated conservation easements. They basically invest into a partnership that owns a piece of land that it later places an easement on. The valuations are based on highest and best use of the property and not it's raw fair market value. So most clients get a ...