Search found 185 matches

by DavidRoseMountain
Sun May 24, 2020 8:00 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 136
Views: 11433

Re: Optimizing PPP Forgiveness

Does accepting the SBA EIDL loan affect PPP loan forgiveness?

It looks like I might be approved for the SBA EIDL loan. Not sure what to do.

Are there stipulations about how the EIDL loan has to be spent ?
by DavidRoseMountain
Thu May 07, 2020 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 136
Views: 11433

Re: Optimizing PPP Forgiveness

I asked the banker where I got my PPP loan from and she said writing a check to myself for the month is a good paper trail for documenting my payroll.
by DavidRoseMountain
Wed May 06, 2020 6:47 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 136
Views: 11433

Re: Optimizing PPP Forgiveness

My PPP amount just hit my business checking account. I'm in the same boat as GasDoc. I will just give myself a monthly payroll - I'll probably use a check. The payroll will be based on the amount used in the application for which the PPP loan amount was determined. I might just use the business chec...
by DavidRoseMountain
Fri Apr 10, 2020 9:05 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 615
Views: 31885

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Many of the problems with the EIDL assistance mentioned in this thread were reiterated in a New York Times article: "Small Businesses Wait for Cash as Disaster Loan Program Unravels" Owners were supposed to be able to get up to $2 million. Now they’re being told the cap is $15,000 — if they can get ...
by DavidRoseMountain
Fri Apr 10, 2020 8:52 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 615
Views: 31885

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Anyone know the answer to this question, previously posed by simas: How will a sole proprietor show that the PPP money was used for payroll, which is a requirement for loan forgiveness? Write a check from your business account to your personal account. What if you don't even have a separate busines...
by DavidRoseMountain
Tue Apr 07, 2020 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: PPP for Self Employed - Is This Right? [Paycheck Protection Program]
Replies: 50
Views: 3280

Re: PPP for Self Employed - Is This Right? [Paycheck Protection Program]

If one is self-employed, sole proprietor, and the sole employee, and the 2019 tax return is not yet done, will the loan be approved based on a 2018 Schedule C, or Schedule SE ?
by DavidRoseMountain
Fri Apr 03, 2020 2:58 pm
Forum: Personal Finance (Not Investing)
Topic: solo 401k: employer contribution or after-tax contribution?
Replies: 2
Views: 135

Re: solo 401k: employer contribution or after-tax contribution?

At such a high tax bracket I would think you'd be better off deferring paying tax and go ahead and put money in the employer contribution. When your wife makes the EmployeE contribution she should take into account the social security taxes that should be deducted off of the self-employed business p...
by DavidRoseMountain
Fri Apr 03, 2020 2:43 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 615
Views: 31885

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

I just have a business checking account with Chase. Here's an email that I got from Chase: We encourage you to be prepared so that you have what you need when we open our website for applications. Have the following information: • A Chase Business Online user ID and password – you'll need this to ap...
by DavidRoseMountain
Wed Apr 01, 2020 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 615
Views: 31885

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

I also hopefully will have a meeting with a SCORE mentor to discuss the EIDL and PPP program. I'm also self-employed and sole proprietor and I'm my only employee, so not sure how that works with getting a loan through PPP. How would I show payroll when I don't have a defined weekly payroll check? It...
by DavidRoseMountain
Wed Apr 01, 2020 6:54 pm
Forum: Personal Finance (Not Investing)
Topic: How to "show" payroll as sole proprietor
Replies: 9
Views: 819

Re: How to "show" payroll as sole proprietor

gasdoc wrote:
Wed Apr 01, 2020 6:37 pm
OP, are you by any chance trying to show "payroll" in order to qualify for funds under the new stimulus acts? If so, I too am interested in that answer.

gasdoc
Same with me.
by DavidRoseMountain
Tue Jan 28, 2020 5:03 pm
Forum: Personal Finance (Not Investing)
Topic: Warning: Solo K and 5500 EZ
Replies: 43
Views: 2881

Re: Warning: Solo K and 5500 EZ

What do the instructions say for line 2b ?
by DavidRoseMountain
Wed Jan 22, 2020 10:09 pm
Forum: Personal Investments
Topic: Deploying a $40m windfall in current market conditions
Replies: 60
Views: 8894

Re: Deploying a $40m windfall in current market conditions

I would keep the investment allocation very simple, like a three fund portfolio. I would do it through Vanguard, and Vanguard will help you with organizing it. As it turns out many pension funds got into all these complicated investments, like private equity, metals, and other complex stuff. However...
by DavidRoseMountain
Wed Jan 22, 2020 9:28 pm
Forum: Personal Finance (Not Investing)
Topic: Deduct independent contractor mileage?
Replies: 36
Views: 1914

Re: Deduct independent contractor mileage?

Yes to everything Jonny B said. I keep a mileage log and I document all miles driven, both personal and business. Business mileage includes things like driving to a bank to deposit my business earnings, going to Target to buy supplies, driving to a client's location to conduct business, or driving t...
by DavidRoseMountain
Mon Jan 20, 2020 3:48 pm
Forum: Personal Finance (Not Investing)
Topic: Deduct independent contractor mileage?
Replies: 36
Views: 1914

Re: Deduct independent contractor mileage?

Q2 - That is the easiest to answer. Yes that mileage is most definitely deductible. Q3 - The mileage between locations for the W-2 job is deductible, but it's deductible on Schedule A, not on your side business Schedule C. The deduction may be too small to be of value, and the formula for it should...
by DavidRoseMountain
Sun Jan 19, 2020 4:20 pm
Forum: Personal Finance (Not Investing)
Topic: Deduct independent contractor mileage?
Replies: 36
Views: 1914

Re: Deduct independent contractor mileage?

Q2 - That is the easiest to answer. Yes that mileage is most definitely deductible. Q3 - The mileage between locations for the W-2 job is deductible, but it's deductible on Schedule A, not on your side business Schedule C. The deduction may be too small to be of value, and the formula for it should ...
by DavidRoseMountain
Sat Jan 18, 2020 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: Regular 401k + Individual 401k for 1099 work
Replies: 7
Views: 406

Re: Regular 401k + Individual 401k for 1099 work

When calculating the employer contribution there's a formula, not sure what it is, but you have to take into account the social security/medicare taxes that have to be deducted. The tool provided by the Finance Buff blog can be useful in making this calculation. https://docs.zoho.com/sheet/published...
by DavidRoseMountain
Tue Dec 03, 2019 11:34 pm
Forum: Personal Finance (Not Investing)
Topic: After tax contributions setup for solo 401k
Replies: 9
Views: 670

Re: After tax contributions setup for solo 401k

I use a third party administrator to restate the Fidelity solo 401k plan that enables me to make after tax contributions.
The Finance Buff blog has columns dedicated to this.
by DavidRoseMountain
Wed Nov 13, 2019 11:21 pm
Forum: Personal Finance (Not Investing)
Topic: Tax on a Legal Settlement - Form 1040
Replies: 7
Views: 563

Re: Tax on a Legal Settlement - Form 1040

Ok I see that at the Cornell Law website. I'm hoping that "Any provision of federal, state, or local law or common law claims permitted under federal, state, or local law (1) providing for the enforcement of civil rights" might include the Equal Credit Opportunity act. I will send an email to the at...
by DavidRoseMountain
Wed Nov 13, 2019 10:58 pm
Forum: Personal Finance (Not Investing)
Topic: Tax on a Legal Settlement - Form 1040
Replies: 7
Views: 563

Re: Tax on a Legal Settlement - Form 1040

Where does this list come from ? Here's what I see about the Equal Credit Opportunity Act: The Equal Credit Opportunity Act (ECOA) is a United States law (codified at 15 U.S.C. § 1691 et seq.), enacted 28 October 1974, that makes it unlawful for any creditor to discriminate against any applicant, wi...
by DavidRoseMountain
Wed Nov 13, 2019 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: Tax on a Legal Settlement - Form 1040
Replies: 7
Views: 563

Re: Tax on a Legal Settlement - Form 1040

Oh sorry I understand what you mean. You think that anti-discrimination settlements are only related to employment discrimination. According to my attorney, anti-discrimination law plays a role in financial products. The attorney said, "the case was one arising under a federal anti-discrimination la...
by DavidRoseMountain
Wed Nov 13, 2019 6:36 pm
Forum: Personal Finance (Not Investing)
Topic: Tax on a Legal Settlement - Form 1040
Replies: 7
Views: 563

Re: Tax on a Legal Settlement - Form 1040

Thanks Mike.

I'm not sure what you mean that the attorney's fees are employment related.

DAvid
by DavidRoseMountain
Wed Nov 13, 2019 6:15 pm
Forum: Personal Finance (Not Investing)
Topic: Tax on a Legal Settlement - Form 1040
Replies: 7
Views: 563

Tax on a Legal Settlement - Form 1040

I won a $10,000 settlement from Discover card over a federal anti-discrimination law (specifically, the Equal Credit Opportunity Act). The lawyer keeps $4,500 of that, and I get $5,500. My lawyer writes: "First, on 1099s, chances are you won't get one at all. I don't have an obligation to send one. ...
by DavidRoseMountain
Tue Sep 17, 2019 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: Any gotchas converting from SEP IRA to Solo 401K?
Replies: 27
Views: 1943

Re: Any gotchas converting from SEP IRA to Solo 401K?

I have seen election wording suggested along the lines of “I elect to contribute 100% of compensation up to the compensation limits...” rather than specifying a % (like 15%) or dollar amount. Is that not acceptable? Sure, if you know you are always going to contribute 100% of your compensation up t...
by DavidRoseMountain
Sat Jul 13, 2019 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: Voya Financial roll over process
Replies: 8
Views: 1181

Re: Voya Financial roll over process

Down the road I will have to do this process.

Does Voya charge you a fee to close out your account with them ?
by DavidRoseMountain
Sun May 26, 2019 10:20 am
Forum: Personal Finance (Not Investing)
Topic: Retire at 55, what's the magic number
Replies: 205
Views: 35726

Re: Retire at 55, what's the magic number

Depending on how much you're planning to spend your effective tax rate is really closer to 7% as far as federal goes.

You have to take into account that you'll have a standard deduction, and then layers of tax rates that start at 10%, and go successively higher.
by DavidRoseMountain
Sun May 26, 2019 9:28 am
Forum: Personal Investments
Topic: Question about solo 401k
Replies: 13
Views: 948

Re: Question about solo 401k

It's not too late to set up your solo 401k for 2019, and you can roll over your previous employer plan into it.
by DavidRoseMountain
Sun May 26, 2019 9:13 am
Forum: Personal Investments
Topic: Total US Market vs 1/3 Large, Mid, Small
Replies: 15
Views: 1688

Re: Total US Market vs 1/3 Large, Mid, Small

The graph that shows the equal weighting to the Wilshire 5000 index as compared to a market cap Wilshire 5000 index suggests that the equal weighting led to a much larger rate of growth of an investment (much higher CAGR).
by DavidRoseMountain
Tue Apr 09, 2019 9:03 pm
Forum: Personal Investments
Topic: self-directed solo 401 k using Vanguard pooled account, etc.
Replies: 65
Views: 5460

Re: self-directed solo 401 k using Vanguard pooled account, etc.

Thanks Spirit Rider. I recall going over the spread sheet that Harry created many times over the last couple of years and came to the realization that making 403b salary deferrals as much as I was able to would facilitate greater after tax contributions to the individual 401k plan. Your formula is t...
by DavidRoseMountain
Mon Apr 08, 2019 9:29 pm
Forum: Personal Investments
Topic: self-directed solo 401 k using Vanguard pooled account, etc.
Replies: 65
Views: 5460

Re: self-directed solo 401 k using Vanguard pooled account, etc.

But it wasn't an employer contribution to the 403b, it was an employee contribution (salary deferral) to the 403b.
by DavidRoseMountain
Mon Apr 08, 2019 8:38 pm
Forum: Personal Investments
Topic: self-directed solo 401 k using Vanguard pooled account, etc.
Replies: 65
Views: 5460

Re: self-directed solo 401 k using Vanguard pooled account, etc.

I'm over 50 years old.

I see what you're saying. Then I guess there is a glitch in Harry Sit's excel spreadsheet for figuring it out.

https://docs.zoho.com/sheet/published.d ... 140934898a
by DavidRoseMountain
Mon Apr 08, 2019 12:29 pm
Forum: Personal Investments
Topic: self-directed solo 401 k using Vanguard pooled account, etc.
Replies: 65
Views: 5460

Re: self-directed solo 401 k using Vanguard pooled account, etc.

Net Business Profit Deductible Self-employment tax Adjusted Net Business Profit Maximum Profit Sharing Employee Compensation Employee Salary Deferral Annual addition used by 403b day job Employer Profit Sharing Employee After tax Voluntary Contributions My numbers: 61762 -4363 57399 -11480 45919 -18...
by DavidRoseMountain
Tue Apr 02, 2019 10:39 pm
Forum: Personal Investments
Topic: self-directed solo 401 k using Vanguard pooled account, etc.
Replies: 65
Views: 5460

Re: self-directed solo 401 k using Vanguard pooled account, etc.

What a great thread for anyone doing the self-directed individual 401k with plans from a third party. I appreciate all the input.
by DavidRoseMountain
Sun Mar 24, 2019 6:05 pm
Forum: Personal Finance (Not Investing)
Topic: Dental Insurance deduction on 1040 Self Employed
Replies: 0
Views: 293

Dental Insurance deduction on 1040 Self Employed

I have health insurance through the ACA and I'm eligible for the insurance subsidy. I did the calculation by hand to figure out what my health insurance deduction is allowed, along with the health insurance subsidy using the IRS tax worksheets, P, W, X, and Y in Publication 974 which enables me to f...
by DavidRoseMountain
Fri Jan 11, 2019 7:51 pm
Forum: Personal Finance (Not Investing)
Topic: Stay in private practice medical or take VA job offer?
Replies: 45
Views: 4097

Re: Stay in private practice medical or take VA job offer?

A friend of mine worked as a primary care physician in 2 different VA medical settings, one was in a hospital and the other was an outpatient medical setting. In both cases my friend said the experience with the VA was very negative. The physicians are overloaded with patients, physicians are consta...
by DavidRoseMountain
Thu Dec 13, 2018 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity HSA - Account Closed (Risk Department)
Replies: 20
Views: 4141

Re: Fidelity HSA - Account Closed (Risk Department)

Wow this is superdisturbing since I have a self employed 401k, credit card, and hopefully my HSA with Fidelity.
by DavidRoseMountain
Sun Nov 18, 2018 3:19 pm
Forum: Investing - Theory, News & General
Topic: [Fidelity Health Savings Account Mega-Thread]
Replies: 1065
Views: 118314

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

So guidance to get out of Saturna closing fee is pull all cash then close? Given that Saturna is a brokerage account, I'm wondering if couldn't be transferred as is? They still may charge a transfer or account closing fee! Sorry didn't clarify well enough. That is what I'm trying to do is avoid the...
by DavidRoseMountain
Sat Nov 03, 2018 12:20 pm
Forum: Personal Investments
Topic: How to handle individual 401k administration
Replies: 14
Views: 1231

Re: How to handle individual 401k administration

Discountsolo401k has a salary deferral election form that you fill out by the end of the year for the following year. In this form you determine how much you will be saving for deferral. If you will be doing the megabackdoor roth then there is also an In-Plan Roth Conversion Form that you fill out. ...
by DavidRoseMountain
Wed Sep 26, 2018 7:46 pm
Forum: Investing - Theory, News & General
Topic: Economic reasons for rate increase by the Fed?
Replies: 71
Views: 6654

Re: Economic reasons for rate increase by the Fed?

A healthy amount of inflation is good for the economy because it makes debt worth less, and therefore permits the burden of that debt to become less onerous over time. IF the Federal Reserve raises interest rates too much too quickly then inflation stays low for too long and the debt burden continue...
by DavidRoseMountain
Tue Sep 25, 2018 8:21 pm
Forum: Personal Finance (Not Investing)
Topic: Short Term Insurance vs ACA 2019 edition
Replies: 12
Views: 978

Re: Short Term Insurance vs ACA 2019 edition

You might need 2 health insurance policies simultaneously, an ACA plan, and one of the short term insurance plans for when you are living out of South Dakota.
by DavidRoseMountain
Tue Sep 25, 2018 10:42 am
Forum: Personal Investments
Topic: Ally Savings vs Vanguard Prime Money Market Fund - Need Advice
Replies: 99
Views: 22466

Re: Ally Savings vs Vanguard Prime Money Market Fund - Need Advice

Do you pay state income tax? If your marginal rate is 5% a new 13-week T-bill at 2.18% has a taxable equivalent yield of 2.30%. By end of next week probably more like 2.25% and 2.37% TEY (assuming 5% state tax rate). If you have a regular non-retirement brokerage account at Schwab, Fidelity, Vangua...
by DavidRoseMountain
Tue Sep 25, 2018 9:58 am
Forum: Personal Consumer Issues
Topic: [What TV Show Have You Recently Watched?]
Replies: 1907
Views: 207245

Re: [What TV Show Have You Recently Watched?]

I just loved "Anne with an E" on Netflix
I was surprised at how progressive the plot became given that it takes place in the mid 19th century.
by DavidRoseMountain
Tue Sep 25, 2018 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Someone stole my check from the mail, changed the amount, and deposited it
Replies: 61
Views: 9717

Re: Someone stole my check from the mail, changed the amount, and deposited it

Thanks all for the replies. For those suggesting I file a police report - would I do that in the county/area I live in? I ask, because I live between 2 counties in 2 states - and may have mailed it from either one. Based on the previous post it sounds like federal authorities, FBI, Postmaster need ...
by DavidRoseMountain
Tue Sep 25, 2018 9:50 am
Forum: Personal Finance (Not Investing)
Topic: 2019 ACA prices out
Replies: 47
Views: 5898

Re: 2019 ACA prices out

... I've seen absolutely no advertising or information regarding the open enrollment. I got one very curt email from healthcare.gov regarding 2019. That’s by design. Promotion, advertising and facilitation has been cut to the bone. It’s almost as if the government didn’t want you to know about the ...
by DavidRoseMountain
Tue Sep 25, 2018 9:47 am
Forum: Personal Finance (Not Investing)
Topic: Health care question - self employed- Whats your plan? Advice Needed
Replies: 24
Views: 2231

Re: Health care question - self employed- Whats your plan? Advice Needed

Not the OP here, but I have a realted question. For those who are self employed, I understand health insurance costs are deductable against income. How does that impact qualification for potential ACA subsidies? I'm toying with doing some consulting in early retirement. Current cost for an ACA poli...
by DavidRoseMountain
Tue Sep 25, 2018 9:36 am
Forum: Personal Finance (Not Investing)
Topic: Someone stole my check from the mail, changed the amount, and deposited it
Replies: 61
Views: 9717

Re: Someone stole my check from the mail, changed the amount, and deposited it

Thanks all for the replies. For those suggesting I file a police report - would I do that in the county/area I live in? I ask, because I live between 2 counties in 2 states - and may have mailed it from either one. Based on the previous post it sounds like federal authorities, FBI, Postmaster need ...
by DavidRoseMountain
Tue Sep 25, 2018 9:28 am
Forum: Personal Finance (Not Investing)
Topic: Fed up with health insurance situation
Replies: 117
Views: 8175

Re: Fed up with health insurance situation

I think OP's health insurance premium are pretty typical, if not lower cost, than most. We have access to a group plan through my spouse's work. The premiums are not subsidized through the employer. We pay about $1475/month for a $3500/person deductible with around $7000/person out of pocket maximu...
by DavidRoseMountain
Tue Sep 25, 2018 9:19 am
Forum: Personal Finance (Not Investing)
Topic: 2019 ACA prices out
Replies: 47
Views: 5898

Re: 2019 ACA prices out

Is there a link on the healthcare.gov site that shows the available plans/prices for 2019? I can't seem to find it. It will only let me browse 2017 and 2018 plans and prices. They will be Nov 1st when open enrollment begins. I've seen absolutely no advertising or information regarding the open enro...
by DavidRoseMountain
Mon Sep 24, 2018 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Self Directed Solo 401k - any one doing it for investing here?
Replies: 3
Views: 474

Re: Self Directed Solo 401k - any one doing it for investing here?

If you do investing in property within a self directed solo 401k there are many rules regarding fixing up the property that can be easily overlooked. Breaking these rules can create significant problems.
by DavidRoseMountain
Sun Sep 02, 2018 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Earn 1.5% on your checking account without the usual hoops (at Fidelity)
Replies: 72
Views: 16332

Re: Earn 1.5% on your checking account without the usual hoops (at Fidelity)

I get that you can use the debit card to withdraw cash at the ATM machine.
But can you also use the debit card to deposit cash at the ATM machine with the Fidelity Cash Management account ?
Or with Vanguard's Advantage account ?