Search found 3698 matches

by simplesimon
Fri May 22, 2020 6:45 pm
Forum: Personal Finance (Not Investing)
Topic: The axe falls and I am prepared. What's next?
Replies: 300
Views: 20540

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

1) Is it really worthwhile for me to continue working? I worked in the IT area. If I want to stay in this area, I have to study 10 to 20 hours per week just to keep up with the latest technology. Did you like working? Is the latest technology interesting to you? Do you have to work in IT? Could you...
by simplesimon
Thu May 21, 2020 10:57 am
Forum: Personal Finance (Not Investing)
Topic: Max forgiveness on PPP loan for sole proprietor
Replies: 6
Views: 266

Re: Max forgiveness on PPP loan for sole proprietor

The current loan forgiveness form is not clear with regards to those who are applying with Schedule C, but previous guidance stated the max that will be forgiven is Net Profit/52*8.

You may need to talk to your lender for more specifics - they made the mistake in your eligible loan amount.
by simplesimon
Thu May 21, 2020 10:50 am
Forum: Personal Finance (Not Investing)
Topic: Ages 48-54: Should we bother converting Term-to-75 to Level Term 20 policies?
Replies: 8
Views: 545

Re: Ages 48-54: Should we bother converting Term-to-75 to Level Term 20 policies?

What would be the benefit of sticking with NW if you were to make this change? It sounds like she'd still go through medical underwriting?

What options are available to you elsewhere? Check term4sale.com and look at different terms.
by simplesimon
Wed May 20, 2020 12:36 pm
Forum: Personal Investments
Topic: Really stupid question re: Capital Gains
Replies: 10
Views: 733

Re: Really stupid question re: Capital Gains

Dividends are realized gains, so you pay taxes on them when they happen. If you had them reinvested, that amount is now part of the investment, and will not count again in capital gains when those stocks are sold - only the gain will be taxed. Ok that makes sense, but how can I estimate those? In o...
by simplesimon
Wed May 20, 2020 12:35 pm
Forum: Personal Investments
Topic: Really stupid question re: Capital Gains
Replies: 10
Views: 733

Re: Really stupid question re: Capital Gains

It sounds like your funds are throwing off capital gains as part of its year-end distribution. You'll pay taxes on those distributions, and if it gets reinvested in the fund, it's at a new cost basis. You'll pay taxes on the gains based on the reinvestment depending on the new cost basis, the price ...
by simplesimon
Wed May 20, 2020 7:37 am
Forum: Personal Investments
Topic: Newly retired Roth Conversion help
Replies: 6
Views: 728

Newly retired Roth Conversion help

Hi, for the following newly retired couple that I'm helping, I got tripped up with social security taxation and what might be optimal for Roth conversions going forward and am looking for some guidance. Age: He's 69 and she's 64, living in CA His pension: $22k/yr Her pension: $23k/yr His social secu...
by simplesimon
Sat May 16, 2020 6:16 am
Forum: US Chapters
Topic: How Is Your Job Being Impacted By The Current Crisis?
Replies: 503
Views: 50434

Re: How Is Your Job Being Impacted By The Current Crisis?

My employer's primary competitor, who has their global office ~5 miles from ours and we are constantly competing with for talent, just made a big announcement (on ABC news) that they are giving all corporate employees the opportunity to WFH through the end of the year. This, just a week after my co...
by simplesimon
Fri May 15, 2020 6:45 pm
Forum: Investing - Theory, News & General
Topic: Why it’s a good idea to hold long term Treasuries as your emergency fund
Replies: 114
Views: 8995

Re: Why it’s a good idea to hold long term Treasuries as your emergency fund

I'm good holding up to 6 month t-bills for emergency funds. I don't want to be on the long end of the curve. I'd like to have some assurance that I won't lose my principal. I think the volitlity of long term treasuries is the entire point of this strategy. If you need money and equities are up, sel...
by simplesimon
Fri May 15, 2020 6:42 pm
Forum: US Chapters
Topic: How Is Your Job Being Impacted By The Current Crisis?
Replies: 503
Views: 50434

Re: How Is Your Job Being Impacted By The Current Crisis?

My employer's primary competitor, who has their global office ~5 miles from ours and we are constantly competing with for talent, just made a big announcement (on ABC news) that they are giving all corporate employees the opportunity to WFH through the end of the year. This, just a week after my co...
by simplesimon
Fri May 15, 2020 11:32 am
Forum: Investing - Theory, News & General
Topic: Why it’s a good idea to hold long term Treasuries as your emergency fund
Replies: 114
Views: 8995

Re: Why it’s a good idea to hold long term Treasuries as your emergency fund

I'm good holding up to 6 month t-bills for emergency funds. I don't want to be on the long end of the curve. I'd like to have some assurance that I won't lose my principal. I think the volitlity of long term treasuries is the entire point of this strategy. If you need money and equities are up, sel...
by simplesimon
Tue May 12, 2020 8:46 am
Forum: Personal Finance (Not Investing)
Topic: E*TRADE Solo 401K contribution limit issue
Replies: 2
Views: 166

E*TRADE Solo 401K contribution limit issue

For forum members that use E*TRADE for their Solo 401K, do you see a cap of $19,500 for cash transfers? Earlier this year I saw that the cap was $57,000 but this changed. I messaged over a month ago and customer service said it was a bug with no exact timeline for a fix (but that it should be soon)....
by simplesimon
Mon May 11, 2020 1:51 pm
Forum: Personal Finance (Not Investing)
Topic: PPP loan forgiveness question
Replies: 9
Views: 716

Re: PPP loan forgiveness question

Self-employed retirement contributions are not eligible for forgiveness at this moment. They were not even part of the calculation for the PPP loan amount as they're on Schedule 1 when the PPP amount is based on net profit on Schedule C. Right now PPP proceeds are not considered income, I don't see ...
by simplesimon
Mon May 11, 2020 1:45 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 615
Views: 31922

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

Just posting here to make sure I'm not missing anything. This is regarding DW situation. DW essentially has 3 jobs: Primary Job = 87% Income Coaching Job = 9% Income 1099 self employed (independent contractor) = 4% Income Primary Job is fortunately intact. The other two jobs are gone due to CoVid-1...
by simplesimon
Sun May 10, 2020 9:52 am
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: 1968

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

An medical premiums be forgiven, I have a group # on y medical card that covers my wife and I, I pay $917 Per month Are these employer paid premiums (business expense) or personal premiums via the healthcare exchange or something? Sounds like the latter, which aren’t eligible to be borrowed against...
by simplesimon
Sun May 10, 2020 9:34 am
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: 1968

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

An medical premiums be forgiven, I have a group # on y medical card that covers my wife and I, I pay $917 Per month Are these employer paid premiums (business expense) or personal premiums via the healthcare exchange or something? Sounds like the latter, which aren’t eligible to be borrowed against...
by simplesimon
Sun May 10, 2020 6:29 am
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: 1968

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 simplesimon
Sun May 10, 2020 2:14 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 615
Views: 31922

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

How does one apply for PPP if you have no business checking account? All 1099-MISC income goes to personal checking. Asking for my Dad. There’s no requirement to having a business checking account by the SBA. Some lenders may want you to open a new one with them. PayPal will fund to the personal ac...
by simplesimon
Sat May 09, 2020 7:40 am
Forum: Personal Finance (Not Investing)
Topic: High Income, next financial move?
Replies: 31
Views: 3140

Re: High Income, next financial move?

Do I keep working and earning, or do I look to sell? How much of the company do you own? Can you stop working and not sell? I started the company and I own 100%. I enjoy the work, the creativity, the building, the challenges, the problem solving, the interactions with the team. Before the pandemic,...
by simplesimon
Sat May 09, 2020 7:18 am
Forum: Personal Finance (Not Investing)
Topic: High Income, next financial move?
Replies: 31
Views: 3140

Re: High Income, next financial move?

Do I keep working and earning, or do I look to sell? How much of the company do you own? Can you stop working and not sell? I started the company and I own 100%. I enjoy the work, the creativity, the building, the challenges, the problem solving, the interactions with the team. Before the pandemic,...
by simplesimon
Sat May 09, 2020 6:36 am
Forum: Personal Finance (Not Investing)
Topic: High Income, next financial move?
Replies: 31
Views: 3140

Re: High Income, next financial move?

Archimedes wrote:
Sat May 09, 2020 2:08 am
Do I keep working and earning, or do I look to sell?
How much of the company do you own?

Can you stop working and not sell?
by simplesimon
Fri May 08, 2020 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: part time employee vs 1099 for ppp reasons?
Replies: 8
Views: 423

Re: part time employee vs 1099 for ppp reasons?

Hi, although retired, I've been working pt over the last year or so through my ex-partners consulting firm. I have my own llc, and have been billing him directly. He asked if I could join as a pt employee so he could use ppp $ to pay me It seems to me: - it's an improper use of the $ since I'm not ...
by simplesimon
Thu May 07, 2020 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: PPP, adding additional employee?
Replies: 19
Views: 788

Re: PPP, adding additional employee?

Any language in the rulings about adding an additional employee and having their payroll figure forgiven? I've read for forgiveness calculations you need to maintain the same level of employees as last year, but what if you add one? I realize PPP is supposed to be to keep businesses alive and addin...
by simplesimon
Thu May 07, 2020 11:58 am
Forum: Personal Finance (Not Investing)
Topic: PPP Loan after 8 weeks then what?
Replies: 3
Views: 645

Re: PPP Loan after 8 weeks then what?

Presumably proceed with what you would do if revenues dropped 75%, unfortunately.
by simplesimon
Thu May 07, 2020 9:23 am
Forum: Personal Finance (Not Investing)
Topic: PPP, adding additional employee?
Replies: 19
Views: 788

Re: PPP, adding additional employee?

Probably fine as no banks that I know of are tracking specific employees.
by simplesimon
Thu May 07, 2020 5:44 am
Forum: Personal Finance (Not Investing)
Topic: PPP, adding additional employee?
Replies: 19
Views: 788

Re: PPP, adding additional employee?

Any language in the rulings about adding an additional employee and having their payroll figure forgiven? I've read for forgiveness calculations you need to maintain the same level of employees as last year, but what if you add one? I realize PPP is supposed to be to keep businesses alive and addin...
by simplesimon
Wed May 06, 2020 4:18 pm
Forum: Personal Consumer Issues
Topic: Pull-ups and Push-ups
Replies: 550
Views: 144255

Re: Need to be able to do 30 chin-ups

I'm just speaking theoretically as I don't know anybody who trains this or would want to train this (other than for money!) I'm 6'3" 260lbs and can do about eight. This sounds awful. I'm guessing if you can do 18 then getting to 30 is not a matter of strength, but endurance. Can you get some bands t...
by simplesimon
Wed May 06, 2020 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone receive PPP loan as a NEW businesses/independent contractor?
Replies: 11
Views: 576

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 simplesimon
Mon May 04, 2020 6:54 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 615
Views: 31922

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

SBA announced yesterday that there's still over $100B available. Average loan size is down considerably. Those that didn't get their PPP application approved yet will probably still get it. Hang in there! https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/joint-statement-admi...
by simplesimon
Mon May 04, 2020 6:50 am
Forum: Personal Finance (Not Investing)
Topic: PPP Loan Forgiveness Question
Replies: 1
Views: 485

Re: PPP Loan Forgiveness Question

I received my PPP loan, my payroll will be about 80% of the loan. I will have a modest amount of office rent and utilities to pay, probably about 5% of the PPP. I am a home builder and I have loan interest I pay on spec homes I am building, could the remaining 15% of the PPP be used (and forgiven) ...
by simplesimon
Sat May 02, 2020 5:28 am
Forum: Personal Finance (Not Investing)
Topic: How does SE get PPP loan forgiven?
Replies: 37
Views: 2916

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 simplesimon
Sat May 02, 2020 5:21 am
Forum: Personal Finance (Not Investing)
Topic: Sole proprietor PPP forgiveness - home office expenses?
Replies: 7
Views: 716

Re: Sole proprietor PPP forgiveness - home office expenses?

Since your loan amount was based on Schedule C Net Profit, the forgiven amount will be (Net Profit/52*8). I don't think there's any accounting to track for this group.
by simplesimon
Fri May 01, 2020 3:32 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 615
Views: 31922

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

I just received my $20,800 PPP loan for a sole proprietor making over $100K per year. It was strange. I received no loan documents of any kind- just signed two papers and received the check- there was a line of cars behind me. Very strange. The loan person said, "you'll be getting information later...
by simplesimon
Fri May 01, 2020 3:09 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 simplesimon
Thu Apr 30, 2020 12:43 pm
Forum: Personal Finance (Not Investing)
Topic: Baby on the way & work uncertain, help me assess cash/liquidity
Replies: 21
Views: 1438

Re: Baby on the way & work uncertain, help me assess cash/liquidity

If you're asking the question, you probably don't have enough cash.
by simplesimon
Thu Apr 30, 2020 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: Keep track of life insurance
Replies: 4
Views: 406

Re: Keep track of life insurance

Can you call your insurer or create an account on their website and get a copy of your policy?
by simplesimon
Thu Apr 30, 2020 12:31 pm
Forum: Personal Investments
Topic: AA for young but HNW?
Replies: 2
Views: 301

Re: AA for young but HNW?

I would say do nothing not because it's "pretty conservative already" but because you were able to stick with your plan despite feeling sick about it. Your low expenses, high savings rate, and sticking to an investment plan will do more for you than the minutiae like reallocating some fixed income t...
by simplesimon
Thu Apr 30, 2020 7:54 am
Forum: Personal Finance (Not Investing)
Topic: PPP Loan ethics
Replies: 56
Views: 3688

Re: PPP Loan ethics

HoosierJim wrote:
Thu Apr 30, 2020 5:11 am
Is the $15k salary per year? If so, you should already have an ethical issue.
What is unethical about this?
by simplesimon
Thu Apr 30, 2020 7:05 am
Forum: Personal Consumer Issues
Topic: Daycare closed
Replies: 139
Views: 10390

Re: Daycare closed

I just wanted to provide an update on my situation. Our daycare successfully obtained one of the PPP loans and will only be asking for about 1-2 weeks of tuition between now and the end of June, so we'll have about a 6 week reprieve from tuition. They are still asking for some tuition to help cover...
by simplesimon
Thu Apr 30, 2020 6:59 am
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 615
Views: 31922

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

E-signing was a one-time event at the small local bank we worked with - documents included the loan agreement and the note.

It sounds like PayPal/WebBank are having people e-sign the loan agreement before getting an SBA loan number and then the note after? I wonder why.
by simplesimon
Thu Apr 30, 2020 5:51 am
Forum: Personal Consumer Issues
Topic: Can High School Students Working Part-Time Get Unemployment?
Replies: 13
Views: 1882

Re: Can High School Students Working Part-Time Get Unemployment?

UI benefits are paid for by the employer and were designed to act as a type of insurance. That is why they are called "Unemployment Insurance" benefits. It is something companies pay in to in the event that they need to let employees go. Then said employees can collect a fraction of their wages whi...
by simplesimon
Wed Apr 29, 2020 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: PPP Loan ethics
Replies: 56
Views: 3688

Re: PPP Loan ethics

and the frenzy is being fueled by the bankers. Hard to blame them. The fee structure incentivizes the funding of larger loans over smaller ones. Additionally, if two identical customers are both in financial distress but one has debt outstanding and the other is debt-free, the bank will provide the...
by simplesimon
Wed Apr 29, 2020 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: PPP Loan ethics
Replies: 56
Views: 3688

Re: PPP Loan ethics

TravelGeek wrote:
Wed Apr 29, 2020 1:00 pm
simplesimon wrote:
Wed Apr 29, 2020 5:04 am
It's your call. I've seen well capitalized law firms, doctors offices, and financial advisory firms apply.
Are loan applications public records, or how do people know who has applied for what?
Not public record as far as I know.
by simplesimon
Wed Apr 29, 2020 5:04 am
Forum: Personal Finance (Not Investing)
Topic: PPP Loan ethics
Replies: 56
Views: 3688

Re: PPP Loan ethics

It's your call. I've seen well capitalized law firms, doctors offices, and financial advisory firms apply.
by simplesimon
Tue Apr 28, 2020 10:00 am
Forum: Personal Investments
Topic: how to go around ATM daily limit to withdraw cash for emergency
Replies: 25
Views: 2607

Re: how to go around ATM daily limit to withdraw cash for emergency

Bank with a company that has physical branches. If you're going online-only, not being able to do this is one of the trade-offs. I am worried that if any emergency situation happened and need large amount of cash immediately, how to get cash out immediately? Can you describe an actual situation that...
by simplesimon
Mon Apr 27, 2020 7:16 am
Forum: Personal Investments
Topic: Why am I even saving for retirement?
Replies: 223
Views: 19828

Re: Why am I even saving for retirement?

Just ran my wife's and my numbers through https://ssa.tools/ We are both in our mid 30s each earning way above the maximum SS taxable earnings. If we quit working today, we'll receive $45k in SS at age 70 If we work 10 more years (and retire at age 45), we'll receive $75k in SS at age 70 If we work...
by simplesimon
Thu Apr 23, 2020 12:25 pm
Forum: Personal Consumer Issues
Topic: PPP for high income 1099 worker with no employees?
Replies: 5
Views: 435

Re: PPP for high income 1099 worker with no employees?

dachshunddad wrote:
Thu Apr 23, 2020 12:14 pm
Confirm this, but I believe it is based on 100K max yearly amount.
Yes you're right. Forgot to mention net profit max of $100k.
by simplesimon
Thu Apr 23, 2020 12:11 pm
Forum: Personal Consumer Issues
Topic: PPP for high income 1099 worker with no employees?
Replies: 5
Views: 435

Re: PPP for high income 1099 worker with no employees?

Yes you're eligible if your business has been negatively affected by COVID. You'll need to provide 2019 Schedule C. The amount you'll get is Net Profit/12*2.5. The amount that will be forgiven is Net Profit/52*8. Read the application as there are a number of things you'll need to certify, like this:...