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Bank will not accept loose change. Is this legal? | Is this even legal? How can a bank refuse to deposit legal tender in the United States? Legal for all debts, public or private, doesn't mean quite what I used to think, either. Per The Fed: This statute means that all United States money as identified above is a valid and legal offer of payment for debts when tend... |
Why credit cards are sold through banks and not from Visa or MasterCard directly | Visa and Mastercard are not consumer-oriented companies. They do not consider individual consumers as their direct clients, and do not sell directly to them. Instead, their clients are financial institutions who participate in their networks (which is what they're selling). The institutions target the individual consum... |
In a competitive market, why is movie theater popcorn expensive? | Theaters make pennies off the tickets if any money at all. Their profits come from the concession stand. If a theater priced their popcorn 50 cents less than a nearby competing theater the few if any customers that notice and seek those small savings would be far less than the losses due to charging less. They compete ... |
How can I find out what category a merchant falls into for my credit card's cashback program? [duplicate] | Not clear what you're asking. Are you trying to figure out their SIC/NAISC classification? That tells you the business category they fall into, but there's no simple, instant way to find that out. Much also depends on how the credit card issuer has classified them and how they arrived at that information. They may h... |
I'm currently unemployed and have been offered a contract position. Do I need to incorporate myself? How do I do it? | In short - if you can't get the job without incorporating, then incorporate! Some clients will require you to be incorporated (which is why I did it 10 years ago). Essentially, for them, it's a way of distancing themselves from you to ensure they are not responsible for any monies if you don't pay your taxes. For you... |
What are the consequences of not respecting a notice period when leaving a job? | It's provincial jurisdiction, so it can vary by province. In Manitoba, it's different when an employee quits vs. being terminated: Quiting: Being terminated: Edit: At least in Manitoba, according to the above link, an employer can't set different notice periods. Effective April 30, 2007, employers cannot have alter... |
How to incentivize a real-estate broker to find me a cheap house | Having just gone through this process as a buyer via broker in Israel, here are my thoughts: Tl;dr: An incentive such as you are suggesting would not be particularly helpful. In this case, your best option is to spend your efforts shopping for a broker that you can trust. The rest: Your main concern is that the broker ... |
How do I deal with a mistaken attempt to collect a debt from me that is owed by someone else? | Do not provide any personal information. If the debt is not yours, ask the caller to provide all the identifying information they have over the phone to verify whether they have your information, or are just following up on similar names. Even if they have information that is yours, do not provide more information. Alw... |
Money put down on home | You should have drafted a contract of purchase that stipulated out equity stake in the home based of his down payment and yours, along with future monthly payments. But morally, if the house sells, yielding 100,000 profit (after fees/taxes/etc), you should get ( To Calculate Your Cut: (20,000 + Your Total Mortgage Pay... |
Saving for retirement without employer sponsored plan | I'm looking for ways to geared to save for retirement, not general investment. Many mutual fund companies offer a range of target retirement funds for different retirement dates (usually in increments of 5 years). These are funds of funds, that is, a Target 2040 Fund, say, will be invested in five or six different stoc... |
Lend money at a rate linked to the prime rate | Yes. In the US these are called certificates of deposit or savings accounts. Every run-of-the-mill bank offers them. You give the bank money and in return they pay you an interest rate that is some fraction of or (negative) offset from the returns they expect to make from your money. Since most investments that a ba... |
How do I get a Tax Exemption Certificate for export from the US if I am in another country? | Depends on the state, in Texas you should charge sales tax because the shipment is going to a freight forwarder in Texas. That being said, once you have the bill of lading you can have your tax credited by the vendor. It is one of the documents the state will except in lieu of sales tax for exports. There are five. ... |
Why is the total 401(k) contribution limit (employee + employer) so high? | Some 401k plans allow you to make "supplemental post-tax contributions". basically, once you hit the pre-tax contribution limit (17.5k$ in 2014), you are then allowed to contribute funds on a post-tax basis. Because of this timing, they are sometimes called "spillover" contributions. Usually, this option is advertised ... |
Should I take contributions out of my Roth IRA to live off of? | Take another job. From a personal finance perspective this is the wrong reason to dip into a retirement account. You will lose so much ground towards actually retiring. Sure you won't be taxed, but you will be missing so much opportunity where that money won't be working for your retirement. The off-topic answer to ... |
One company asks for picture of my debit card | I don't see a way that this would make matters worse than just giving them the credit card info... Except that it would make abusing the card easier at some other site (or the bank) if they have a similar (unreasonably weak) security-by-photo test. Still, I'd strongly recommend you use a separate card for this so you c... |
How can I save money on a gym / fitness membership? New Year's Resolution is to get in shape - but on the cheap! | Look for discounts from a health insurance provider, price club, professional memberships or credit cards. That goes for a lot of things besides health memberships. My wife is in a professional woman's association for networking at work. A side benefit is an affiliate network they offer for discounts of lots of thing... |
Emptying a Roth IRA account | If you have multiple accounts, you have to empty them all before you can deduct any losses. Your loss is not a capital loss, its a deduction. It is calculated based on the total amount you have withdrawn from all your Roth IRA's, minus the total basis. It will be subject to the 2% AGI treshhold (i.e.: if your AGI is > ... |
Which US services allow small/micro-payments using a credit card? | I don't know of any and it is unlikely that you will be able to find one. Most credit card processors charge a flat fee plus percentage. The flat fee is typically in the 35 cent range making the cost of doing business, in the manner you are suggesting, astronomical. Also what you are suggesting is contrary to best ... |
What ETF best tracks the price of gasoline, or else crude oil? | Do not buy any commodity tracking ETF without reading and understanding the prospectus. Some of these things get exposure to the underlying commodity via swaps or other hocus-pocus derivatives, so you're really buying credit obligations from some bank. Others are futures based, and you need to understand your potential... |
How to graph the market year over year? for example Dow Jones Index | Instead of using the actual index, use a mutual fund as a proxy for the index. Mutual funds will include dividend income, and usually report data on the value of a "hypothetical $10,000 investment" over the life of the fund. If you take those dollar values and normalize them, you should get what you want. There are so ... |
Does cash back apply to online payments with credit card | Retail purchases are purchases made at retail, i.e.: as a consumer/individual customer. That would include any "standard" individual expenditure, but may exclude wholesale sales or purchases from merchants who identify themselves as service providers to businesses. Specifics of these limitations really depend on your c... |
What special considerations need to be made for a US citizen who wishes to purchase a house in Canada? | About deducting mortgage interest: No, you can not deduct it unless it is qualified mortgage interest. "Qualified mortgage interest is interest and points you pay on a loan secured by your main home or a second home." (Tax Topic 505). According to the IRS, "if you rent out the residence, you must use it for more than ... |
How long should I keep my tax documents, and why? | How long you need to keep tax records will depend on jurisdiction. In general, if you discard records in a period of time less than your tax authority recommends, it may create audit problems down the road. ie: if you make a deduction supported by business expense receipts, and you discard those receipts next year, the... |
Stock market vs. baseball card trading analogy | Baseball cards don't pay dividends. But many profitable companies do just that, and those that don't could, some day. Profits & dividends is where your analogy falls apart. But let's take it further. Consider: If baseball cards could somehow yield a regular stream of income just for owning them, then there might be y... |
How can I detect potential fraud in a company before investing in them? | Most of the information we get about how a company is running its business, in any market, comes from the company. If the information is related to financial statements, it is checked by an external audit, and then provided to the public through official channels. All of these controls are meant to make it very unlikel... |
Are non-residents or foreigners permitted to buy or own shares of UK companies? | Yes, However if you live in the USA a lot of companies will refuse to sent you any report and will not let you take part in “right issues” as they don’t wish to come under USA investment law. |
What is the added advantage of a broker being a member of NFA in addition to IIROC | This shows that in each market (US and Canada) the company is registered with the appropriate regulatory organization. OANDA is registered in the US with the National Futures Association which is a "self-regulatory organization for the U.S. derivatives industry". OANDA Canada is registered in Canada with IIROC which is... |
tax deduction for 30k loan | The loan itself is not tax deductible; unless you took it as part of a mortgage, anyway, it's just a regular loan. Mortgage and Student Loan Interest deductions are special cases explicitly given tax-deductible status; other loans are not deductible (unless part of a business expense or other qualifying reason). If th... |
How much life insurance do I need? | One simple calculation to determine your life insurance need: D.I.M.E. method D: Debt All your car loan balances, credit card balances, student loans, business loans, etc. I: Income Your annual income times 10 (for 10 years of income replacement). M: Mortgage Your home mortgage balance. E: Education Your children's edu... |
What are online payment options with no chargeback protection? | Generally there's no ultimate protection against charge backs. Some methods are easier to charge back and some harder, and there's always the resort of going to courts. The hardest to contest is, of course, a cash payment or wire transfer. You need to remember that imposing unnecessary/unreasonable difficulties on your... |
Where to categorize crypto-currencies | Forex. I will employ my skill for "suspension of disbelief" and answer with no visceral reaction to Bitcoin itself. The Euro is not an 'investment.' It's a currency. People trade currencies in order to capture relative movements between pairs of currencies. Unlike stocks, that have an underlying business and potential ... |
In a house with shared ownership, if one person moves out and the other assumes mortgage, how do we determine who owns what share in the end? | I second (or fifth?) the answers of the other users in that this should have been foreseen and discussed prior to entering the partnership. But to offer a potential solution: If the mortgage company allows you to assume the whole mortgage (big if) you could buy the other partner out. To determine what a fair buyout wo... |
Can't the account information on my checks be easily used for fraud? | I was a victim of this. I'm not sure who got my routing and account number off my check, but someone subscribed to Playboy.com using my bank account information. Luckily it was only for about $30 and the bank refunded my money. However, it was a mess in that I had to open a new checking account and keep the other on... |
Does the rise in ACA premiums affect employer-provided health insurance premiums? | There are a lot of moving parts, individual premiums and annual increases have little to do with employer premiums and annual increases and vice versa. Most people think of XYZ insurer as a single company with a single pool of insured folks. This common knowledge isn't accurate. Insurers pool their business segments... |
How do markets “factor in” a future event? | At the most fundamental level, every market is comprised of buyers and selling trading securities. These buyers and sellers decide what and how to trade based on the probability of future events, as they see it. That's a simple statement, but an example demonstrates how complicated it can be. Picture a company that's a... |
In USA, what circumstances (if any) make it illegal for a homeless person to “rent” an address? | You owe taxes to the state where you earned the income, and also to the state where you physically live. Most, maybe all, states have laws that let you claim credits for taxes paid to other states so that you're not paying double taxes by living in one state while working in another. Most states have deals with all the... |
How to secure one's effort when working on a contract? | Anytime you do work without any payment until the work is complete, you are effectively extending credit to the party receiving your service. How much credit you are willing to extend will vary greatly, depending on the amount and the trustworthiness of the party. For example, if you are charging $50 for something, you... |
In what ways can a public company ask for money? | There are many different methods for a corporation to get money, but they mostly fall into three categories: earnings, debt and equity. Earnings would be just the corporation's accumulation of cash due to the operation of its business. Perhaps if cash was needed for a particular reason immediately, a business may cons... |
What steps are required to transfer real estate into a LLC? | especially considering it has a mortgage on it (technically a home equity loan on my primary residence). I'm not following. Does it have a mortgage on it, or your primary residence (a different property) was used as a security for the loan? If it is HELOC from a different property - then it is really your business wh... |
Do rental car agencies sell their cars at a time when it is risky for the purchaser? | Many Web sites and articles warn against buying former rental cars, because people renting these cars often mistreat them. Rental cars are typically driven by people over 25, these are typically people with some financial means (air travel, credit card). Additionally, rental cars are subject to frequent inspection an... |
How Should I Go About Buying a Car? (College Student) | So you want to buy a car but have no money saved up.... That's going to be hard!! I'd suggest you get a part-time job, save up and buy a used car. Even with the minimum wage pay in the U.S., if you are in the U.S., you could save up and buy a car in less than a month. This route would be the quickest way for you to get... |
Should I buy or lease a car given that its not a super luxury car and I only drive 15 miles/d on avg? | I usually recommend along these lines. If you are going to drive the same car for many years, then buy. Your almost always better to buy, and then drive a car for 10 years than to lease and replace it every 2 years. If you want a new car every two years then lease. You're usually better off leasing if you're going to ... |
How much share do the venture capitalists want if they invest in our website? | I have worked with venture capitalists on a few different online based tools. There is no rule. I have seen deals go through for as little as 10% and up to 80%. There are a number of factors in place: What it really comes down to in the tech world is "Is this a side job or your life and can you live while your site i... |
Working for recruiter on W-2 vs. working for client on 1099? | The tax savings of being 1099 can be significant. It depends on your salary, and what you can deduct. You may want to consult with an accountant. The social security tax, for the self employed, is 12.4% of profit not on revenue. If you can write off more than half of the income as expenses then you could be paying... |
What ways are there for us to earn a little extra side money? | Your problem is one that has challenged many people. As you said there are two aspects to balancing a budget, reducing expenses or increasing income. And you state that you have done all the cost-cutting that you can find. Looking at ways to increase your income is a good way to balance your budget. How big is your ... |
How does 1099 work with my own company | Can I work on 1099 from my own company instead of on W2? The reason is on W2 I can't deduct my commute, Health Insurance and some other expenses while on 1099 I think I can able do that. Since I am going to client place to work not at my own office, I am not sure whether I should able to do that or not. If you ... |
Buy a parking spot and rent it out, or invest savings in an interest-bearing account? | From strictly a gross revenue point of view, the parking spot is going to yield a higher rate (5.4%) versus a 3% savings account, assuming you have it rented all year. Your break-even point (not considering other expenses) is 7-8 months of rent per year. So, what are things to consider? Here's a few to start with. The ... |
Is it possible as a non-Indian citizen to create an Indian bank account (denominated in rupees) that can exchange & repatriate its funds? | No, in your situation it is not possible. Mostly, only three types of accounts are available to individuals: So, a complete foreigner can open account in India, only if he is working in India, a type of Savings account, and that account too will be linked to his resident status. If he leaves work, he needs to close thi... |
What is the interest rate online brokerages paying out tied to? | The prime rate is the interest rate banks use amongst themselves to lend money to each other only. It is used as the basis (sometimes) for what interest rate banks charge you. The prime rate is based loosely on the Fed rate. There is a committee that meets regularly to set this and other industry interest rates. http... |
What benefits are there to having a Pension (Retirement Account) In Ireland? | As you point out, the main benefits of a pension/retirement account over a traditional cash/taxable account are the legal and tax benefits. Most Western countries establish a specific legal definition for an account which is often taxed less or not at all relative to taxable accounts and which contains some protection... |
How do you determine the dividend payout date for Mutual Funds? | Mutual funds generally make distributions once a year in December with the exact date (and the estimated amount) usually being made public in late October or November. Generally, the estimated amounts can get updated as time goes on, but the date does not change. Some funds (money market, bond funds, GNMA funds etc) di... |
Do I have to pay tax on money I earn as a tutor? | There is a moral and legal obligation to file the earnings. Not doing so is tax fraud. You should keep a ledger or some record of your earnings, helpful guidelines here. Records are required by the CRA: According to the law, your responsibilities include: (source) You could get in trouble if one of your pupils report t... |
Is it practical to take actual delivery on a futures contract, and what is the process? | Not all futures contracts are deliverable. Some futures are specified as cash settlement only. In the case of deliverable contracts, part of the specification of a futures contract will be the delivery locations. As per my answer to your previous question, please see the CME Rulebook for details of delivery points fo... |
How to do thorough research into a company to better understand whether to buy stock? | So, first -- good job on making a thorough checklist of things to look into. And onto your questions -- is this a worthwhile process? Even independent of specific investing goals, learning how to research is valuable. If you decided to forgo investing in stocks directly, and chose to only invest in index funds, the sam... |
How can one go short in Uber? | The answer to this question is related to another question: How would I invest in Uber? Given that Uber is a privately-held company, the average investor cannot directly buy stock. However, there are some indirect methods that you can use to invest in Uber, and as a result, it is also possible to indirectly short Uber... |
Will credit card payment from abroad be suspicious as taxable income? | US bank deposits over $10K only need to be reported to FinCEN (Financial Crimes Enforcement Network- a bureau of the US Department of Treasury) if the deposits are made in cash or other money instruments where the source cannot be traced (money orders, traveler checks, etc). Regular checks and wires don't need to be re... |
How can I improve my auto insurance score? | Auto Insurance score is in no way related to your driving habits, instead it is based on your credit usage. You are often punished for having more than one or two hard inquires in a year and they also frown upon having many lines of credit even though that helps your credit utilization. |
Computer vendor not honoring warranty. What's the next step? | Give him a second chance to fix it. Some computer problems are hard to nail down. THIS: So you're a tech. It's common to work a problem, do procedure A and B that should've fixed it, test repeatedly to make sure it's fixed, and hand it back to the customer... and then the customer, under his operating conditi... |
Ordering from Canada, charged in CAD or USD? | Typically, businesses always charge their 'home' currency, so if the shop is in Canada, you will pay Canadian Dollars. Normally you don't have any choices either. Your credit card company will convert it to your currency, using the current international currency exchange rate (pretty good), plus a potential fee between... |
What are the tax implications of lending to my own LLC? | It'll be just like any other loan you make, on your end, and receive, on your LLC's end. You pay taxes on the interest received, and your LLC can deduct the interest paid. Do make sure you set it up properly, however: If you want to loan money to your business, you should have your attorney draw up paperwork to d... |
Double-entry bookkeeping: How to account for non-monetary taxable benefits received from employer? | I can say that I got X dollars from an account like "Income:Benefits"... but where do I credit that money to? "Expenses:Groceries" Yes doesn't feel right, since I never actually spent that money on food, You did, didn't you? You got food. I'm guessing there's an established convention for this already? Doubt it. Esta... |
Medical Bill Consolidation | There are definitely ways to retroactively consolidate medical bills -- there's an entire industry of companies offering debt consolidation (many of which are scummy/predatory, be careful! See https://www.consumer.ftc.gov/articles/0150-coping-debt and some decent articles at http://blog.readyforzero.com/are-there-legit... |
Buying a building with two flats, can I rent one out and still get a residential mortgage? | The simple answer is to get a residential mortgage first, and once you have secured the loan, do whatever you want. The bank only cares about what risk they are taking on the day of closing and won't care afterwards so long as you pay the mortgage on time. Residential mortgages are going to give you better rates than ... |
Which Benjamin Graham book should I read first: Security Analysis or Intelligent Investor? | I would start with The Intelligent Investor. It's more approachable than Security Analysis. I read the revised edition which includes post-chapter commentary and footnotes from Jason Zweig. I found the added perspective helpful since the original book is quite old. Warren Buffet has called Intelligent Investor "the b... |
Is there lesser or no tax on assets? | US federal tax law distinguishes many types of income. For most people, most of their income is "earned income", money you were paid to do a job. Another category of income is "capital gains", money you made from the sale of an asset. For a variety of reasons, capital gains tax rates are lower than earned income tax ra... |
How much is university projected to cost in Canada in 18 years? | I personally do not buy any those so-call forecasts - look no further than the economic forecasts by those experts with PhDs over the last decade or so. Truth is there are too many factors that affects the tuition fees that far down the road (think inflation, cost of living, the method for which the education is being... |
Checks not cashed | You're certainly still responsible to pay what you owe the company given that: 1. for whatever reason, the recipient never received the checks. and 2. the money was credited back to you, albeit in a less than timely manner. However, if you take the time to explain the situation to the business, and show them proof that... |
Can I deduct equipment that I'm required to purchase by my employer? | It looks like you can. Take a look at these articles: http://www.googobits.com/articles/1747-taking-an-itemized-deduction-for-job-expenses.html http://www.bankrate.com/finance/money-guides/business-expenses-that-benefit-you.aspx http://www.hrblock.com/taxes/tax_tips/tax_planning/employment.html But of course, go to th... |
Is there any instrument with real-estate-like returns? | Similarly to buying property on your own, REITs cannot get to good returns without leveraging. If you buy an investment property 100% cash only - chances are that 10% ROI is a very very optimistic scenario. If you use leveraging (i.e.: take out a mortgage) - you're susceptible to interest rate changes. REITs invest in ... |
Why do employer contributions count against HSA limits? | It's going to be quite a challenge to give a definitive answer to any "Why" question about law, and especially so for a question about tax law. One would need to try to dig up statements made by the legislators (and/or their aides) crafting and debating the law. As it is, tax law is already inconsistent in many ways. (... |
2008-2009 Stock Market Crash — what caused the second drop? | The second drop was part of the same event. The short-term resurgence is often called a "dead cat bounce". Mongus Pong's answer is a great answer, I'm going to approach from a more anecdotal POV. Think about the fear that was in the air in Fall 2008. From my recollection, that short-term stabilization came from the Fed... |
Does my net paycheck decrease as the year goes on due to tax brackets filling up? | Most countries with income tax, including the USA, design their withholding system so that in straightforward cases, tax is withheld from each month's paycheck on an annualized basis: tax for a month is calculated on the assumption that you will keep earning the same monthly amount for the rest of the year, and the wit... |
How can I cash out a check internationally? | Your friend probably cannot deposit the check to your U.S. bank account. U.S. banks that I've worked with will not accept a deposit from someone who is not an owner of the account. I don't know why not. If some stranger wants to make unauthorized deposits to my account, why should I object? But that's the common rule. ... |
How to find a reputable company to help sell a timeshare? | The one thing I would like to add to Ben's answer is that you will be lucky to get out of this with no proceeds. So that 30-40K paid for the timeshare maybe a total loss. If this purchase was financed with the timeshare used as collateral you may need to pay it off prior to being released. One tactic I heard used is ... |
Is there a NY tax form to use when one is missing a K-1 (or 1065) from an LLC? | Form 10-K is filed by corporations to SEC. You must be thinking of form 1065 (its schedule K) that a partnership (and multi-member LLC) must file with the IRS. Unless the multi-member LLC is legally dissolved, it must file this form. You're a member, so it is your responsibility, with all the other members, to make sur... |
question regarding W4 | Yes. W4 determines how much your employer will withhold from your wages. Leaving everything at default would mean that your salary is your only taxable income, and you only take default deductions. Your employee will calculate your tax withholding based on that. But, if your salary is >200k, I assume that you have othe... |
Can I transfer my investment property into a SMSF? | Regarding transferring a residential investment property into your SMSF, no you cannot do it. You cannot transfer residential property into your SMSF from a related party. You can only transfer Business Real Property (that is commercial or industrial property) into a SMSF from a related party. You can buy new residenti... |
Is it a good strategy to +cash out refi every six months? | When you refinance, there is cost (guess: around $2000-$3000) to cover lawyers, paperwork, surveys, deed insurance, etc. etc. etc. Someone has to pay that cost, and in the end it will be you. Even if you get a "no points no cost" loan, the cost is going to be hidden in the interest rate. That's the way transactions wit... |
How can I get free or discounted checks for my bank account? | First, if you live in/around a reasonably populated urban area, and you're in the United States, I can't see why you would choose to bank with Chase, B of A, or another large commercial bank. I think you would be much better served by banking at a reasonably large credit union. There are many differences between banks ... |
Why can I refinance my recent car loan at a lower rate than I had received originally? | The simple answer might just be that the increased credit score you mentioned was enough to suddenly make you eligible for this lenders better rate, so maybe that's why you weren't able to get that low a rate before. Another option I can think of is that this particular bank offers these loans as a "teaser rate" to hop... |
File Taxes: US Expat, now married to foreign national | Per the IRS instructions on filing as Head of Household as a Citizen Living Abroad, if you choose to file only your own taxes, and you qualify for Head of Household without them, the IRS does not consider you married: If you are a U.S. citizen married to a nonresident alien you may qualify to use the head of household ... |
US Banks offering Security Tokens in 2012 | I'm looking for another one right now. Here's what I've found: Los Alamos National Bank (www.lanb.com) has tokens ($5?), but I think they only open accounts for New Mexico residents. I've had one for several years. USAA Savings Bank (usaa.com) has tokens ($5 or free, I don't remember). I'm pretty sure you do NOT need t... |
What evidence or research suggests that mid- or small-capitalization stocks should perform better than large caps? | From Dimson, Elroy, Paul Marsh, and Mike Staunton. Triumph of the Optimists: 101 Years of Global Investment Returns. Princeton, N.J: Princeton University Press, 2002: Disappointingly, the small firm effect has not proved the road to great riches since soon after its discovery, the US size premium went into reverse.... |
Warren and it's investments [duplicate] | If I were in your shoes I would concentrate now on investing in yourself. Your greatest wealth building tool is your income. Going to school is great, make sure you can finish. Also is there additional coursework you can obtain that might help boost your salary? I would look for course in the following areas that m... |
What debts are both partners liable for in a 'community property' state? | I know one piece of information that can help you (in a macabe sort of way) - from what my wife has told me, if your partner dies, you are not responsible for paying for their debts, especially student loans. I expect the same thing for credit cards - if someone were to happen to charge $2,000 on their credit card and ... |
Do property taxes get deducted 100% from the Annual Tax Return or only a fraction of them? | If your deductions are higher than the standard deduction, you will be able to subtract property taxes from your income. In your example, that means that taxes are computed based on $95,000. In 2011, the standard deduction varies between $5,800 (single filer) and $11,600 (married filing jointly). Tax credits are subtra... |
Unmarried Couple Splitting up with Joint Ownership of Home | Despite the unmarried status, you need to see a lawyer. Essentially you have a business with this person owning a home as the asset, and a mortgage for which you are responsible for. A lawyer needs to examine any paperwork you have and with knowledge of your particular jurisdiction's laws can advise you on the proper... |
Contributing factors to historical increase in trading volume | It's not primarily more people investing. In the 1980s stock exchanges went from open outcry trading floors where all trades involved actually exchanging pieces of paper to electronic trading. Once that happened, it wasn't long before most trades were executed by computer programs rather than human beings, turning stoc... |
Do mutual fund companies deliberately “censor” their portfolios/funds? | Do mutual funds edit/censor underperforming investments to make their returns look better, and if so, is there any way one can figure out if they are doing it? No, that's not what the quote says. What the quote says is that the funds routinely drop investments that do not bring the expected return, which is true. T... |
Effect on Bond asset allocation if Equity markets crash? | I agree that the cause of the crash can make a huge difference in the effect on the bond market. Here's a few other possibilities: All that to say that there's no definitive answer as to how the bond market will respond to an equity crash. Bonds are much more highly correlated to equities lately, but that could be due... |
Estate taxes and the top 1 percent by net worth | Of course, you've already realized that some of that is that smaller estates are more common than larger estates. But it seems unlikely that there are four times as many estates between $10 and $11 million as above that range. People who expect to die with an estate subject to inheritance tax tend to prepare. I do... |
What are the real risks in “bio-technology” companies? | Note: My sister works for one of the largest clinical development, testing, and commercialization companies so I know some of the key issues but not all. This answer does not constitute advice on any particular stock or other instrument. This is mostly well researched opinion. The problem with biotech companies (and a ... |
Taxing GoFundMe Donations | I'm going to post this as an answer because it's from the GoFundMe website, but ultimately even they say to speak with a tax professional about it. Am I responsible for taxes? (US Only) While this is by no means a guarantee, donations on GoFundMe are simply considered to be "personal gifts" which are not, for the mo... |
Is it wise for an independent contractor to avoid corporation tax by planning to only break even each year? | IANAL (and nor am I an accountant), so I can't give a definitive answer as to legality, but AFAIK, what you propose is legal. But what's the benefit? Avoiding corporation tax? It's simplistic – and costly – to think in terms like that. You need to run the numbers for different scenarios, and make a plan. You can end... |
What does “check payable to” mean? | They are basically asking for the name of the legal entity that they should write on the check. You, as a person, are a legal entity, and so you can have them pay you directly, by name. This is in effect a "sole proprietorship" arrangement and it is the situation of most independent contractors; you're working for your... |
How to calculate my real earnings from hourly temp-to-hire moving to salaried employee? | Here's an alternative. There are hundreds, maybe thousands, of contract engineering firms ("job shops") in the United States, probably hundreds in California alone. They are in the business of doing what your "employer" wants you to do, they know how to do it, they have been doing it for decades, working with the bigg... |
Tax consequences of changing state residency? | It also depends on where you work. If you move your home and your job then the date you establish residency in the new state is the key date. All income before that date is considered income for state 1, and all income on or after that date is income for state 2. If there is a big difference in income you will want t... |
How come the government can value a home more than was paid for the house? | The property tax valuation and the fair market price are NOT one and the same. They track each other, correlate to each other, but are almost NEVER the same number. In some parts of the USA, a municipality has to re-assess property tax values every ten years. In these places, the tax value of a property is on somethi... |
Can I write off (deduct) expenses in a period where my corporation makes no money? | Your corporation would file a corporate income tax return on an annual basis. One single month of no revenue doesn't mean much in that annual scheme of things. Total annual revenue and total annual expenses are what impact the results. In other words, yes, your corporation can book revenues in (say) 11 of 12 months of ... |
How to calculate my estimated taxes. 1099 MISC + Self Employment | There is a shortcut you can use when calculating federal estimated taxes. Some states may allow the same type of estimation, but I know at least one (my own--Illinois) that does not. The shortcut: you can completely base your estimated taxes for this year on last year's tax return and avoid any underpayment penalty. ... |
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