Definitely deduct, as professional services. I'm a retired CPA (car parking attendant).
Search found 672 matches
- Fri Mar 22, 2024 8:27 am
- Forum: Personal Finance (Not Investing)
- Topic: deduct property survey as expense for rental?
- Replies: 2
- Views: 208
- Fri Mar 22, 2024 7:51 am
- Forum: Investing - Theory, News & General
- Topic: Silly TLH games
- Replies: 40
- Views: 3814
Re: Silly TLH games
I always sell in taxable if I see a chance to harvest a loss that is a significant dollar amount. If my replacement drops the next day and presents another significant loss amount, I do it again (and again, and again, as opportunities arise). Losses are valuable to me, allowing me to convert more to Roth each year without paying federal tax. Plus, I might never pay taxes on capital gains, because I may not have to empty the taxable account in my lifetime, and/or I may stay in the 12% bracket for life. Please enlighten me on how capital losses enable you to convert more to Roth without paying taxes? A $3k loss would enable you to covert more at a lower bracket, but unless your income is less than the standard deduction, you have to pay tax ...
- Sat Mar 16, 2024 9:57 am
- Forum: Personal Consumer Issues
- Topic: Buying an Expensive Car
- Replies: 101
- Views: 8708
Re: Buying an Expensive Car
It's more fun to drive a slow car fast than a fast car slow. Why pay for extreme performance if you rarely can experience it.
- Mon Mar 04, 2024 7:47 am
- Forum: Personal Finance (Not Investing)
- Topic: If I own a house for 30 years and I replace the roof twice, do both replacements count as capital improvements?
- Replies: 80
- Views: 10073
Re: If I own a house for 30 years and I replace the roof twice, do both replacements count as capital improvements?
- Sat Mar 02, 2024 6:12 pm
- Forum: Personal Consumer Issues
- Topic: Cost for tickets to Duke basketball game?
- Replies: 7
- Views: 1571
Cost for tickets to Duke basketball game?
I've always wanted to attend a Duke home basketball game at Cameron Arena. I saw a story on NBC news tonight which showed a young cancer survivor ringing the bell which reminded me of my desire. How much for a pair of decent tickets?
Cheers to all!
Cheers to all!
- Thu Feb 29, 2024 8:20 am
- Forum: Personal Finance (Not Investing)
- Topic: Tax question re house sale [NY resident, sold house in FL]
- Replies: 11
- Views: 1202
Re: Tax question re house sale [NY resident, sold house in FL]
Are you a resident of NY per your prior tax returns? If so, you will pay NY income tax on the gain of the Florida home.
- Thu Feb 29, 2024 6:36 am
- Forum: Investing - Theory, News & General
- Topic: What good is tax deferred?
- Replies: 122
- Views: 15668
Re: What good is tax deferred?
Thanks for the advice. I didn't know you could do that.Leif wrote: ↑Thu Feb 29, 2024 1:22 am With tax deferred you can buy/sell within the account without tax consequences. So, if you want to do some tax loss harvesting (TLH), but you also want to maintain your asset allocation, you can sell equities, at a loss, in your taxable account and buy an equal amount of different equities in your tax deferred account. After the 31 days have passed you can reverse the process. That gives to a tax loss that can be used to offset $3,000 of income and/or offset capital gains you have, now and in the future.
I keep my tax deferred account all in fixed income unless I doing TLH.
- Mon Feb 26, 2024 11:13 am
- Forum: Personal Investments
- Topic: ROTH Conversion Requirements
- Replies: 19
- Views: 2264
Re: ROTH Conversion Requirements
A lower tax bracket now than in the future.
- Sun Feb 25, 2024 12:10 pm
- Forum: Personal Investments
- Topic: 50% of my portfolio in FANG - 15% in NVDA
- Replies: 90
- Views: 16403
Re: 50% of my portfolio in FANG - 15% in NVDA
Here's my NVDA story, I bought 1,000 shares at $30, 2 years later sold for$330,000. Wit the split, it would be worth over $3 million today. Instead of a 10 bagger, it would be a 100 bagger. Guess I wasn't as smart as I thought I was.
- Fri Feb 23, 2024 11:54 am
- Forum: Personal Finance (Not Investing)
- Topic: Know your customer (KYC)
- Replies: 22
- Views: 2828
Re: Know your customer (KYC)
There you go.kd2008 wrote: ↑Fri Feb 23, 2024 11:50 am You are raising the stakes here that do not matter at all.
Nobody cares what you answer.
They are required to ask you those questions.
Nobody cares about your net worth.
Just go through the motions and collect the money.
Some people get their panties in a wad over the most inane stuff.
At worst they will make a sales pitch - ignore and continue.
- Thu Feb 22, 2024 5:54 pm
- Forum: Investing - Theory, News & General
- Topic: borrow money and interest is tax deductible
- Replies: 25
- Views: 2729
Re: borrow money and interest is tax deductible
A boat or RV can qualify as a 2nd home and interest is deductible as long as it has sleeping quarters, a bathroom and a kitchen (or galley).
- Tue Feb 20, 2024 10:07 am
- Forum: Personal Finance (Not Investing)
- Topic: Roth Conversion Triggered Estimated Tax Penalty
- Replies: 17
- Views: 1890
Re: Roth Conversion Triggered Estimated Tax Penalty
- Thu Feb 15, 2024 3:11 pm
- Forum: Personal Consumer Issues
- Topic: What inferior good do you love?
- Replies: 232
- Views: 25954
Re: What inferior good do you love?
Pabst Blue Ribbon, not inferior, just lower priced.
- Tue Feb 06, 2024 7:57 pm
- Forum: US Chapters
- Topic: Are any BH's not wealthy?
- Replies: 165
- Views: 26447
Re: Are any BH's not wealthy?
I thought I was till I started reading Bogleheads.
- Mon Feb 05, 2024 8:10 am
- Forum: Personal Finance (Not Investing)
- Topic: Working Cushy job now, offered promotion to another dept. Stay put or make the jump over?
- Replies: 32
- Views: 2854
Re: Working Cushy job now, offered promotion to another dept. Stay put or make the jump over?
Why are you even thinking of changing jobs? You have $250k+ low stress income, why change that to an unknown? Put as much money as you can in tax deferred accounts. Congratulations on all your success.
- Sun Feb 04, 2024 7:18 pm
- Forum: Personal Finance (Not Investing)
- Topic: Tax Preparer bailed, which tax software to use?
- Replies: 76
- Views: 6602
Re: Tax Preparer bailed, which tax software to use?
Not an issue for me as until I just Binged it had no idea what it was. Also, in 9 years of working in a CPA firm never encountered that form.
You worked at a CPA firm and never heard of Form 1116? Were you the janitor?
You worked at a CPA firm and never heard of Form 1116? Were you the janitor?
- Sun Feb 04, 2024 7:04 pm
- Forum: Personal Finance (Not Investing)
- Topic: Estimated Tax UnderPayment Penalty
- Replies: 23
- Views: 2406
Re: Estimated Tax UnderPayment Penalty
There's quite a bit of bad tax advice on this forum.
- Fri Jan 26, 2024 7:35 pm
- Forum: Personal Finance (Not Investing)
- Topic: Roth conversions in the 22 & 24% tax brackets.
- Replies: 144
- Views: 14683
Re: Roth conversions in the 22 & 24% tax brackets.
We (both 57) convert to the top of the 22% bracket and do it 4x a year to catch market fluctuations. Dollar cost averaging. I have modelled the need to keep some brokerage and traditional qualified monies around for income manipulation (such as withdrawing from T-IRAs to the 12%/15% bracket + standard deduction). Additionally, there may be LTC to pay for over and above QLACs and SPIAs that will be purchased with before-tax money. Having said that, we do have objectives to get more Roth before social security kicks in. Our qualified investments were always Roth (and HSA) since those became available, so we don't have that much more to convert. It might make sense for you to be more aggressive, given your circumstance or ultimate Roth target...
- Fri Jan 26, 2024 8:49 am
- Forum: Personal Finance (Not Investing)
- Topic: Roth conversions in the 22 & 24% tax brackets.
- Replies: 144
- Views: 14683
Re: Roth conversions in the 22 & 24% tax brackets.
When will you retire? What do you expect your income to be after retirement and before RMD's? If you expect to be lower, wait to do Roth contributions/conversions.
- Tue Jan 23, 2024 10:30 am
- Forum: Personal Consumer Issues
- Topic: What are some of the things that improved YOUR quality of life?
- Replies: 254
- Views: 42486
Re: What are some of the things that improved YOUR quality of life?
PXG 14° driver. Golf is much more fun when you start with a boomer.
- Mon Jan 22, 2024 3:12 pm
- Forum: Personal Consumer Issues
- Topic: Need help deciding what to do with 2 teslas
- Replies: 30
- Views: 4467
Re: Need help deciding what to do with 2 teslas
I think Jazbo Jenkins doesn't own any Teslas, just wanted to see Boglehead's reactions.
- Sun Jan 21, 2024 3:28 pm
- Forum: Personal Finance (Not Investing)
- Topic: Nice home, nice neighborhood, unsavory neighbors – options?
- Replies: 92
- Views: 10632
Re: Nice home, nice neighborhood, unsavory neighbors – options?
We have a,crazy neighbor, always calling the cops on us, accusing us of being drug dealers, harassing my friends when they come by. She even got a flood light shining on our property. Starting documenting every incident for potential harassment lawsuit.
- Thu Jan 18, 2024 9:43 am
- Forum: Personal Investments
- Topic: Buying AMD
- Replies: 43
- Views: 5393
Re: Buying AMD
You missed the boat @ $123.
- Thu Jan 18, 2024 9:09 am
- Forum: Personal Investments
- Topic: Tips for unwinding the single stock part of my portfolio
- Replies: 17
- Views: 1818
Re: Tips for unwinding the single stock part of my portfolio
Hope you sold yesterday, Humana down 12%.
- Wed Jan 17, 2024 11:48 am
- Forum: Personal Finance (Not Investing)
- Topic: Contractor 1099-NEC Issue
- Replies: 12
- Views: 778
Re: Contractor 1099-NEC Issue
Also, send the wife out to start the car i,n the morning.MP123 wrote: ↑Wed Jan 17, 2024 11:46 am Do you have a written contract for the $11k of work?
I would have a polite conversation making it clear that you will not be paying his taxes and asking him to explain the new charges.
If you filed the 1099 with "refused" for the TIN (which he apparently won't provide) then you'll probably get a CP letter telling you that you'll need to start backup withholding for any future payments to him. Did you perhaps send him a W9 rather than a 1099?
Oh, and maybe change the locks.
- Wed Jan 10, 2024 11:42 am
- Forum: Personal Finance (Not Investing)
- Topic: Advice regarding CPA fees
- Replies: 22
- Views: 2583
Re: Advice regarding CPA fees
$4k seems reasonable for a CPA, maybe not so much for an EA. Does the EA have to file any payroll taxes, sales tax, workman's comp returns? How often do you call him for advice during the year? An E'A's time is his money maker, seems reasonable to me.
- Fri Jan 05, 2024 8:00 am
- Forum: Personal Finance (Not Investing)
- Topic: Retirement: what was more expensive than anticipated?
- Replies: 80
- Views: 20639
Re: Retirement: what was more expensive than anticipated?
My Dollar Tree purchases are now 25% more.
- Tue Dec 26, 2023 6:20 am
- Forum: Personal Investments
- Topic: Tax Gain Harvesting
- Replies: 16
- Views: 1864
Re: Tax Gain Harvesting
If a state does not allow carryforward of capital losses, it usually allows all the losses occurred in that year. It's a state adjustment. What state do you live in?
- Fri Dec 22, 2023 11:27 am
- Forum: Personal Finance (Not Investing)
- Topic: My former employer is late paying my severance and they're screwing up my tax situation for 2023
- Replies: 43
- Views: 5212
Re: My former employer is late paying my severance and they're screwing up my tax situation for 2023
Your employer is probably doing you a favor by paying the severance in 2024, assuming income will be lower being laid off and no capital gain from land sale.
- Wed Dec 20, 2023 8:58 am
- Forum: Personal Investments
- Topic: Reviewing my 90-y/o mom's portfolio - is this as bad as I think?
- Replies: 15
- Views: 3889
Re: Reviewing my 90-y/o mom's portfolio - is this as bad as I think?
Yes.InNameOnly wrote: ↑Wed Dec 20, 2023 8:39 am Looking at this from 30,000 ft.
What are her returns?
YTD: _______
5Y: _______
10Y: ________
- Mon Dec 18, 2023 7:13 pm
- Forum: Investing - Theory, News & General
- Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
- Replies: 7760
- Views: 1351139
Robinhood 1% bonus - any firm matching?
[Merge here - mod mkc)
I just now got Schwab to match a $2,000 bonus from Citi Wealth Management. Now I see Robin hood is paying a 1% bonus with no limit. I got a $2,000 bonus from Chase in early 2022, I'm hoping they might match Robinhood, anybody have any luck?
I get a little nervous transferring a significant sum of money to an upstart company.
Peace, love and tie dye.
I just now got Schwab to match a $2,000 bonus from Citi Wealth Management. Now I see Robin hood is paying a 1% bonus with no limit. I got a $2,000 bonus from Chase in early 2022, I'm hoping they might match Robinhood, anybody have any luck?
I get a little nervous transferring a significant sum of money to an upstart company.
Peace, love and tie dye.
- Wed Dec 13, 2023 11:37 am
- Forum: Personal Finance (Not Investing)
- Topic: H&R Block 2023 software offer
- Replies: 246
- Views: 39270
- Tue Dec 12, 2023 12:14 pm
- Forum: Personal Consumer Issues
- Topic: Your Classic "This Used Car or That New Car?" Thread
- Replies: 20
- Views: 2224
Re: Your Classic "This Used Car or That New Car?" Thread
I would finance as much of the car as possible. Assuming you can finance 100% of the purchase price and your trade in is worth $20,000, you could get a new car and a check for $20,000, apply that $20,000 to your 6.5% mortgage. I've done this maneuver several times with 0% financing. Sales people will probably be clueless about this.
- Sat Dec 02, 2023 8:12 pm
- Forum: Personal Investments
- Topic: Uninterested Spouse
- Replies: 166
- Views: 23976
Re: Uninterested Spouse
You're in charge of your family's finances. She doesn't know the fun she missed out on not paying her credit card.
My question: why did you have to change the password?
My question: why did you have to change the password?
- Sat Dec 02, 2023 10:48 am
- Forum: Personal Investments
- Topic: Can a K-1 that has a number for "distributions" not actually pay a unit holder a cash distribution?
- Replies: 16
- Views: 1778
Re: Can a K-1 that has a number for "distributions" not actually pay a unit holder a cash distribution?
Could be taxes paid on your behalf.
- Sun Nov 26, 2023 2:41 pm
- Forum: Personal Finance (Not Investing)
- Topic: NY State taxes - do they not calculate the marginal rates?
- Replies: 26
- Views: 3560
Re: NY State taxes - do they not calculate the marginal rates?
Get help, you did something wrong.Bilsep2 wrote: ↑Sun Nov 26, 2023 1:36 pm I’ve just prepared an amended 2021 joint return (married jointly) that increased income by 39,244 which resulted in an increase of 63,634 of NYS tax.
The originally filed return reported:
NY AGI: 2,172,550
NY TAXABLE: 2,144,542
TAX: 146,901 (flat rate 6.85%)
The amended return reports:
NY AGI: 2,211,794
NY TAXABLE: 2,183,786
TAX: 210,735 (flat rate 9.65%)
Difference:
NY AGI: 39,244 increase
NY TAXABLE: 39,244 increase
TAX: 63,834 increase
Is it correct that the STATE totally eliminates the marginal rates and taxes ALL the income at the top marginal rate?
- Sun Nov 26, 2023 9:02 am
- Forum: Investing - Theory, News & General
- Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
- Replies: 7760
- Views: 1351139
Re: The Final, Definitive Thread on Brokerage Transfer Bonuses
I asked Schwab for a retention bonus, never had any luck. Thanks for the link for the City bonus.theac wrote: ↑Sun Nov 26, 2023 8:40 am Does Schwab match bonus offers from other brokerages?
Specifically, this one from Citi?
https://banking.citi.com/cbol/investmen ... 28E0A44CC6
I called their ROTH Dept 2 weeks ago, spoke to an agent, he said he couldn't find that offer, and would call me back. He never did. I'm thinking of making another call, this time to their Brokerage Dept.
I'm thinking of transferring $50k in etfs from Vanguard ROTH to my Schwab ROTH.
Fidelity shows a $500 bonus, so just wondering if Schwab would match that offer.
- Wed Nov 22, 2023 8:24 pm
- Forum: Personal Finance (Not Investing)
- Topic: S corporation distributions
- Replies: 28
- Views: 2841
Re: S corporation distributions
I forbid you to comment on any S Corp questions based around on above comment.vnatale wrote: ↑Wed Nov 22, 2023 8:07 pmOn what do you base that upon?
I believe his basis is exactly what he paid for his shares when he originally purchased them.
- Wed Nov 22, 2023 5:22 pm
- Forum: Personal Investments
- Topic: Highly concentrated stock positions & seeking feedback (AAPL, GOOGL)
- Replies: 95
- Views: 9497
Re: Highly concentrated stock positions & seeking feedback (AAPL, GOOGL)
KlangFool - where did you come up with that rule of thumb? What happens if earnings grow 20%/year. If the stock price stays the same, the P/E will be 17.36 in 3 years. Would it be a bargain then? A 30 P/E implies it's earnings should be growing, but a P/E of 30 does not mean earnings should be growing at 30%.KlangFool wrote: ↑Mon Nov 20, 2023 6:29 pmindexin99.
But, that may not have anything with the future of AAPL's stock price.
The current AAPL P/E ratio is 30+. In order for AAPL's stock to move higher, the earning needs to grow much more than 30% per year. Do you believe that it can consistently beat that expectation over the next few years?
KlangFool
- Fri Oct 20, 2023 4:54 pm
- Forum: Personal Consumer Issues
- Topic: Will Dog Food Prices Go Back Down?
- Replies: 24
- Views: 2176
Re: Will Dog Food Prices Go Back Down?
Hope you have a dog!whodidntante wrote: ↑Fri Oct 20, 2023 3:10 pm I hope that Alpo prices come down. That's my plan B to mitigate a prolonged bear market.
- Sun Oct 15, 2023 5:02 pm
- Forum: Personal Finance (Not Investing)
- Topic: Live Auction House Flip: Thoughts?
- Replies: 14
- Views: 1903
Re: Live Auction House Flip: Thoughts?
Please explain "someone can outbid you later"? Never heard of that at an auction.
- Fri Oct 13, 2023 6:21 am
- Forum: Personal Finance (Not Investing)
- Topic: New accountant asked/suggested I simplify
- Replies: 21
- Views: 3651
Re: New accountant asked/suggested I simplify
Ask the accountant how much time it saves. Once you enter account information into tax program, it rolls over to the next year. Your 3 or 4 investment accounts are not excessive. I'd look for another accountant.
- Wed Oct 04, 2023 5:50 pm
- Forum: US Chapters
- Topic: Sad News - LadyGeek's Mom has passed
- Replies: 158
- Views: 38156
Re: Sad News - LadyGeek's Mom has passed
Sorry for your loss. If you pay the PA inheritance tax within 90 days from the date of death there is a 5% discount. You can send in an estimate.
- Tue Oct 03, 2023 8:21 am
- Forum: Investing - Theory, News & General
- Topic: Aren't bonds basically guaranteed to appreciate in the short/medium term?
- Replies: 37
- Views: 4247
Re: Aren't bonds basically guaranteed to appreciate in the short/medium term?
I guarantee I can flip a coin and it will come up heads 100% of the time.
Assumptions: tails will never come up.
Assumptions: tails will never come up.
- Sat Sep 30, 2023 2:02 pm
- Forum: Personal Finance (Not Investing)
- Topic: Should you get a local CPA when you move?
- Replies: 14
- Views: 1575
Re: Should you get a local CPA when you move?
Keep your PA CPA. Should be no problem doing simple GA return.toddthebod wrote: ↑Sat Sep 30, 2023 1:51 pm Have you asked your CPA if he/she is comfortable filing a Georgia return?
- Thu Sep 28, 2023 7:58 pm
- Forum: Investing - Theory, News & General
- Topic: What did work in the late 60's?
- Replies: 82
- Views: 13927
Re: What did work in the late 60's?
Viagra worked for me.
- Thu Sep 28, 2023 1:05 pm
- Forum: Personal Investments
- Topic: Investing funny money but not laughing anymore
- Replies: 86
- Views: 12314
Re: Investing funny money but not laughing anymore
Sell VSAT, take the tax loss, invest proceeds in SRPT. Thank me in November.
- Fri Sep 22, 2023 7:52 am
- Forum: Personal Investments
- Topic: Ways to take advantage of unemployment
- Replies: 11
- Views: 1855
Re: Ways to take advantage of unemployment
If you have any L/T cap gains, you can do tax gain harvesting at 0% tax rate.
- Thu Sep 21, 2023 5:58 am
- Forum: Personal Finance (Not Investing)
- Topic: HR Block: Home office deduction not reported on Sched C?
- Replies: 26
- Views: 1789
Re: HR Block: Home office deduction not reported on Sched C?
Are you self employed or a W-2 employee who has a home office?
- Fri Sep 15, 2023 12:40 pm
- Forum: Personal Consumer Issues
- Topic: My son and I are getting into golf...
- Replies: 39
- Views: 4184
Re: My son and I are getting into golf...
Advice once playing on a real course:
Play good, play fast.
Play poorly, play faster.
Play good, play fast.
Play poorly, play faster.