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Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Should I be filling out form W-9 for somebody I sold used equipment to? ### Answer: They are a business. You're not a corporation. They paid you more than $600 during the year, so they're supposed to ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where I am I liable for taxes? ### Answer: You will have to pay your taxes in the UK not USA. For tax purposes it is the company's tax residency not where the server is located. You are just hiring a ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I Accept Gold? ### Answer: You can accept almost anything mutually agreeable to you and the other party as payment. That's the definition of "barter". If you agree to trade manufactured goods for ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I Accept Gold? ### Answer: Of course you can accept gold as payment. Would anyone pay in gold? Would it have tax consequences on your federal taxes? These additional questions are off-topic on th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I Accept Gold? ### Answer: Yes. "There is, ...no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or servic...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can I Accept Gold? ### Answer: Yes. But the question is do you want to have gold? If you are going to buy gold anyway, and if you can get a good conversion rate between USD:gold, then why not? If yo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can a company have a credit rating better than that of the country where it is located? ### Answer: BlackJack's answer is technically correct: government credit ratings are independent of corporate cr...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can a company have a credit rating better than that of the country where it is located? ### Answer: In one personal finance book I read that if a company is located in a country with credit rating X i...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do I owe taxes in the US for my LLC formed in the US but owned by an Indian citizen? ### Answer: You're doing business in the US and derive income from the US, so I'd say that yes, you should file a n...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do I owe taxes in the US for my LLC formed in the US but owned by an Indian citizen? ### Answer: This is a complicated question that relies on the US-India Tax Treaty to determine whether the income i...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How would IRS treat reimbursement in a later year of moving expenses? ### Answer: IRS pub 521 has all the information you need. Expenses reimbursed. If you are reimbursed for your expenses and you u...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How would IRS treat reimbursement in a later year of moving expenses? ### Answer: I believe moving reimbursement has to be counted as income no matter when you get it. I'd just put it under miscellane...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Transfer $70k from Wells Fargo (US) to my other account at a Credit Union bank ### Answer: The LLC is paying you. It would only be fraudulent if you were trying to move the money out of the LLC to av...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Transfer $70k from Wells Fargo (US) to my other account at a Credit Union bank ### Answer: Yes, you can do this. I do this for my own single-member LLC, but I usually do it online instead of writing ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Transfer $70k from Wells Fargo (US) to my other account at a Credit Union bank ### Answer: Making a payment of any amount is usually legal, although of course the specific circumstances matter, and I'...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: I have $100,000 in play money… what to do? ### Answer: nan ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: I have $100,000 in play money… what to do? ### Answer: For any sort of investment you need to understand your risks first. If you're going to put money into the stock or bond market I would get a hold...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: I have $100,000 in play money… what to do? ### Answer: You can start a software company. Than your office will be around the world and you can work whenever you want. If you can appoint some people wh...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: I have $100,000 in play money… what to do? ### Answer: As you have already good on your retirement kitty. Assuming you have a sufficient cash for difficult situations, explore the options of investing...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: I have $100,000 in play money… what to do? ### Answer: If you want a concrete investment tip, precious metals (e.g. gold, silver) are on a pretty good run these days, personally I still think they hav...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it possible, anywhere in the US for a funding firm to not have a license number showing somewhere? ### Answer: In the United states the US government has the Small Business Administration. They al...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it possible, anywhere in the US for a funding firm to not have a license number showing somewhere? ### Answer: Well, these can range from loan broker to outright scams. It is pretty typical that l...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to deduct operational loss from my personal income tax? ### Answer: I'm not an accountant, and you should probably get the advice of one to be sure about what to do. However, if the business is a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can my company buy my personal debt? ### Answer: When your debt is forgiven, you have to consider the amount written off as an ordinary income item (with the exclusion of the debt originated from the ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Need small buisness ideas with 100k $ budjet in a 3rd world country ### Answer: Firstly, I highly doubt anyone on this site will be able to provide you with accurate input on this matter regarding wh...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Tax Write-offs and knowing how much I need to spend before the end of the year ### Answer: (I'm assuming USA tax code as this is untagged) As the comments above suggest there is no "right" answer or e...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Loan holder wants a check from the insurance company that I already cashed and used to repair my car ### Answer: What would happen if you was to cash a check, didn’t realize it was to you and your f...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Loan holder wants a check from the insurance company that I already cashed and used to repair my car ### Answer: There are at least three financial institutions involved here: your insurance company's...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What is the difference between a bond and a debenture? ### Answer: Investopedia has definitions for both: Debenture: A type of debt instrument that is not secured by physical asset or collateral. Bond...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What is the difference between a bond and a debenture? ### Answer: Some additional links which explain their differences. But mostly as @bstpierre says, both are very similar and in some cases the ter...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is a 10 year old uncashed paycheck still good? ### Answer: You probably can't deposit the check directly, but there are mechanisms in place to get your money through other means. In the US, all states...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: I started some small businesses but need help figuring out taxes. Should I hire a CPA? ### Answer: The only professional designations for people allowed to provide tax advice are Attorney, EA or CPA. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: I started some small businesses but need help figuring out taxes. Should I hire a CPA? ### Answer: Certainly sounds worthwhile to get a CPA to help you with setting up the books properly and learning ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is Mint allowed to share user data with other Intuit entities? ### Answer: I wound up asking Mint over email so I'll share the answer I received: Thank you for contacting Mint.com. From my understand...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Financially Shielded Entity Separating Individuals Behind It From Risks ### Answer: You are describing a corporation. You can set up a corporation to perform business, but if you were using the money...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Forgot to renew Fictitious Name application within the county. What is the penalty for late filing? ### Answer: I checked this myself and there is no monetary penalty for late filing. However, since I...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do I need a new EIN since I am hiring employees for my LLC? ### Answer: I called the IRS (click here for IRS contact info) and they said I do not need to get a new EIN. I could have just filed the ap...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Help: Being charged interest on a loan for which I received no statements telling me of this debt for the past 15 years. Surprise! ### Answer: There is a ten year statue of limitations on debt collect...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Help: Being charged interest on a loan for which I received no statements telling me of this debt for the past 15 years. Surprise! ### Answer: Investigate the statute of limitations in your area. 15 ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Help: Being charged interest on a loan for which I received no statements telling me of this debt for the past 15 years. Surprise! ### Answer: This sounds like a shady trick. I would consult with a co...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Section 179 vs depreciation of laptop ### Answer: I'm not a tax expert, but I think you mean Form 4562, right? If you acquire the laptop in the year for which you're filing taxes, then it is just that...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Section 179 vs depreciation of laptop ### Answer: The CPA's mention of $2,500 is probably referring to the recently increased de minimis safe harbor under the final tangible property regulations (used...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Process for dissolving a recently-opened Colorado LLC? ### Answer: Forms for the Colorado LLCs are online. You can find the link to the dissolution form here, and instructions here. IRS instructions a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Ethics and investment ### Answer: Are there businesses which professionally invest ethically? Yes. The common term for this is "socially responsible investing". Looking at that page and googling tha...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Ethics and investment ### Answer: Avoiding tobacco, etc is fairly standard for a fund claiming ethical investing, though it varies. The hard one on your list is loans. You might want to check out Isl...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Ethics and investment ### Answer: Domini offers such a fund. It might suit you, or it might include things you wish to avoid. I'm not judging your goals, but would suggest that it might be tough to f...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Ethics and investment ### Answer: Markets are amoral. If you don't buy stock in a company that has high growth/earnings, someone else will. By abstaining you will actually make it cheaper for someone ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Ethics and investment ### Answer: There are a number of mutual funds which claim to be 'ethical'. Note that your definition of 'ethical' may not match theirs. This should be made clear in the prospect...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Ethics and investment ### Answer: There are the Dow Jones Sustainability Indices. I believe the reports used to create them are released to the public. This could be a good place to start. ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Ethics and investment ### Answer: Peer to peer lending such as Kiva, Lending Club, Funding Circle(small business), SoFi(student loans), Prosper, and various other services provide you with access to t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What type of insurance would protect you against the Amazon 1p bug? ### Answer: I believe the appropriate recourse in this scenario is to bring a court case for breach of contract. The 1p repricing ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How important is disability insurance, e.g. long-term, LTD? Employer offers none ### Answer: The reason to have disability insurance is to replace your income if you become disabled and are no longer ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How important is disability insurance, e.g. long-term, LTD? Employer offers none ### Answer: (Oops - I had been meaning to come back to this Q. sooner. Just saw my reminder, so here goes.) Shortly bef...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How important is disability insurance, e.g. long-term, LTD? Employer offers none ### Answer: (My wife works for an insurance broker in the US, so take that grain of salt with my answer) Disability ins...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What's a Letter of Credit? Are funds held in my bank for the amount in question? ### Answer: Wikipedia has a detailed article explaining this. A standard, commercial letter of credit (LC) is a documen...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What's a Letter of Credit? Are funds held in my bank for the amount in question? ### Answer: A letter of credit is commonly used by importers who want to ensure that their product is shipped before pa...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What's a Letter of Credit? Are funds held in my bank for the amount in question? ### Answer: Ok so this is the best information I could get! It is a guarantee from a financial institution that paymen...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What's a Letter of Credit? Are funds held in my bank for the amount in question? ### Answer: In a domestic setting, Letters of Credit are often used to build public works needed to support a developme...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Paying restaurants in cash instead of credit card - how signficant is this? ### Answer: Credit cards charge about 2% fee from merchants. This is already priced into the restaurant menu. Generally, dea...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Paying restaurants in cash instead of credit card - how signficant is this? ### Answer: The biggest advantage to small business owners paid in cash is not that it might save the 2 or 3 percent that wo...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Paying restaurants in cash instead of credit card - how signficant is this? ### Answer: You know those perks/benefits that you don't want to give up? Those are funded by the fees you are trying to eli...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to acquire assets without buying them? ### Answer: Assets can be acquired in different ways and for different purposes. I will only address common legal ways of acquiring assets. You can trade on...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to acquire assets without buying them? ### Answer: Your question seems to be premised on your personal understanding of economics, and asking that people present to you an explanation of business...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to acquire assets without buying them? ### Answer: You don't start out buying a shopping mall, you have to work up to it. You can start with any amount and work up to a larger amount. For me, I ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to acquire assets without buying them? ### Answer: There are a number of ways someone acquires assets without buying it. People could have inherited assets. They could have been gifted assets. Th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Is it taxable if someone return me money? ### Answer: The $10,000 is not taxable to either of you, but the $500 is taxable income to you - and a deductible business expense for your friend. ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Capitalize on a falling INR ### Answer: By no means is this a comprehensive list, but a few items to consider: ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Capitalize on a falling INR ### Answer: One simplest way is to to do Forex trading. You can do this by buying Foreign Currency Futures when you feel Rupee is going down or by selling those Futures whe...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How to have a small capital investment in US if I am out of the country? ### Answer: For $100 you better just hold it in Mexico. The cost of opening an account could eat 10% or more of your capital e...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Professional tax for employees - startup in India ### Answer: The tax is depended upon state where you are registered and the salary paid. More here If you employ contract you need not pay tax. ###en...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do I owe taxes if my deductions are higher than my income? ### Answer: There's one factor the previous posters apparently missed here: You say "self-employment tax"--in other words, at least some of t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do I owe taxes if my deductions are higher than my income? ### Answer: No, it's not possible. Even if you had no deduction or credits, your federal tax on $16,604 would be: $9075 @ 10% = $907.50 + $7...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do I owe taxes if my deductions are higher than my income? ### Answer: I'm going to echo Phil and say that you should add more information. That being said, I think it is possible for you to owe the g...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do I owe taxes if my deductions are higher than my income? ### Answer: As a CPA I can say, without a doubt, you do not owe any federal income tax. However, assuming all of you income was from your bus...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do I owe taxes if my deductions are higher than my income? ### Answer: In your case, I believe the answer is that you don't owe any taxes, if your deductions exceed your income. There is something cal...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What increases your chance of being audited? ### Answer: Here is an article that claims to know something about it. Here are a selection of quotes: The IRS says there are several ways a return can be ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What increases your chance of being audited? ### Answer: Here's a few things: ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why are U.S. credit unions not open to everyone? ### Answer: Credit unions are mutually-owned (i.e. customer owned) financial institutions that provide banking services. They take deposits from their...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why are U.S. credit unions not open to everyone? ### Answer: It's required by law. 12 USC 1759 (b) requires that membership in a credit union be limited to one or more groups with a "common bond", or...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Car expense deductions with multiple work locations ### Answer: Suppose that I work from home, but do not qualify for a business use of home deduction. As I understand it, this means I cannot deduct...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Formation of S-Corp for Gambling Trade ### Answer: In a sole proprietorship AND an LLC, the expenses can still be deducted against the profits or losses from the operations. The IRS does not even requ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Formation of S-Corp for Gambling Trade ### Answer: You probably don't need S-Corp. There's no difference between what you can deduct on your Schedule C and what you can deduct on 1120S, it will just c...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Should I file taxes or Incorperate a personal project? ### Answer: Normally, incorporation is for liability reasons. Just file your taxes as a business. This just means adding a T2125 to your person...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Should I file taxes or Incorperate a personal project? ### Answer: I don't know what you mean by "claim for taxes," I think you mean pay taxes. I'm not sure how corps function in Canada but in the U...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Should I file taxes or Incorperate a personal project? ### Answer: There are two reasons for incorporating a business in Canada - limiting liability and providing some freedom in structuring your taxe...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Square credit card readers allow for personal use? ### Answer: What I should have done in the first place was just ask them. From their customer support team: Thanks for writing in and for your in...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Square credit card readers allow for personal use? ### Answer: Yes. From their TOS: "By creating a Square Account, you confirm that you are either a legal resident of the United States, a United St...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Square credit card readers allow for personal use? ### Answer: My husband used this device at work in an organization/club that collects dues for fundraisers. The fundraisers are only for the club....
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do Square credit card readers allow for personal use? ### Answer: I used square in the past for personal yard sale and they did not transfer balance to my bank acct because they told me it was against...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Differences in taxes paid for W2 employee vs. 1099 contractor working on sites like ODesk.com? ### Answer: Yes, you've summarized it well. You may be able to depreciate your computer, expense some sof...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If I invest in a company that goes bankrupt, is that a gain or a loss? ### Answer: I'll give the credit to @Quid in the comments section of the question. You put out $10k, you got back $20k, that's a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Getting financial advice: Accountant vs. Investment Adviser vs. Internet/self-taught? ### Answer: Do I need an Investment Adviser? No, but you may want to explore the idea of having one. Is he going ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Getting financial advice: Accountant vs. Investment Adviser vs. Internet/self-taught? ### Answer: An accountant should be able to advise on the tax consequences of different classes of investments/ass...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Getting financial advice: Accountant vs. Investment Adviser vs. Internet/self-taught? ### Answer: I think the OP is getting lost in designations. Sounds to me that what he wants is a 'financial advis...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Privacy preferences on creditworthiness data ### Answer: See the first item in the list: For our everyday business purposes – such as to process your transactions, maintain your account(s), respond ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Have plenty of cash flow but bad credit ### Answer: Set up a meeting with the bank that handles your business checking account. Go there in person and bring your business statements: profit and loss, ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Have plenty of cash flow but bad credit ### Answer: A) The Credit Rating Agencies only look at the month-end totals that are on your credit card, as this is all they ever get from the issuing bank. So...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Have plenty of cash flow but bad credit ### Answer: Sign up with credit karma. It will give you two scores for free and will show you credit cards you have a good chance in being approved for. Plus ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: static data for mutual funds/hedge funds ### Answer: It's not really my field, but I believe it's all the information that doesn't change (i.e. isn't "real-time") about the business of hedge funds. F...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How does Robinhood stock broker make money? ### Answer: Robinhood seems interesting. Some say it's a gimmicky site with a nice UI not an investing or trading platform. From investopedia: 1. For now, t...