Personal Finance A Guide to Efficient Banking |
- A Guide to Efficient Banking
- 21 Y/o, should i buy land and build a tiny home?
- Went from being broke to making a nice salary in the span of the past four years. I have no idea how to invest and grow money: my family has always been in debt. Where do I start?
- My Dad is 50 and Bankrupt. I Want to Figure Out His Retirement While I Still Have Time.
- Someone tried take a $12k loan in my name. Please help.
- Would I be crazy to ask for a small amount of equity instead of a raise?
- Stuck with a digital debit card? Venmo!
- Owing $2800 is fed tax off of taxable income of $3300??
- Dealership won’t count my freelance income towards my total income despite being approved for the car loan
- Sell gold jewelry for cash?
- How to deal with professional references from a previous position that may now be unreliable
- 2018 taxes and t/roth IRA contribution confusion
- USAA declined credit limit increase due to "Maximum Credit Limit Reached." Can't get answer about what that means.
- On the edge of divorce and in $50k in cc and $10k in personal loans
- Can you have a bank send a copy of your checking account statement each month?
- Score dropped 29 points after paying off Auto loan
- Help me compare two job opportunities [career growth vs free time] at 21 years old, need to give a final decision by tomorrow
- Ally managed portfolio question
- $200 new patient charge when visiting a doctor for the first time
- Cheaper to keep 401K with quarterly maintenance fee but low expense ratio or rollover to "no maintenance fee" IRA with higher expense ratios?
- Will my tax code change when my salary increases?
- 2018 tax returned being rejected due to 2017's AGI
- Out of state taxes for a dancer
- My company is being acquired. What should I expect?
| Posted: 07 Apr 2019 01:25 PM PDT tl;dr - Checking accounts are over-used. You should keep most of your money in a high-yield savings account and use credit cards for all of your purchases. The credit cards should AutoPay from your savings account. Checking accounts should only store money you might need for immediate transfers, such as ATM withdraws or Paypal/Venmo. A Guide to Efficient Banking"Efficiency is intelligent laziness" I'm a very lazy person. However - I've found a system for my finances that works well for me. It's easy to manage, and I believe it to be a significant improvement over "typical" banking. When I say typical banking, this is what I mean:
If you agree with ANY of those 3 statements, you may benefit from this post. If you'd like to skip the storytelling, scroll down to the "Efficient Setup" section. "Are we doing this because it's right, or because it's the way it's always been done?" This is one of my favorite questions to ask during meetings at work, and I recently found myself asking the same question about my bank accounts. In order to accurately answer this question, I decided to analyze the different types of accounts and track my thoughts. Breakdown: Checking Account There is no limit on monthly transactions. Money used in purchases immediately leaves your account. ATMs allow you to withdraw cash. Account balance typically accrues little to no interest.
Breakdown: Savings Account There is a limit of 6 monthly transactions. Money used in purchases immediately leaves your account. Account balance can accrue higher amounts of interest.
Breakdown: Credit Card Account There is no limit on monthly transactions, but there is a limit on monthly spending. Money used in purchases stays in your account until the credit card payment is made. Rather than gaining interest, you risk being charged interest if you don't pay the full statement balance. If you can't make the minimum payment, there are other fees as well. To motivate usage, many credit cards have a "rewards" program for points or cash back. Some credit cards also have signing bonuses - such as a period of low interest or an 'initial spending' reward. Like most "bills", allows for Automatic Payments. Proper usage builds credit history, which may help in future financial situations.
Breakdown: Conclusion After breaking everything down - I started trying to piece it back together. The "typical banking" routine didn't hold up. Rather than only keeping a subset of funds in a savings account and avoiding credit cards, it would be much better to only keep a subset of funds in a checking account and utilize credit cards for all purchases. This would maximize cash back rewards and maximize interest earned on money. Not only that - since a credit card transaction doesn't immediately remove the money from your account, the money will accrue interest in the savings account for longer. The "Efficient" Setup
Specific Setup Checking Account: I use Charles Schwab for my checking account. It's an online bank with no monthly fees, unlimited ATM rebates, and 0.40% APY interest. I never really deal with cash, so I am fine with an online bank. This bank plays well into my expected usage of the account.
Savings Account: I use Ally for my savings account. It's also an online bank with no monthly fees. It currently offers 2.18% interest, compounded daily, which is estimated to be a 2.20% Annual Percentage Yield. Credit Cards: I use 3 different credit cards. You should find the right credit card(s) for you, but here is what worked for me:
I've been operating like this for a couple of months now. I had to do some work up front, to open the accounts and change my direct deposit account info, but that wasn't too bad. I also had to change my payment info for my monthly bills. My rent charges a $25 fee if I use a credit card, so it pays straight from my savings account. After that, all I had to do is use the right card for the right purchase. The automatic payments take care of the rest. I'm only using 4 of my 6 monthly transactions for my savings account. Results This setup won't make you rich, but I guarantee it will be better than "typical" banking. It will save you 2% to 4% on almost all of your purchases and will earn you ~2.2% APY on more of your money. Since it's a percentage-based difference, the benefit is different for each person and is also different month-to-month. The best part is how simple it is. Once you get it set up, it's mostly automated. Just use the right card for the right purchase, and don't spend money you don't have. [link] [comments]  |
| 21 Y/o, should i buy land and build a tiny home? Posted: 07 Apr 2019 10:45 AM PDT I am taking home roughly 24k a year after taxes (also have been considering a second job) and have been considering buying some property and building a small one bedroom tiny house on it. I could snag a piece of property where i live for around 5-10k, and i assume 40-50k would be enough to build what i need. Although there is a lot of research i need to look into before going down this path, i thought it couldnt hurt to ask and see if you guys think this is a smart move for me. I live a pretty minimalist lifestyle, dont go out much, and dont really splurge with my money on things i dont need. I am currently living with my parents, and i really want to get out although my mom doesnt want me to move out AT ALL. My bills are very minimal. I have no car payment and only really have to pay for car insurance, phone bill, food, and some money towards my parents for staying at home. Do you guys think this would be a financially smart move on my end? Is there any advice you would like to offer me? If this is a bad idea, could you explain why? [link] [comments]  |
| Posted: 07 Apr 2019 02:20 PM PDT I went from making $40k a year four years ago ago to getting a new job 2 years ago where I was $160k a year to just getting a raise this Friday that puts me at $220k. My job unfortunately has no benefits (besides being a W-2 employee) since it is a start up, which means I do pay for my own insurance, which is about a $6k a year spend. However, obviously this should be "good" money. But in the 2 years I've made over six figures ($160k at first, then $175k, then $190k, then Friday's raise) I have only increased my bank account from $1000 to $50000 and my investments from $0 to $6000 (I have a small stock portfolio with stock that has done decently so far - I invested in Etsy when it was a lower price and it has doubled since). A lot of my expenses were paying off past education debt as well as hospital bills since I got sick. Currently I have zero debt, not even credit cards with balances, and the only perk I got myself with the payraise was a new place to live in which is about $700 more a month (I work from home so this seemed worth the investment). It should be noted I live in a city with like one of the highest rent costs in the states, so it is difficult to pay a fair rent around here. I found I have a lot of financial anxiety, and I feel very nervous investing. The Lyft IPO came and went, I was unable to make myself buy any. I also saw that the IPO for Beyond Meat is coming out soon and I really want to invest, but again, I feel unable to make myself. I am terrified of going back to where I was just 2 years ago. It was a very scary future with no retirement in sight, so I feel almost scared to lose a penny that isn't necessary. What can I do to make sure my money is at least keeping up with inflation? What trusted methods are there for investing? I am 31 years old btw, and female. [link] [comments]  |
| My Dad is 50 and Bankrupt. I Want to Figure Out His Retirement While I Still Have Time. Posted: 07 Apr 2019 04:08 PM PDT My Dad recently declared bankruptcy because one of his businesses was in serious debt, where he was personally liable. His other companies also collapsed. He has no assets or savings, retirement or otherwise. I love him, but managing money is not his forte. Also, he is very kind and people have taken advantage of his good nature to rip him off or "borrow" money they never repay. He works in the fitness industry and has a good reputation where he still makes enough money from training wealthy clientele. Although, by 80 his reputation may diminish and he may not be able to keep up with his former self in terms of workload. He has a habit of spending money on expensive cars, parties, travel, and other such things. I want to get ahead of this and figure out what I should do now to prepare for when he needs help. I predict that will be in about 10-15 years. I do have a fair bit of disposable income now, as my partner and I have no children or significant expenses, and may be able to contribute a fair bit. I am not sure in 15 years, that will be the case. I also think I need to sit down with him and have a tough conversation about his plans for these things but I don't think he will actually follow through. I wanted to pretend I need help, and then just put the money he gives me into a retirement fund of sorts, but he knows I am doing well financially so this probably won't work. I am hoping others who have been in my situation have any advice? TL;DR Father is not good with money. 15 years until his retirement with no assets/savings. What should I do? [link] [comments]  |
| Someone tried take a $12k loan in my name. Please help. Posted: 07 Apr 2019 06:40 AM PDT Opened my mail this past Saturday and found a letter addressed for me from a credit union in my city, I have no account at. It had my name, my current address, and apparently an Experian report with it. It claimed that I requested a $12,000 dollar loan which I did not. The only good part is that the loan was declined, because I have short credit history. I can't call the credit union till Monday morning to find out what is going on. Should I call Experian and let them know that some credit fraud might be going on? Will this hurt my credit? My friends are telling me to just wait till Monday and speak to a loan officer at the credit union. Any advice is appreciated! I don't want my identity to be stolen. [link] [comments]  |
| Would I be crazy to ask for a small amount of equity instead of a raise? Posted: 07 Apr 2019 11:03 AM PDT I work for a small privately owned restaurant group as an assistant bar manager/bartender. I am in line to take over the bar program for our main location. My boss has taken another job and I will be his replacement. Our GM will almost never be around as he will be in charge of running one of our sister locations about an hour away and opening and operating a location we expect to be running this fall. All together we have 4 restaurants currently running and one opening soon. This will leave me essentially in charge of our most successful location. I am excited for the opportunity to step up and show the owner that I'm the guy for the job. I have been working in restaurants in basically every capacity imaginable for most of my adult life. I have 12 years of industry experience, including 10 years bartending, and 6 years of managing. The last bar that I worked at before my current job averaged 12MM-14MM/year revenue. I am confident in the value and expertise I bring to the company and the owner I see most often loves and respects me. We've gone out drinking together, gone to sporting events together, gone out to dinners, etc. He knows I am trustworthy and hardworking and I have the best interests of the business in mind. Would it be nuts of me to ask for a small amount of equity in just my location in lieu of a standard raise? My leverage here is that he would have a bar manager with a vested interest in maximizing sales, minimizing waste, and making the most cost conscious decisions possible. I would have a direct motivation to doing my absolute best to increase success instead of just getting things done for a paycheck. A little background about the restaurant group. There are currently 3 owners. I don't know how much equity each has and I don't believe it's an even 33% split across them. However, owner A is in the process of, and almost finished, buying out owner B. This means equity will be available soon as it's safe to assume, just split among the remaining 2 owners. The location where I work has been open for 2 years. Business has been very good and we did just around 7MM in revenue our first year, breaking even on all costs to the business; the liquor license, renovations, equipment, licenses, etc. We are on track to do about 4.5-5MM in revenue this year. Now for some real numbers. I am paid $50 every day I work and $75 on sundays ($275-$325) per week plus my bartending tip money. Overall I average somewhere between 4,500-$5,500 a month take home pay. I am torn between just asking for a normal salary raise, which should be around $750/week plus bar money, or punching up and asking for sweat equity to the modest tune of 2% Net Sales. Just for an average, I pulled last week's numbers and we did $86,894.37 in net sales. Maybe ask for 1% with a performance contingency for more later? Am I crazy to even ask, and should I just negotiate a standard raise? Or should I try and figure all they can say is No and then "settle" for a normal raise? [link] [comments]  |
| Stuck with a digital debit card? Venmo! Posted: 07 Apr 2019 10:36 AM PDT I recently switched phone providers and they gave me a digital debit card to "buy out" my device. I didn't have to buy a new one, woohoo! Quickly, though, I realized I'd have to think of ways to actually spend this. I'd already paid off my old carrier (per new carrier's annoying bad advice) and all my other bills are on autopay and many require a checking account (not even a debit card) anyway. I also didn't have any big purchases coming up. And since it's not a physical debit card I can't pull cash out at an ATM. To get the money, I ended up adding the card in my Venmo profile and sending the exact amount to my sister from the digital debit card and had her send it back to me. I then transferred it to my checking account. I'm glad I figured out a way to do this and access the money freely. Venmo didn't even charge me a fee because it's a debit card, not a credit card. [link] [comments]  |
| Owing $2800 is fed tax off of taxable income of $3300?? Posted: 07 Apr 2019 04:43 PM PDT This seems impossible. I only made about $18k at my job as independent contractor (1099-misc) for a family friends business. I had no other income. My deductions brought my taxable income down to about $3300, how is it possible I could owe $2800 in federal taxes off of such a low taxable income?! I'm kind of freaking out. Thanks for any information [link] [comments]  |
| Posted: 07 Apr 2019 06:49 PM PDT Hello all! I'm a 20-something who just bought their first car. I was approved at the dealership for the car loan but now they're giving me a hard time about my income almost a week after I drove off the lot. For background, I live in a small-ish town that perhaps is not used to seeing people like me who freelance for a living. I have a day job I started last year and I freelance on the side. When asked about my income, I gave them my yearly income (about $20k). They asked me for paystubs to give proof of income but I wanted to give tax return instead since it showed ALL of my income and not just my day job income. They refused to see these because I've "only been working at this day job for 9 months." When I told them that I had a pretty good side hustle that makes up anywhere from 40-65% of my income (and even a little money from my family who deposit into my account monthly), they told me that this "doesn't look good to banks to have too many sources of income." I have personally never heard of this being a bad thing but whatever. I insist to them that we use my bank statements since they won't take my tax return and they reluctantly take them. Here's what I'm worried about: they estimated my monthly income to be about $1600 based on the $20K income estimate I gave them. They want me to show proof that I make AT LEAST $1600 a month. This is the point where I realized that perhaps they've never had a freelancer before because if they have, they'd know that's not how it works with freelance. My last 3 months statements show $1500, $1400, and $2300 of income, for an average of $1700 a month. And of course I have a healthy savings account that's almost enough to pay off the car. I am worried that based on the bank statements and how much they've been belittling my freelance job that I'll be denied. Are dealerships really always this hard on freelancers? Am I right to be worried I'll be denied or am I overreacting? [link] [comments]  |
| Posted: 07 Apr 2019 03:13 PM PDT Hi guys. My family has inherited quite a bit of 20th century gold jewelry: watches, rings, earrings, bracelets, necklaces, and gemstones of many kinds. All together about 200 pieces. We are in a bit of financial trouble, and want to sell some non-heirloom pieces, and also if enough money comes from it, place the remainder in a retirement account. Wondering if anyone here on /r/personalfinance ever dealt with jewelry and knows how to get the most value out of it (perhaps for non-scrap value)? We visited a jeweler who said it was the most impressive collection they had ever seen and offered a melt (weight) value of less than the cost of one of the wedding rings. Also she said that gemstones (of any kind) are worthless and wouldn't pay much for them. I consulted another jeweler who said that selling the actual pieces themselves would provide a greater return than selling the jewelry as scrap gold. #1 - Can anyone recommend a good and safe place is to sell? We are not hesitant to learn about jewelry to get the most value out of it. #2 - Would it be wise just to save all the gold? Gold price changes, but does the value of gold increase over time at a worthwhile rate of return (discounting the value of the pieces themselves)? #3 - Assuming jewelry sales is taxable - In that case, is it even worth selling it all at once? [link] [comments]  |
| How to deal with professional references from a previous position that may now be unreliable Posted: 07 Apr 2019 06:31 PM PDT So, since November I have been working as an intern at an aerospace startup. There was an option to go full time after my internship completed, however there were no full time positions available that fit my skill set so I was not extended an offer and my internship was terminated effective immediately. As such, no one outside of HR knows the actual details and while I was asking people I had worked with if they would be willing to be professional contacts for my future job search I heard that there were rumors of some sort going around the office regarding the details of my departure. From what I can tell it seems like these rumors could suggest that I was fired "with cause" although I have no idea of the specifics. I contacted HR to see if they could clear things up but they responded that all they will tell prospective employers is my start and end dates, my title but that they won't clear up any rumors that go around the office (of which I heard several during my time there since there is very high employee turnover). I had previously obtained a couple of references from people, but I am worried that if they get wind of these rumors, they might give a bad reference. Is it better to just get the verification from HR and not risk it with professional references, when applying to jobs or do I have any other sort of options in terms of getting HR to clear up the rumors. I have a master's with thesis, but this was my first professional position. [link] [comments]  |
| 2018 taxes and t/roth IRA contribution confusion Posted: 07 Apr 2019 11:15 AM PDT There are two things that happened and I'm unsure on how to proceed:
I am confused on what I should do now for my 2018 taxes. Per the IRA contribution phase out calculator here: https://www.fidelity.com/calculators-tools/ira-contribution-calculator It looks like my roth IRA limit for 2018 would have been $3,780 so does this mean that I inadvertently made the right decision by contributing to my tIRA and rolling over into my Roth? What steps are needed here except for filling out form 8606? For 2019, I already made my contributions to Roth, will I need to just call my custodian and re-characterize these as as tIRA contribution? [link] [comments]  |
| Posted: 07 Apr 2019 12:59 PM PDT I recently applied for an increase on my credit limit with my USAA Platinum Visa. I've had this account for 8 years, balance was at $0 when I applied. Credit limit was $3500. Relevant credit info from the time I applied:
The decline letter provided the following reason for declining a credit limit increase: Maximum credit limit reached. It listed my score according to Experian as 753. It also listed "Key factors that adversely affected your credit score" as:
I called USAA because I wasn't sure what exactly "maximum credit limit reached" meant. The customer service agent was absolutely no help. She kept referencing the "key factors that adversely affected my credit score" as the reason USAA denied me an increase, but also stated that I had a "very good" credit score. I told her I understood what factors influenced my credit score, but that USAA did not list any of those factors as their reason for declining an increase. They listed "maximum credit limit reached" as their reason. I asked if that meant that I would never be able to get a credit limit above $3500, and she said yes - USAA cards can hold much higher limits. Eventually she transferred me to the USAA credit monitoring department, where I was hung up on automatically because they are closed. I'm just frustrated that I took a hard hit on my score for nothing - the only thing I can think of that would be a justifiable reason for denying me would be the late payments from 3-4 years ago, but that's not what USAA stated as their reason. I'm also confused as to why Experian is reporting that I have "too many inquiries in the last 12 months" when I haven't had a single inquiry in the last 12 months. I pulled my credit report from Experian to confirm this - no credit inquiries since July, 2017. Has anyone else run into this issue? Are there any steps I can take to get additional information from USAA? [link] [comments]  |
| On the edge of divorce and in $50k in cc and $10k in personal loans Posted: 07 Apr 2019 08:58 AM PDT I'm in TX, have 2 kids, and in an increasingly tense marital situation. We have a home but he's the only one who has it on his credit (since my credit was poor at the time) but I am on the deed. H has warned that due to our individual cc debt situations, we will be worse off selling the home (as we will be "upside down" on it he said since we've only been in the home a few years) and have to support ourselves in individual apartments (and both apartments would have to have room for the kids so it's not like we could get studio apartments). But then again, that's not a reason to stay in the marriage (or is it? that's a question for another sub). His behavior is becoming increasingly unpredictable and I have no family (or at least anyone who could help financially right now). My score right now is in the high 600s (was 700s late last year) but steadily going downward because my job doesn't pay enough for me to get a handle on this debt. I'm paying $700 per month on each credit card as well as a total of $800 on the personal loans. I pay half the mortgage to my husband. Although i love my job and its flexibility, it's just not paying the bills. I'm maxing out exemptions just to bring home more cash per paycheck (I get paid twice a month which is also problematic - if I got paid every other week it would be better based on how my bills are timed). My paychecks are being eaten up by these bills and I barely have anything left for groceries, after care for my kids, etc. I'm sorely tempted to declare bankruptcy but I know this absolutely tanks your credit and would have a serious impact on my ability to get an apartment that's decent for me and my kids. I'm going to go through today with all my expenses and figure out what's truly frivolous instead of a need (we just cut cable so now we have Hulu but of course the kids still want Netflix, etc.). It would also mean cutting their sports activities which would kill me bc they need an outlet outside of school. I truly don't know what to do. I've already used some of my 401k to pay down some of this debt and I don't want to touch any more of it. I also want my own financial advisor because the one we've been using is really my husband's (and personal friend) and I don't want him knowing if/when I plan to finally leave. But then again, a financial advisor will cost me and I don't have any money for him either. TLDR; Contemplating divorce and finally need to wake up and get my finances in order [link] [comments]  |
| Can you have a bank send a copy of your checking account statement each month? Posted: 07 Apr 2019 06:58 PM PDT My understanding is that most banks won't provide read-only access to non-owners for personal checking accounts. Are banks willing to provide monthly digital statements to a non-owners at the owner's request? [link] [comments]  |
| Score dropped 29 points after paying off Auto loan Posted: 07 Apr 2019 12:46 PM PDT Score dropped from 818 to 789 on Experian after paying off about 5k auto loan. Did you guys have similar experience? If so when can I expect to go back up? Trying to buy house in coming months. How long should I wait until I apply for mortgage? I have heard about a little score drop after paying off loans, but 29 points is kind of lot since I've been keeping close track of my scores. [link] [comments]  |
| Posted: 07 Apr 2019 02:52 PM PDT I'm 21 years old, and just graduated with my IT associates degree from a reputable state college's online 'campus'. I'm planning on taking 1-2 years off of college, paying off all my debt, then go back for two more years to finish my bachelor degree. My current issue is that I have two opportunities in front of me that are both extremely enticing in their own ways, and I can't figure out which to choose. I've had the decision to think about for almost a week now, and every time I think I'm set I'll think again and flip flop. Would like to get some other's opinions. Opportunity 1: free time and easy non-stressful job
Opportunity 2: real job with a lot of career growth
Other overall considerations are:
So it mostly boils down to significant career growth, resume experience, and a bit more yearly pay vs easy work, 4 days off per week, and slightly less yearly pay. I'm extremely indecisive on this, any input would be greatly appreciated. [link] [comments]  |
| Ally managed portfolio question Posted: 07 Apr 2019 06:31 PM PDT Has anyone had any experience with ally managed portfolio service? I was thinking of signing up for it, I'm starting to read through some of the stickies on this subreddit to learn about investing. I'm a long time lurker but first time poster. I'm trying to start being in a good spot for the future. I'm not doing to bad right now in respect to debt outside of almost 50k in school loans down from 100k. [link] [comments]  |
| $200 new patient charge when visiting a doctor for the first time Posted: 07 Apr 2019 06:27 PM PDT So I went to a doctor for the first time, and they billed me around $225 for a "new patient charge." I've asked around and this doesn't seem very common at all. My insurance is also the federal insurance for BCBS. Does anyone know if there's any way to get this fee waived or recoded somehow? [link] [comments]  |
| Posted: 07 Apr 2019 09:11 AM PDT I have a previous employer 401K that charges me $10/quarter to have my money in their account. Current account balance is $18,000. I'm 26. Below are the expense ratios for the funds I am in and as you can see they are quite low. Should I rollover into a Vanguard with higher expense ratios but no quarterly maintenance fee. This 18,000 would just grow in the market until retirement. Am I splitting hairs or is one option significantly better as the account grows? Thanks so much for the help! ER's for 90% stock/10% bond: Average net (correctly proportioned) ER for CURRENT 401K is 0.03095% Average net ER (correctly proportioned) for POTENTIAL NEW Vanguard IRA. 0.0632% Current ER's: (50% allocation): ER: .013% (25% allocation): ER: .063% (15% allocation): ER: .04% (10% allocation): ER: .027% [link] [comments]  |
| Will my tax code change when my salary increases? Posted: 07 Apr 2019 12:55 PM PDT Hi, I have been working as an apprentice for the past 2.5 years on a £17,000 salary on a fixed term contract. I have recently found a new job, as a permanent employee, with a salary of £28,000. My tax code currently is 1150L, will this change? Additionally, is there anything else I need to do when changing job or that I should be aware of when increasing my salary? [link] [comments]  |
| 2018 tax returned being rejected due to 2017's AGI Posted: 07 Apr 2019 06:08 PM PDT So I'm filing my 2018 tax return, but it keeps being rejected due to 2017's AGI being wrong. The thing is, I made an account on the IRS website to make sure I was putting in the correct amount, and according to it the amount is right. Does anyone know why this might be happening? Edit: I found my 2017 forms and realized I never filed my 1099 income. My total income for 2017 with it didn't even add up to $10,000, however. Would that explain why I can't file for this year? [link] [comments]  |
| Out of state taxes for a dancer Posted: 07 Apr 2019 04:31 PM PDT I am filing for state taxes in New mexico where I am a resident and possibly in florida were I am not a resident. I worked 3 weeks one week in july and another week much late in January. I am not sure if I should file state taxes with them as the statement mentions this: I must: "You own a business or have a rental property with assets (other than vehicles); and- Your assets are located in FloridaIf you meet the above criteria, select Add State to prepare a Florida Tangible Property Tax Return. Note that this return cannot be e-filed.If, however, you do not meet the criteria and do not need to file a Florida return, select Skip State to skip preparing a Florida return or select Choose another state if you need to file another state return. " Since I am a dancer am I the business in question? I do not own a business, but I am the business? Basically I own my services which is the business? I am unsure this is the fisrt time i've had to do my taxes. [link] [comments]  |
| My company is being acquired. What should I expect? Posted: 07 Apr 2019 05:50 PM PDT A bit of a unique situation. I work for a small consultancy and tech company. The majority of the business is the consultancy. However, we also have a licensed technology business unit, which I run. Our parent company is a big, publicly traded behemoth and they've decided to get out of the technology game, so they are selling my business unit off to another entity. I'm trying to figure out what my and my team's expectations should be. A few notes: // I do not have any equity/options in my current business. Neither do any of our employees. // I've been compensated fairly, but not exorbitantly, during my time (average base salary, profit share amounting to 5-10% of base salary, average benefits). // Our business unit has grown substantially since I took it over several years ago. It's now larger and more profitable than it ever has been and likely would not have been an attractive acquisition target before my and my team's time. Questions:
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