Personal Finance Check your paystubs!!! |
- Check your paystubs!!!
- Make decent money, still broke all the time. Need help!
- Any financial, budgeting or other advice for first time home owners?
- Am I supposed to have a lawyer on retainer?
- Can you poke holes in my plan to take a year off work?
- 2020 tax return issue causing issues in 2021
- Recommended free tax filing services?
- Index funds and ETFs long term
- how should i report this income? (first time paying taxes)
- Where to exchange money back to USD after trip
- Should I sell my car to help with upcoming finance issues?
- Should we buy a house or wait? (Canada)
| Posted: 20 Feb 2022 06:02 AM PST I've seen several posts in the past weeks (tax season) with people realizing their employer didn't withhold taxes in 2021. In all cases, they say, 'I wasn't looking at the e-mailed stubs, just checking my deposits'. C'mon folks, you gotta do better than that, step up, and take responsibility for yourself. And not just the taxes. What if they aren't withholding for 401k or your insurance? I am an executive at a small, family-owned company (50 FT, 150 PT employees), and mistakes can happen. HR wears a lot of hats, and as you are aware turnover has been atrocious the past few years. You have to keep on top of your finances, including stubs, statements, etc. 'Personal Finances' are no ones responsibility, but yours. [link] [comments] |
| Make decent money, still broke all the time. Need help! Posted: 20 Feb 2022 06:13 AM PST I make 110k a year as a Marketing Director. I own my own home , and yet still can't get ahead in life. I spend way too much money , have not so great credit. I'm just looking for advice on how to be better with my money. take home $7600 a month after taxes I own my house, pay $1500 mortgage (roommate pays $400 , $1100 deducted from monthly expenses) I have very little debt as well $800 on credit card - $3500 limit $500 on credit card - $1000 limit somehow my credit score is still 550-600 depending on where you run the credit. $865 in total collections and less than 2k in total debt. other expenses included $200 phone bill, $200 storage unit, $200 on credit card payments, $300 utilities , $30 trash , $300 cat / dog food , $200 additional monthly expense. No car payment currently but need to buy a new car which is why I'm finding out even when making 100k per year it's hard to find someone to give me a decent car loan without paying $500 per month and paying 16% interest. Right now I got 3k in my bank account, I get paid $3500 this upcoming Friday and get paid every two weeks. I also should have some equity in my home , I bought it for $270k 2 years ago, Zillow now says the house is worth 340k. Anything I can do here to get my finances in order? Willing to pay someone who can guide and mentor me on how to be better with my finances. Also I need a car immediately , what's the best move here to get a reliable vehicle? When I try to get a car loan through the dealerships they want me to pay $500 a month and 16% interest on a 15k car. Doesn't seem like the best play financially. [link] [comments] |
| Any financial, budgeting or other advice for first time home owners? Posted: 20 Feb 2022 05:05 AM PST Hi everyone! My partner and I (late 20's) will be moving into our first home in March and I was hoping to get some advice from this sub. We are both working. Currently I'm trying to get as granular as I can about our Expenses each month, and total that, then just keep that money aside apart from our personal money. Do you guys have any Tips or guides on how to efficiently Budget without it sucking the fun and flexibility of day to day life. We are both not extravagant spenders. I save rigorously and he has a little bit of debt, which we are chipping away at. I would also like to save money again for myself personally, as the Expenses of acquiring a home (deposit and other fees) has left me a little tight on cash right now. I feel that theres more to budgeting then just listing down expenses and amd keeping that money away. Am I missing something? I feel like I have to make a really nice excel sheet with everything out on the table to feel organized instead of it just being in my head. I will ppreciate any tips or guidance you guys may have. Thank you! [link] [comments] |
| Am I supposed to have a lawyer on retainer? Posted: 20 Feb 2022 06:19 AM PST Hello guys, I see many suggesting on this subreddit about consulting a lawyer whenever there is an accident or some other kind of issue where the other party isn't cooperating as they should. Am I supposed to have a go-to lawyer or a lawyer on retainer for when those situations arise?? I'm under the impression that most lawyers have a specialty in some domain (like accidents, inheritance, etc). How should an average person find a lawyer when the best course of action is lawyering up? [link] [comments] |
| Can you poke holes in my plan to take a year off work? Posted: 20 Feb 2022 07:50 AM PST Hi everyone - 30F, remote job in IT currently making $130k/yr. Made a career transition into this role so I wasn't able to really save much til the last couple of years. Pardon formatting/on mobile. All my reasons for wanting to take a year plus off work are strong and personal. I just want to make sure I'm financially prepared to make it happen in the next year or so and hope to get your eyes on the basics: Current financial position: Retirement acct balances: ($93k, 401k w 4% employer match and a roth and trad IRA. Currently maxing 401k.) Investment accounts: $32k Money market & liquid cash: $72k Debt: $10k car loan Planned expenses during year off: Rent: $1400/mo Health insurance: $1200/mo Food: $400/mo Car payment & maintenance: $500/mo Travel: $300/mo Incidentals: $500/mo = $52k/year (conservative estimates) Target date: as early as June 2022, as late as June 2023. SCENARIO 1- windfall Depending on how a judge rules, I may inherit ~$150k in an IRA in the next 6 months. I understand I would need to take required minimum distributions, in which case Id withdrawal $50k as taxable income for the year I'd take off, invest the rest. SCENARIO 2 - no windfall Should I decrease my retirement contributions to increase my liquid cash while I am working? [link] [comments] |
| 2020 tax return issue causing issues in 2021 Posted: 20 Feb 2022 07:44 AM PST We recently became aware of an issue with our 2020 tax return that is now causing problems for 2021. To summarize, my wife and I file jointly and in 2020 she worked the entire year, however partway through the year her employer moved her from their company payroll to one of those payroll services for household employees (W2, not 1099). Our withholding was almost perfect, and we ended up owing a very small amount of money for federal (two digits). Using TurboTax, we went to e-file and the return was rejected, saying that the FEIN for the new payroll system was not known. According to TT, this was somewhat common and not a big deal, because new entities sometimes aren't in the IRS system yet. This would make sense, as the switch happened in October of 2020. TT instructed that we would be unable to e-file, and should file by mail. I had never done that before, but I printed the documents from TurboTax and wrote a check for the payment. We mailed the return and check as instructed, and the check cleared a couple weeks later. Fast forward to a couple weeks ago, I received a letter from the IRS saying we had a credit on our account in the amount of the small payment from our 2020 filing, but no return to apply it to. The letter instructed us to mail our return again if we already filed (which we did). I am going to do that, but now I am unable to e-file for 2021 because the AGI number used for verification does not match what the IRS has on record (because the IRS apparently has nothing on record). Due to life changes, my 2021 refund will be thousands of dollars (drastically different income, missed stimulus, added child tax credit, etc.) and I don't particularly want to wait years for that refund. What would be the fastest way to get this resolved? Obviously I need to respond to the IRS letter and send my 2020 return again, but do I wait and hope I can e-file before the deadline? Sounds like paper returns are extremely backed up. I've never had any issues before, so just looking for the correct next steps to avoid further issues. I appreciate any recommendations. Thanks! [link] [comments] |
| Recommended free tax filing services? Posted: 20 Feb 2022 07:37 AM PST I've used TurboTax in the past but now that they're not offering free tax filing services, which free tax filing services would you recommend? On another note, I only have paper W2 forms and haven't been able to access the electronic W2 forms. Will this be a problem when filing my taxes? I've always just uploaded my W2 forms on TurboTax, because I always had electronic versions available, but it's become an issue getting electronic copies. Thanks in advice for any help with the matter!! [link] [comments] |
| Index funds and ETFs long term Posted: 20 Feb 2022 07:26 AM PST Hello, As a beginner to investing, I recently started investing in an index fund with a low fee. Since my goal is to invest long term passively. I also hear a lot about ETFs, but is it something a beginner investor should start with as well, or is an index fund a good first step? [link] [comments] |
| how should i report this income? (first time paying taxes) Posted: 20 Feb 2022 07:26 AM PST its my first time paying taxes and i want to make sure im not breaking any laws or anything. so heres my situation. basically my friend has this casual business that hes running as a sole-proprietor. im helping him out to the point where im basically another owner. its not a large business by any means, but he does pay me a large sum monthly (a large % of his total profits) which equates to around 2k USD / mo. when it comes time to pay taxes, how do i report this? would they even care where the money is from or do i just need to report the amt? Also could i get in trouble for doing this with a sole proprietor instead of an actual business? I am using a receive payment from friends app to get the funds. Please let me know. Thanks [link] [comments] |
| Where to exchange money back to USD after trip Posted: 20 Feb 2022 07:01 AM PST I'm not a member of a local bank, and would like to exchange foreign money to USD. Where is the best place to do it? [link] [comments] |
| Should I sell my car to help with upcoming finance issues? Posted: 20 Feb 2022 06:48 AM PST My car is a 2019 mazda3 with low miles, completely paid off. I could probably get around 20k for it. Right now I'm working 100% remotely and so is my fiancé. That won't change for me unless I get a new job, we don't even have an office here. He also has a car that is paid off. We don't really need both right now. The plans was to trade mine in eventually because it's not practical anymore with my dog and eventually child if we have one. We have a wedding coming up in august. Obviously that's very expensive. I also will owe a good amount for taxes because I had a ton of capital gains (all that I reinvested and are now at huge losses so I don't want to sell anything and I don't have the benefit from those capital gains) If I liquidated my investment accounts (not including retirement) we could pay for this fine but it would wipe us out and I would have huge losses from it. My thoughts are to sell the car for liquidity to fund the wedding and tax liability and then finance a more practical car when the times comes that I need it. Hopefully by then my stocks recover too. Thoughts on this plan? [link] [comments] |
| Should we buy a house or wait? (Canada) Posted: 20 Feb 2022 03:45 AM PST We are a married couple in our mid 30's with a one year old child. We are currently crammed into a small two bedroom apartment that we are desperate to get out of. We are looking for a house on the low low side, $350-400k, however supply is ridiculously low and what we get for that price leaves a lot to be desired but we're almost ready to take anything at this point. Here are a few questions I have:
Also any other insight into the future of the Canadian housing market would be great. We've been asking these questions to qualified people in our life and everyone just kind of puts their hands in the air and says I don't know. [link] [comments] |
| You are subscribed to email updates from Personal Finance. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment