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Read about how EVs (at least the Chevy Bolt) gets a 7500 tax credit, bringing its cost under 30k. How does a tax credit work? I've never really qualified for one, so I thought it was just an adjustment to your AGI, but it seems that it's more like a check for 7500 that you can cash in to pay your taxes with. Is it a "check", then, basically?
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Sep 20, 2016 20:03
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totalnewbie posted:Read about how EVs (at least the Chevy Bolt) gets a 7500 tax credit, bringing its cost under 30k. https://www.irs.com/articles/tax-credits-vs-tax-deductions quote:There are a few basic differences between tax credits and tax deductions. Tax credits provide a dollar-for dollar reduction of your income tax liability. This means that a $1,000 tax credit saves you $1,000 in taxes. On the other hand, tax deductions lower your taxable income and they are equal to the percentage of your marginal tax bracket. For instance, if you are in the 25% tax bracket, a $1,000 deduction saves you $250 in tax (0.25 x $1,000 = $250).
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Sep 20, 2016 20:07
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Yes, a tax credit is basically a check that gets written out toward your owed taxes. So if you owe $8000 in taxes and claim a $7500 credit, you only owe $500. Hooray! Some credits are actually refundable, meaning that you will actually get given a refund if the credit exceeds your taxes due, but I don't think all credits are. Things that just reduce your taxable income are generally referred to as deductions or exemptions; they will reduce amount of your income that is subject to the tax. Credits are applied directly to the tax due.
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Sep 20, 2016 20:10
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Yeah the EV credit is not refundable and it cannot be carried over year to year. So if your total federal income tax liability is less than $7500 for that year, your credit is limited to the amount you owe. And it isn't applied until you file taxes, it doesn't come off the purchase price of the car or anything like that. Which some customers expect, because they don't bother to do basic research before major purchases. Oops.
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Sep 20, 2016 20:38
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Tyro posted:Yeah the EV credit is not refundable and it cannot be carried over year to year. So if your total federal income tax liability is less than $7500 for that year, your credit is limited to the amount you owe. And it isn't applied until you file taxes, it doesn't come off the purchase price of the car or anything like that. Which some customers expect, because they don't bother to do basic research before major purchases. Oops. "What do you mean you don't take that off the purchase price? I can't afford that. Oh well, I'll take it anyway. Honey, let's go for a ride"
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Sep 20, 2016 21:01
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Moneyball posted:"What do you mean you don't take that off the purchase price? I can't afford that. Oh well, I'll take it anyway. Honey, let's go for a ride" Pretty much had this exact conversation with several customers when I worked for Tesla.
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Sep 20, 2016 21:38
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Is this the thread for a question about a mortgage refinance? I'm looking at doing a cash-out refi. I've got a great working relationship with my local "mortgage
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Sep 21, 2016 03:21
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Usually I go to a mortgage broker and get at least 3 interest rate offers. Usually they can get the best deals in the current market. Because I'm not in the US I don't know the way to find the best non-card mortgage rates, so maybe someone else can help with that.
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Sep 21, 2016 03:27
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Can you do a backdoor Roth IRA if the money is already in a Roth IRA? Like I deposited money in a Roth IRA earlier this year. can I just recharacterize it as a traditional IRA and then convert it to a Roth IRA again and avoid penalties/income limits?
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Sep 21, 2016 04:42
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Easychair Bootson posted:Is this the thread for a question about a mortgage refinance? I'm looking at doing a cash-out refi. I've got a great working relationship with my local "mortgage https://www.zillow.com/mortgage-rates/ That should give you a basic idea of where you should be.
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Sep 21, 2016 07:37
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I am looking into getting a savings account or a mutual fund or something that will provide interest on my money sitting there. Currently I have a basic checking/savings account through Wells Fargo that I opened when I was a college student, and the savings program I have doesn't really seem to do anything at all. As far as banks savings accounts go it seems like they all have about the same features (some with bonuses if you put in over $10,000, some with minimum balance, etc), how do I go about choosing one or does it matter? Do I take all the money out of the Wells Fargo account and transfer it to the new bank? Do I leave it open and instead of my job split the money between the two when I get my paychecks? Does that effect my credit by closing an account? Sorry if these are dumb questions, this just isn't a thing that I've put alot of thought into but probably should. 
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Sep 22, 2016 18:45
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Good Dog posted:I am looking into getting a savings account or a mutual fund or something that will provide interest on my money sitting there. Currently I have a basic checking/savings account through Wells Fargo that I opened when I was a college student, and the savings program I have doesn't really seem to do anything at all. As far as banks savings accounts go it seems like they all have about the same features (some with bonuses if you put in over $10,000, some with minimum balance, etc), how do I go about choosing one or does it matter? Do I take all the money out of the Wells Fargo account and transfer it to the new bank? Do I leave it open and instead of my job split the money between the two when I get my paychecks? Does that effect my credit by closing an account? I would open an online savings account that offers ~1% interest with no minimum balance requirements. You can set up ACH transfers between the two banks to move your money back and forth but it will take a few days. If the Wells Fargo has a minimum balance requirement to avoid paying a monthly fee I would close it, otherwise just leave it alone. There are tons of online savings accounts options, Ally, Barclays, Discover, Alliant Credit Union, etc. As long as they are FDIC or NCUA insured they should be fine. Edit: Closing a bank account doesn't affect your credit.
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Sep 22, 2016 18:55
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-snip- personal info
Krakkles fucked around with this message at 21:41 on Sep 23, 2016 |
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Sep 22, 2016 22:48
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Really the only way to fix credit is to get in good standing and pay off debts. Don't worry about credit scores and the like as they will fix themselves over time if you actually deal with this. The only reason people approach the agencies is if there are actual errors on the reports. I assume the last 3 debts can be paid on the due date with your current income. The first 3 debts it would be helpful to know what the interest rates are as this allows for targeting the repayment of the debts. With the size of those debts the debt avalanche repayment method is the best. You need to make minimum payments on all 3 debts, but the debt with the highest interest rate needs to have additional money put towards it. Once the first one is paid off then you roll all the payments for the first debt into the second one. This approach eliminates the debts rapidly, and your goal here is to pay them all off. http://www.investopedia.com/terms/d/debt-avalanche.asp The first thing to do is find out what those interest rates are.
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Sep 23, 2016 00:35
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Fortunately, you seem to have enough income that you should be able to pay off all your debts within 2-3 years, depending on your expenses. You need to 1: Pay off those small debts. It will make managing things easier. 2: Figure out your loans. What are the interest rates on those loans? 3: Figure out your expenses. How much are you actually spending each month and on what? 4: Look at reducing your expenses to service your debt. Depending on your income, you should be able to put at least 1-2k into your loans each month. 5: Look at ways to reduce your interest rates. It may not be possible in your situation, but it shouldn't hurt to look into it, especially if the interest rates are high.
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Sep 23, 2016 05:14
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Couldn't find a thread in automotive or travel or bfc, but how can I go about getting a good price on a 12 day car rental? Does it make sense to rent a car? We have a 2013 with ~45000 on it, trip would put on maybe 5500-6000
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Sep 23, 2016 16:52
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Massasoit posted:Couldn't find a thread in automotive or travel or bfc, but how can I go about getting a good price on a 12 day car rental? I've had good luck with hotwire and other aggregation sites. They aren't magic bullets, but you usually can get a good deal there.
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Sep 23, 2016 17:07
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Devian666 posted:Really the only way to fix credit is to get in good standing and pay off debts. Don't worry about credit scores and the like as they will fix themselves over time if you actually deal with this. The only reason people approach the agencies is if there are actual errors on the reports. totalnewbie posted:Fortunately, you seem to have enough income that you should be able to pay off all your debts within 2-3 years, depending on your expenses. I'm looking at finding out the interest rates. Is there any validity to trying to negotiate the amount of those larger debts? (I'm mostly thinking because the debts have obviously been sold to collectors, and significant interest added to them, and ... well, if they've been getting zero for seven years, would they be interested in receiving some smaller amount than what they've increased it to in return for resolving it?) The attached question for me: Will paying those smaller debts in full affect my ability to negotiate these larger debts? I appreciate the advice and am absolutely listening.
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Sep 23, 2016 17:46
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Massasoit posted:Couldn't find a thread in automotive or travel or bfc, but how can I go about getting a good price on a 12 day car rental? I've had good luck with the Priceline name-your-price feature. Look up what the asking prices are for the type of car you want to rent either on Priceline, Kayak, etc., and then underbid it by like 25-35% and you'll probably get it. Especially on higher level rentals like "luxury" and SUV. Works best if you have plenty of time to secure the rental, so that you can start by really lowballing (like 40-50% lower than advertised), since when you get rejected they make you wait 24 hours to bid again. Edit: But assuming you aren't trying to preserve some sort of special pristine low mile garage queen, I wouldn't worry too much about just driving your car. Highway miles are the easiest, lowest-wear miles possible. Guinness fucked around with this message at 18:03 on Sep 23, 2016 |
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Sep 23, 2016 17:57
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Guinness posted:
That is a lot of miles though. If he can get a good deal on a rental with unlimited mileage it probably makes sense to rent. Especially if the car they rent is better suited to the trip than the car that they own, like if they need something bigger so it can hold more luggage.
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Sep 23, 2016 18:20
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Zeta Taskforce posted:That is a lot of miles though. If he can get a good deal on a rental with unlimited mileage it probably makes sense to rent. Especially if the car they rent is better suited to the trip than the car that they own, like if they need something bigger so it can hold more luggage. 12 days in our little hatchback might get tight. I'll look into the name your own. Don't need it until may so should have plenty of time
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Sep 23, 2016 18:37
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Massasoit posted:12 days in our little hatchback might get tight. I'll look into the name your own. Don't need it until may so should have plenty of time There's a thread in regular Ask Tell about buying cars, they can probably help you on this as well. Personally I would rent to get out of a little hatchback for that many miles. It's a vacation, live a little! Just be sure to properly budget and save for the vacation
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Sep 23, 2016 18:51
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CannonFodder posted:There's a thread in regular Ask Tell about buying cars, they can probably help you on this as well. Personally I would rent to get out of a little hatchback for that many miles. It's a vacation, live a little! Just be sure to properly budget and save for the vacation Working on a draft budget now :o
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Sep 23, 2016 19:24
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What are some of the more trusted "check your credit" websites again? I'd swear I had a login to one but I can't find it in my email.
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Sep 23, 2016 19:46
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annualcreditreport.com for actual reports once a year. CreditKarma otherwise.
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Sep 23, 2016 19:48
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Krakkles posted:Terrific, thank you both! It really depends on the type of debt. If they are federally subsidized you can go on what is called the rehabilitation plan which after 9 on time payments will then make the loan current and as if you had never defaulted on them. It is pretty sweet. Federal loans you have to pay back all of what you borrowed. Private loans you can negotiate down. I had some private student loans from Sallie Mae and managed to settle them for 50% the original principal in one lump sum. If you have the means to do this you absolutely can settle these debts quick. Paying smaller debts will not harm your negotiating position. All in all once your debts are settled you will have that black mark on your credit for 7 years. It's not as debilitating as it seems. I'm in year 3 of post default settlement and my credit score is hovering around 700 which is respectable. George H.W. Cunt fucked around with this message at 20:00 on Sep 23, 2016 |
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Sep 23, 2016 19:56
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Star War Sex Parrot posted:annualcreditreport.com for actual reports once a year. quizzle is fine too
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Sep 24, 2016 14:57
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Star War Sex Parrot posted:annualcreditreport.com for actual reports once a year. Grumpwagon posted:quizzle is fine too Thanks and thanks. My Equifax and Transunion differ by 50 points. One of them doesn't acknowledge the shared line of credit that I'm on with my mom (yeah yeah, I got it in college and neither one of us cares enough to remove me). So that alone impacts my lines of credit, age of credit, and utilization ratio pretty significantly. I'll have to keep that in mind if I ever have to game my score to qualify for something. And tee hee my $101 collections account from 6 years ago is still chugging along.
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Sep 24, 2016 23:14
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Any principle put into a Roth IRA can be withdrawn at any time without paying taxes on it, correct? I currently have ~$8000 in my savings account and another ~$2000 in checking, and I'd like to make the amount in savings do a little more than collect its lovely .03% or whatever. I'd like to keep enough of it liquid in case of some kind of emergency (hence why I haven't thrown it all at my student loans), but I've also read somewhere that using your Roth IRA as a savings/emergency fund isn't the best idea. I suppose I can also always open an ally savings account or something. GAYS FOR DAYS fucked around with this message at 14:59 on Sep 25, 2016 |
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Sep 25, 2016 14:44
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Krakkles posted:The attached question for me: Will paying those smaller debts in full affect my ability to negotiate these larger debts? Paying off the small debts will help your credit over time. The less debts you have and those that you have paid off look good. All a credit score is for is to determine if you are good for paying bills (debts) on time and in full. The other uses of credit scores are propaganda pushed by shitlords wanting to make more money selling credit information. I would have replied earlier but I had to work around FYAD probations due to an ironic gangtag.
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Sep 26, 2016 02:32
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Krakkles posted:Terrific, thank you both! I don't think that by paying your smaller collection accounts in full you will have much impact on your ability to settle the larger accounts. I used to be a loan officer and I can tell you that having 3 paid and 3 unpaid collection accounts doesn't improve your credit that much vs 6 unpaid ones. Your credit won't really begin to heal until all of them are paid. Dave Ramsey has good advice on settling accounts. It won't be a quick thing, it might take multiple calls. Don't enter into payment plans, save up money ahead of time so you have a lump amount to settle. Don't send anything until you get it in writing. An email is fine but never send anything based on an oral conversation. Also overnight certified funds, don't grant electronic access to your checking account. They will play games with you and try to scare you. They will say that the settlement is good only thru Friday and mail won't get there in time, but just give me your routing number and account number and we're cool. Don't fall for it. They will do an oops and "accidentally" take the full amount out, take your rent payment out, and good luck getting it back since you really do owe the money. If they try to pull some stunt and tell you that they won't take paper checks just say: Fine, I have another creditor who wants this $2000, they are cool with me overnighthing a check. I can either send it to them or you can transfer me to your supervisor and see if he/she can make an exception. It's going to take me another 6 months to save that money again so I'll call you back then. You get a commission based on how much you collect? Do you want me to pay this today or not? After you do pay it, ask for a letter showing that the debt was settled. It will say something like "this debt is legally settled in full for less than amount owed". That is OK. But save that letter or print off that email, save the original settlement offer, a copy of the check and your bank statement that shows the money coming out of your account, staple everything together and save it for the rest of your life. These things have a habit of popping back on your credit because a lot of these collectors are sloppy. They will upload the wrong file to the credit report and it will show as unpaid, or they will sell it to another collector who will try fresh to collect it from you, or the prior collector who used to own it will try to collect it from you. All of this really happens and you want to be able to prove you paid it.
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Sep 26, 2016 15:32
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GAYS FOR DAYS posted:Any principle put into a Roth IRA can be withdrawn at any time without paying taxes on it, correct? I currently have ~$8000 in my savings account and another ~$2000 in checking, and I'd like to make the amount in savings do a little more than collect its lovely .03% or whatever. I'd like to keep enough of it liquid in case of some kind of emergency (hence why I haven't thrown it all at my student loans), but I've also read somewhere that using your Roth IRA as a savings/emergency fund isn't the best idea. You're right about being able to pull out the contributions to a Roth without penalty but your IRA isn't an emergency fund. Your retirement fund and emergency fund do 2 separate things. Your retirement is there so you can retire with dignity and for the money to be invested long term so it can grow and compound over time. Your emergency fund is an insurance policy to make sure that when life happens you aren't turned upside down and you can deal with it without having to do something dumb like raid your retirement fund. People make the case that they want to cram as much in there as possible and they don't want to miss the contribution window and if they don't have an emergency then they can just leave it in there and they will be ahead. We can talk and get lost in the weeds that you can put back the money and how long you have but that misses the point that you are mixing 2 things together that shouldn't be mixed. They can do what they want, but when things are not clearly labeled and they try to do too many things at once then everything gets done badly.
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Sep 26, 2016 15:46
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Zeta Taskforce posted:You're right about being able to pull out the contributions to a Roth without penalty but your IRA isn't an emergency fund. Your retirement fund and emergency fund do 2 separate things. Your retirement is there so you can retire with dignity and for the money to be invested long term so it can grow and compound over time. Your emergency fund is an insurance policy to make sure that when life happens you aren't turned upside down and you can deal with it without having to do something dumb like raid your retirement fund. People make the case that they want to cram as much in there as possible and they don't want to miss the contribution window and if they don't have an emergency then they can just leave it in there and they will be ahead. We can talk and get lost in the weeds that you can put back the money and how long you have but that misses the point that you are mixing 2 things together that shouldn't be mixed. If your work offers a Roth 401k or 457(b) option you can do what I do. Max your Roth IRA, then put a portion of your paycheck into a traditional 401k and a portion into your Roth 401k and use the Roth 401k as a long term savings account / dire emergency fund. If you have a small emergency fund and some luck, you'll never need to touch the Roth 401k, but it can be withdrawn from if you really need to. And for most people, the tax advantaged space isn't going to be an issue because most people aren't maxing their IRA and 401K contributions every year.
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Sep 26, 2016 16:23
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Zeta Taskforce posted:These things have a habit of popping back on your credit because a lot of these collectors are sloppy. They will upload the wrong file to the credit report and it will show as unpaid, or they will sell it to another collector who will try fresh to collect it from you, or the prior collector who used to own it will try to collect it from you. All of this really happens and you want to be able to prove you paid it. Not so much "sloppy" as "completely morally bankrupt with very little oversight" but yeah, they absolutely will collect on your debt then re-sell a spreadsheet full of debtors information to someone else who will then try to collect the debt all over again. And yeah it's literally an unencrypted normal excel spreadsheet with all your information on it, being traded by mostly unregulated companies with very little accountability. America!
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Sep 26, 2016 16:31
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I got divorced about 2 years ago, moved across country, was unemployed a bit, etc and killed all of my savings/TSP. I'm now working a good job and am rebuilding things and finally taking financial stuff seriously. When I started, I didn't really have money to invest as I was playing catch up on bills and child support, so with the low barrier to entry, I signed up for Acorns. I have since opened a Roth IRA at Vanguard that I haven't yet been able to fund up to the $1000 buy in so I have $300 in the Vanguard Federal Money Market Fund. My Acorns account is sitting right around $600, with referral bonuses and what I've made, this is about a 10% gain so I'm pretty happy with that. Would it be worth it for me to withdraw the $600 and put it into Vanguard, and then fund it the additional $100 to hit the $1000 threshold or should I just leave everything where it is and continue to add money to Vanguard as I get paid? I'm no longer making deposits into Acorns and just letting the round-ups happen and the funding that I was putting into it will be going into Vanguard going forward. Thanks!
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Sep 26, 2016 16:58
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omnibobb posted:I got divorced about 2 years ago, moved across country, was unemployed a bit, etc and killed all of my savings/TSP. Probably. Vanguard is a great company and unless you are talking about significant amounts of money you are better having fewer accounts vs more spread over lots of places. Parallel Paraplegic posted:Not so much "sloppy" as "completely morally bankrupt with very little oversight" That too, as well as collecting from people who happen to have the same name as the debtor and sending scary letters and calling them up to tell people they will be arrested and thrown in jail for not paying a debt. Good times
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Sep 26, 2016 17:07
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I hope this my question is applicable to this thread. I'm going over a financial statement for a telecommunication company in the United States and noticed a few lines under intangible assets that I wanted to understand what they meant: Customer Relationships Favorable lease contracts Game titles Could someone clear up what the above intangible assets means for a telecommunication company? Thank you.
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Oct 2, 2016 13:26
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Busy Bee posted:I hope this my question is applicable to this thread. From my perspective they are goodwill items. http://www.investopedia.com/terms/g/goodwill.asp These asset values make sense if they have acquired another company. Usually the goodwill assets are written off over time which potentially means less tax for the company to pay over a period of time, depending. That should mean more return on invested capital until the intangible assets are depleted. There may be other creative uses for these intangible assets but that's getting outside of my knowledge.
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Oct 3, 2016 03:12
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Sounds like a homework question.
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Oct 3, 2016 15:41
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Or a Deloitte / E&Y / pwc question. My completely useless opinion with zero formal education in financial reporting is: There are intangible assets that exist independently of the service or good being sold. An easy example is brand. Everyone knows Coca-Cola. When someone says "soda", Coke is in the top 3. This is a significant asset to a company, and it's something that would be pimped in any M&A discussion. "Customer relationships", in your example, are intangibles because familiarity can allow for profit margin expansion, and continued success (or perhaps better stated: lack of failure) can keep a relationship cozy. A great example of this is insurance and/or telecom *cough* customer contracts. People are happy to stick with the one they have even if alternatives may provide better service or are cheaper. To repeat: I know jack poo poo about financial reporting.
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Oct 3, 2016 16:10
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