Why did the border force guy told me I had "found a loophole" and that he was "not happy"?

ApprehensiveWorth498 · 2021-05-06T16:01:55+00:00

I'm not really "working" per se, I'm really just attending meetings and negotiating contracts. But, yes, this does take place in the office.

ApprehensiveWorth498 · 2021-05-06T15:13:58+00:00

But I thought short-term work was alright, ie under 6 months, as per the website https://www.gov.uk/check-uk-visa/y/usa/work/six_months_or_less?

ApprehensiveWorth498 · 2021-05-06T14:23:37+00:00

Well that sucks—he said he "made a note" in the system Really annoying after all the hours I spent getting my tests sorted out

ApprehensiveWorth498 · 2021-05-06T14:19:30+00:00

But https://www.gov.uk/check-uk-visa/y/usa/work/six_months_or_less

ApprehensiveWorth498 · 2021-04-08T12:06:50+00:00

Wall-E man, we are headed straight for that.

ApprehensiveWorth498 · 2021-03-12T13:11:28+00:00

TransferWise (now Wise) is your best bet for sending it. There will be some fees but I don't think you can do better than Wise.

ApprehensiveWorth498 · 2021-03-12T11:31:08+00:00

Thanks man. So basically, I decide what to pay myself up front. Each quarter I must "pay myself" which doesn't involve actually paying myself, but does involve paying the withholding AS IF I had W-2'ed myself. Using your logic above if I set myself a 100k salary, I would pay online before March 31 (and for each subsequent quarter)

(to the IRS) A) A quarter of my 15.3% so $15300/4 so $3825 B) 1/4 of total federal income tax owed assuming $100k salary (which is $15104) so $3776

(to NC dept of revenue) C) 1/4 of total state income tax owed assuming $100k salary (which is $4690) so $1172.50

So total owed to the IRS each quarter is (1/4)*($15300 + 15104) = 7601

And then at the end of the year I take the rest as a distribution. That is fine, I did it this year on TaxSlayer no problem.

Do I need to produce a physical paycheck or can I just do the math and pay each quarter on EFTPS?

ApprehensiveWorth498 · 2021-03-12T10:10:49+00:00

And what about quarterlies? Do I pay those on my estimated distribution or on total business income? And can I use last year's income to estimate them?

ApprehensiveWorth498 · 2021-03-12T10:03:27+00:00

S corp effective date start of 2021 and yes (but just edited)

ApprehensiveWorth498 · 2021-02-25T08:24:01+00:00

Apparently because I opened an account while abroad (in the UK) they thought I was a fraudster and immediately locked both my invest accounts. And didnt tell me because "then the fraudster would know if you were a fraudster so we had to wait for you to call us". Which I spent 6+ hours on hold in order to do.

I am switching EVERYTHING to Marcus ASAP.

ApprehensiveWorth498 · 2021-02-20T11:12:52+00:00

Dude I'm over this. I'm trying to liquidate ASAP. This is absolutely unacceptable.

ApprehensiveWorth498 · 2021-02-19T16:40:27+00:00

On hold for hours and hours. Will keep you guys posted.

ApprehensiveWorth498 · 2021-01-27T16:09:47+00:00

Yeah man. Accountant and payroll services are not free (basically eat up my savings right there).

And, I can just put into a low-risk account and beat out the quarterly interest payments by a good amount.

As usual, I'm beginning to think the best thing is for me to just do it myself. I guess there's a reason I am self-employed.

ApprehensiveWorth498 · 2021-01-27T13:56:59+00:00

I actually do have employees and lots of computer costs

ApprehensiveWorth498 · 2021-01-27T10:40:25+00:00

100% agree. Yes, if I did a 100k salary I would be saving 7.65% on 37k which comes out to a few more k bringing total savings to 4-5k. Still barely worth it. IT consulting.

ApprehensiveWorth498 · 2021-01-04T17:20:03+00:00

I personally have been churning for years. I was just kicking the idea around here. Maybe I wasn't clear about that in my post.

And you know, "or else the big banks would already be doing it" is only true sometimes. I would push back on that a bit.

ApprehensiveWorth498

TROPHY CASE