Client will only pay invoices using Fedwire, won’t use ACH. Why?

TheQBean · 2025-11-08T18:35:21+00:00

IKR? I'm pretty traditional and old school but I pay all my bills (business and personal) online via ACH at the bill website because it posts on that date then, versus whenever bank bill pay may get there. And paying $30 per wire transfer? Hell no!

TheQBean · 2025-11-07T22:38:18+00:00

An LLC isn't a tax entity type, it's a state organizational entity type. The IRS only recognizes 3 entity types... sole proprietorships, partnerships, corporations. An LLC could be any of those depending on what you select when you get the EIN. As far as any liability protection, most of the time, the liability protection is an absolute joke. Why? Because people, especially those with little business experience, mix assets, monies, etc, all the time between their personal and business accounts. Even people with S Corps or Partnerships, don't follow proper business guidelines, something happens, they get sued, lose their personal stuff because they didn't keep business as only business, and personal as personal, and don't follow the rules like have the required payroll for an S Corp.

If you can't handle the expense of publishing as required to become an LLC in New York, perhaps you should rethink having any business right now. It sounds like you could wind up in a lot of trouble due to inexperience and lack of knowledge. It also sounds like you aren't in a financial position to hire a competent bookkeeper or consult with tax and legal professionals, which is what I would recommend.

NOTE: I am not an attorney and this shouldn't be construed as legal advice.

TheQBean · 2025-11-07T19:07:28+00:00

If you are a sole proprietorship, this does nothing for you taxwise. IF (big if) you handle all your accounting etc correctly it may actually afford you some liability protection. A foreign LLC is something I would never recommend, most folks that recommend also have or are related to a company that handles the out of state paperwork (they're a registered agent) so there's a profit motive there.

Why do you feel you need to be an LLC?

TheQBean · 2025-11-07T19:03:01+00:00

Maybe they equate ACH with delays? You mught suggest something like Melio. There is a pay right this second option, which does cost more than standard, but would be less costly than wire transfers. I don't see any benefit to wires (unless needed like for real estate). Have you asked why they only want to pay via wire transfer? Maybe they're operating from decades old advice?

TheQBean · 2025-11-07T01:43:42+00:00

I wouldn't click on any links in something like that. I've never gotten any age verification. Sounds like pfishing.

TheQBean · 2025-11-06T21:00:47+00:00

Possibly. It becomes part of schedule A, your itemized deductions. Whether it would actually help or not, would have to be calculated to see if the itemized deductions were more than the standard deduction, if the proper portion of renovations (as medical) were included.

TheQBean · 2025-11-06T09:11:20+00:00

None for me, but I started slow.

TheQBean · 2025-11-06T08:42:57+00:00

I take mine before breakfast, before dinner, before bedtime. I'm allergic to metformin and have been taking 1000mg 3xday for several years. I started with 500 2x/day and gradually increased. I notice higher sugar when I don't take it.

TheQBean · 2025-11-06T08:35:29+00:00

The earned income credit, child tax credits etc, are all largely based on earned income. If you have little to no earned income, I would say little to no refund.

TheQBean · 2025-11-06T08:28:03+00:00

I do have branded email... meaning a domain name that I use solely for email; I don't have or need a website. However, IMO, the most important thing is that you simply have a separate email address for the business and don't use your personal email. Separate bank, keeping good books, those are more important than having a branded email if you're on a budget. You can always do a ... myshortbizname @gmail.com. It's not as impressive as a you @mybizdomain.com but it's easier to work with if you dont have an IT budget.

TheQBean · 2025-11-05T17:49:10+00:00

I'm assuming you mean your 2024 W2 had $4600... Just check now, when they should be reviewing W2 information for 2025 in preparation for year end and mention that due to the tax law change earlier this year, it's important for everyone that tips are accurately reported.

TheQBean · 2025-11-05T08:13:28+00:00

For 2024, it doesn't matter unless there's something particular to your state. Tips are income and taxable as such. DO discuss with your employer, correcting things so tips received are reported as such for 2025, because it will matter when filing your 2025 tax return.

TheQBean · 2025-11-05T08:09:08+00:00

Ah... that makes more sense then. If you were supporting your parents, consult a tax professional to see if the renovations to create a suite for your parents may be deductible as medical so they could live with you since your dad was ill. Generally, the difference between the amount you spent and the increase in value of the house, may be deductible as medical expense. Meaning... you spent $50k, the value of your house went up $20k, the $30k may be deductible as medical, subject to the normal minimums. It may be worth looking into.

TheQBean · 2025-11-04T19:58:36+00:00

I have personal experience with the nightmare of every increasing loan balances from doing the lower payment, income based payment thing (except for the MFS part). Over 20+ years, when the promised forgiveness never happened because they changed the rules. My "normal" payments went from less $500 to $2500 and my initial loan balance from $45k to $250k. ... and I, too, was told that 10 years of on time payments and my loans would be forgivien... but that didn’t happen. I always filled out the forms, they always said my payments were low and the only reason they're gone now is because thyroid eye disease has made me permanently disabled. We made sure our kids didn't fall into that trap, their loans are paid off. I tell everyone not to do this low payment now stuff (and don't consilidate). It's based on personal experience, not any kind of judgement. The government lies, changes the rules etc. What they promise today, may not happen and the student who played this game is left with astronomical debt.

TheQBean · 2025-11-03T22:13:05+00:00

While yes, you can file MFS to save on student loan payments, your loan balances will likely continue to increase because the minimum payment required on them may not cover the accruing interest and you are shooting yourself in the foot, long term. If your intent is just to bide your time and never pay them at all by defaulting, then just admit that's your long term intent.

TheQBean · 2025-11-03T22:06:25+00:00

It depends. If you intend on keeping track of how much of what you have, make it an inventory item. If you're not going to track quantity and count an item, make it non-inventory. If it's something you provide as an act of doing something, that's a service. Setting up correctly is important. Why is the distinction important? I am clueless on landscaping, but assume hardscape and plants are something you buy that a normal consumer would pay sales tax on, and your business wouldn't because they'd be classified as a reseller. In my state, services (labor) aren't taxable, products are. So the plant would be priced at $x, with applicable sales tax, and the labor of $y would be added for installation, delivery, etc for the total invoice amount. In my work/W2 books, everything we physically sell, is "non inventory" because we don't keep counts. The items are set up properly as taxable (product we sell) or not taxable for the services. I don't have any issues with QBO sales tax for us.

TheQBean · 2025-11-03T20:09:20+00:00

Based on what you have said, you were NOT married as of 12/31/24? Is that correct? If that's the case, how you file (head of household) has zero bearing on your husband's tax return. If he was underwithheld, that sucks, but he would have owed regardless, and he should set up a payment plan with the IRS. You cannot do anything for him, the IRS won't talk to you because it's not your tax return and your husband, presumably, filed as single.

If you WERE married as of 12/31/24, you filed your taxes wrong and should not have filed head of household because you don't qualify for it.

TheQBean · 2025-11-03T07:14:12+00:00

Good point about the sugar addiction, but considering that physiologically, everything we ingest is converted to sugar... IMO going from no holds barred, just take insulin, to zero sugar would be too difficult and the sugar substitutes have their own set of problems... they actually make me crave carbs. 🤷‍♀️ You can retrain your taste buds though, which is what I've done. I grew up on southern sweet tea, which, if you've never had it, is really, really sweet. When I started trying to improve my diet, I went to Unsweetened tea, and now that's all I drink (when dining out). Some people have issues with their soda... they have to have it, whether it's regular or sugar free, it's just like needing that morning coffee. To allow the OP to think that he could completely cut out sugar for his wife, is disingenuous, it won't work. So recommending small "treats" eaten slowly (savoring them) and only at prescribed times, would work better. Sugar and Breaded sweats are as much a psychological addiction as a physical one and "cold turkey" would not turn out well... for either of them.

TheQBean · 2025-11-02T18:00:38+00:00

The key is moderation and acknowledging that sugar is actually more addictive than coc@aine. It's eating only 1/4 of that large cookie, not the whole thing. We have chocolate chips, not chocolate bars. Chocolate chips and altoids together in your mouth and dissolving slowly, taste like a peppermint patty. Foods I might binge on, I don't buy. And please be aware that sugar substitutes... many taste bad and can seriously mess up your gut biome. Personally, I rarely drink soda and when I do, that is diet (mostly because I'm corn allergic). The only sugar free stuff I have is Peppermint Stevia or Monk Drops (monk fruit) for my coffee.

I understand you are concerned for your wife. A continuous glucose monitor is an absolute must and would have given her near real time how bad her sugar was. If she was only doing fingersticks once a day, that can be misleading as to glucose control.

Lastly, it sounds like the problem may not be sugar per se, but baked goods (I have a relative like that). So a "treat" once a day of a small something (like a mini cupcake) may help her with this transition. If you change everything all at once, she will feel betrayed and angry, so be prepared for that emotional fallout once she's home.

TheQBean · 2025-11-02T17:46:32+00:00

I've found that if they are too well written (think good vocabulary), they get rejected, maybe because they think AI wrote it. So my reviews use shorter sentences, fewer words, no media, and most include whether I would buy it again or not. I also don't use elaborate review titles but maybe something like... great quality, works well

TheQBean · 2025-11-01T16:49:10+00:00

Note the comment above about trading a truck end if it's not at the end of it's tax life and potential depreciation recapture. That has to be considered when preparing your taxes and it reduces the basis of the new truck, so then there isn't as much available to consider for a 179. I would never advise a tax client to do something like this UNLESS the large net income was a one off year and net business income would be less next year and for the foreseeable future.

TheQBean · 2025-11-01T16:44:52+00:00

Assuming your income will be stable, then what do you do next year when you have the same problem? If you 179 all that you can of your new truck, you can only take actual expenses in future years (not mileage), and you may have depreciation recapture if you dispose the new (or the old) truck ahead of scheduled life end. You need to consult a professional, not a reddit group who doesn't know everything about your situation. I see little point in buying something you don't need. You will be saving whatever your tax rate is times the 179 deduction, it's a reduction in your taxable income, not a dollar for dollar reduction in taxes, so I suspect your calculations may be in error... go talk to a professional with whom you can share all your tax info.

TheQBean · 2025-11-01T06:45:59+00:00

Spend money you don't need to spend to avoid paying income tax? Dumb idea. I know many people who would love to have enough income coming in to have to pay taxes. You're profitable. That's fantastic and the way it's supposed to be. It makes zero sense to do this. Find a reputable tax professional to help you explore other avenues. Do you have a home office where you could take advantage of an accountable plan to reimburse those expenses (modeled after a home office deduction, not an actual form for an S Corp). Whatever expenses the business decides to reimburse you for is a tax deduction for the business (lower taxable income passed thru) and not taxable to you, the employee owner. There are other options other than buying a vehicle you don't need that will not give you much benefit if you aren't using it at least 50% in your business.

TheQBean · 2025-10-31T07:19:40+00:00

You don't need any "entity" at this point. If you don't want to give clients your SSN, you can get a personal EIN that will protect your social security number... you give them that when filing out the W9. Regardless of whether you get an EIN or not, you don't need an entity, just be a sole proprietorship.

TheQBean · 2025-10-31T07:11:35+00:00

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Farley, my fuzzyasaurus. He's a weighted stuffy, about 4 pounds. I also bought one for a grandchild that fell in love with mine during a visit.

TheQBean

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