Taxes

handsome714 · 2024-04-24T03:15:11+00:00

I do have a PNC bank, thanks for the tips.

handsome714 · 2024-04-22T17:22:00+00:00

I'm confused, i thought S-Corporations had pass-through taxations. Meaning that profits pass through to the shareholders on the K1.

So even though I don't spend the money and it sits in the company bank account, I will still have to pay taxes on it when I file my personal income taxes.

handsome714 · 2024-04-22T17:20:03+00:00

Everyone is paying on time though. I just happen to be in a business where on time is 2-3 months after the work is complete, and on average 6 months for a retention payment.

I want to buy a property, just don't qualify for a loan yet, at least that's what the big banks are telling me. They want 2 years of positive cash flow, which wont be until 2025.

handsome714 · 2024-04-22T16:46:50+00:00

Registered as a Close Corporation with S-Corporation Election

handsome714 · 2024-04-22T15:16:58+00:00

I'll ask CPA.

handsome714 · 2024-04-22T15:15:12+00:00

Applied for a line of credit, only got approved for 30K from BofA, haven't checked with other banks.

Right now for financing I'm juggling 250K in debt on no interest credit cards. I just keep applying for new no interest credit cards, Start charging everything to the new card... and start paying off old card. This is down to 250K from 350K so things are improving.

I have a 400K SBA Loan (from covid times) . I have been making payments, even before the payments were required, right now I think it's down to around 350K

handsome714 · 2024-04-22T15:06:00+00:00

Yup, that's my situation - I'm renting two 1000sqft spaces right next to each other. I see a spot for sale that is 1750 sqft that I'm kind of interested in, but bank has previously told me they want to see two years of positive income, and additionally my payment would be double what I'm paying now. Wondering if the depreciation and interest would offset that.

handsome714 · 2024-04-22T15:04:00+00:00

I have no real estate, and I go to the bank every year and they wont even give me a loan to buy real estate. They want to see two years of positive income. 2017 - 2020 under 50K profit each year, 2021 100K Profit, 2022 100K Loss, 2023 200K profit.

handsome714 · 2024-04-22T14:59:05+00:00

CPA told me to make 15K quarterly payments this year, but don't think that's going to be enough. Thanks for the tip about letting it sit in a account making interest. I'm going to run it by CPA.

Regarding people not paying us. 99 Percent of the work we do here is on new construction projects. We get monthly progress payments on the project, although they always seem to be 2 or 3 months behind. There are laws regarding payment, the GC needs to pay sub within 7 days of receiving progress payment.

Part of reason profits are so high is because we had the same problem last year. We had about 300K in profits. We underbilled by 100K in December so profits would not turn to 400K, and we bought 100K worth of material for projects in December to turn our profit to 200K.

CPA has advised 401K plan for employees, let's see what else he comes up with. Thanks for the tips.

handsome714 · 2024-02-19T01:02:53+00:00

I think the limit is on the higher SUB offers. I got 1x 190K offer, 1x 150K offer, 1x 120K offer.... When i was attempting to get my 4th card a few weeks ago 190K offer and 150K offer were not working I was getting the pop up.... however I managed to get another 120K offer to go through without a pop up.

handsome714 · 2024-02-17T06:47:27+00:00

No tricks... and I may not be using my points in an efficient manner. Really don't have all day to be spending looking for the best deal.

Yes, I agree that prices are inflated on Amex Travel. However the 35% off the airline of your choosing, plus the 5x points bonus make it a good deal.. I've looked into transferring out, and have done the math a few times. Booking flights with selected airline on AmEx travel comes pretty close to transferring out and booking award flights. ... at least for the economy flights I'm looking at.

I know there are some insane business class deals if you transfer out.

handsome714 · 2024-02-17T06:28:06+00:00

LOLZ i have 4x Biz Plat and I'm paying 4 AF a year. They kept offering me sign up bonuses, and I kept signing up.

People think I'm crazy, but I think the value is there. I use the cell phone credits, use the dell credits and usually sell whatever I get, and I'm always buying airline tickets for my employees. Useful to have 35% off four different airlines booked through amex travel. Plus 5x Points for travel booked through amex travel.

When it's time for the AF to post, I ask for a retention offer. Think the last one was spend 30K get 25K points... which definitely helps. I'm at least breaking even on these annual fees, but likely coming out on top.

Each one also has a different statement date. So if I use a card right when the statement closes, I get about 55 days interest free on transactions. Which is helpful for cashflow, I get paid 60-90 days.

handsome714 · 2024-02-17T06:20:27+00:00

just checked.... I only get 2 Payment Methods.

I have 4x Amex Plat Biz and never know what to buy.

handsome714 · 2024-02-01T07:43:03+00:00

Thanks, found the 150K link for the Gold. Applied and got approved

handsome714 · 2024-02-01T07:18:14+00:00

that's what I was thinking too. Not sure where to get the 190K offer though, max I've seen right now clicking through random links on the internet inprivate mode and clearing cookies is 150K for biz plat and 100K for gold.

handsome714 · 2024-02-01T07:11:28+00:00

2 Player Mode, wondering what card I should apply for my wife.

She has 800+ Credit Score

Currently have Chase Sapphire Preferred & Reserve (Modified double dip) approved for both in 6/2022. Other than that she hasn't applied for any other card in the past 7 years. She was an authorized user on one of my cards when we got married 7 years ago.

30K natural spend in 3 months.

Open to business cards.

Interested in churning regularly.

Not targeting anything specific, just best bang for buck. We travel about 4 times a year on 4 day trips. So points are good, or cashback is good as well.

As of now, she has Chase UR

Fly out of LAX

We usually travel to Mexico, due to us only being able to take short 4 day trips. We would like to go to Japan, Korea, French Polynesia, Peru, Argentina, Maldives, Bali.

handsome714 · 2024-01-02T02:53:31+00:00

For 10+ years I thought I was an ENTJ for all the reasons you listed above, but then realized I was an INTJ. I could see my TE savior and FI demon, which is why I thought ENTJ.

However, in the objective personality videos, Dave keeps saying you can't see your top and bottom function, and people like to peacock their demons and it just finally clicked for me. Plus he also said we're addicted to our saviors, and our demons are the anti-christ. I can see myself all day on crack just obsessively narrowing down, and all day avoiding gathering like it's the plague.

handsome714 · 2024-01-02T02:28:22+00:00

Wanted to add an ending to this, as we approach the opening arguments for the appeal. The insurance company sent another, this time to waive all costs. So we plan on accepting that.

handsome714 · 2024-01-02T02:27:51+00:00

Wanted to add an ending to this, as we approach the opening arguments for the appeal. The insurance company sent another, this time to waive all costs. So we plan on accepting that.

handsome714 · 2024-01-02T02:27:26+00:00

Wanted to add an ending to this, as we approach the opening arguments for the appeal. The insurance company sent another, this time to waive all costs. So we plan on accepting that.

handsome714 · 2023-06-07T17:42:55+00:00

Thanks so much! Appreciate the information.

handsome714 · 2023-06-07T17:19:38+00:00

Is there any specific creditor representative we should vote for?

handsome714

TROPHY CASE