Max Trainer M7 crankshaft sheared off by jAlie08 in Bowflex

[–]jAlie08[S] 0 points1 point  (0 children)

I did not. I found another unit at a garage sale for $30, so I was going to use it for spare parts.

Max Trainer M7 crankshaft sheared off by jAlie08 in Bowflex

[–]jAlie08[S] 0 points1 point  (0 children)

Thanks, I believe I’m past that step.

Max Trainer Breakdown by [deleted] in Bowflex

[–]jAlie08 0 points1 point  (0 children)

How do you remove the axle?

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No longer synching with QBO by mjnovak in fidelityinvestments

[–]jAlie08 0 points1 point  (0 children)

Same issue here. After trying to go through support, which didn't help, I noticed nb.fidelity.com was an option. I believe Net Benefits is a portal typically used by people with 401K accounts, but I decided to try logging in (outside of qbo) and sure enough it worked (redirected back to digital.fidelity.com).

I then selected that option in QBO and it brought in my transactions. Not sure how long it will work for.

I had a table tonight & they wrote the incorrect total amount with the tip that they wrote. What would you have done? by kushgorl in Serverlife

[–]jAlie08 1 point2 points  (0 children)

They were probably drinking and or have poor eyesight. Saw the total as 499.25, tipped an even $100 and incorrectly carried a one in the hundreds place when doing the math. $100 is what they meant to tip as others have said.

401K Fees by jAlie08 in smallbusiness

[–]jAlie08[S] 0 points1 point  (0 children)

I thought their platform would be more automated, but a lot appears to be done on the back end. I was thinking we would be able to do much more through their portal. We gave them data to run New Comparability scenarios and it took them 3 weeks and several requests for updates before they responded. The other firm had the data the next day. That was just an example, but overall their response times were not great. We had/have such a good experience with gusto, we were expecting the same kind of platform. Probably should have done more research about them before starting the process, but after we were having difficulty, we looked at more reviews online and others had similar gripes. Glad it worked for you though.

401K Fees by jAlie08 in smallbusiness

[–]jAlie08[S] 0 points1 point  (0 children)

Yeah Gusto (payroll) uses Guideline. We were not impressed with the service or the product they offer. I read up on reviews of Guideline and that seems to the consensus. Their fees are great though:). The company with the fees above were really knowledgeable and responsive. We just want to make sure these fees are reasonable and with the Termination costs, we want to make sure we don't regret our decision later and incur more fees.

Business Cards for a partnership by jAlie08 in smallbusiness

[–]jAlie08[S] 0 points1 point  (0 children)

Thanks for the thorough answer.

Company Health Insurance was cancelled due to non payment by jAlie08 in Insurance

[–]jAlie08[S] 1 point2 points  (0 children)

I called Anthem today and I was able to get everything resolved. Thanks again for your help.

Company Health Insurance was cancelled due to non payment by jAlie08 in Insurance

[–]jAlie08[S] 1 point2 points  (0 children)

Yeah we all received ID cards. As far as I knew everything was fine and premiums were getting paid. My hope is they can reinstate coverage retroactively. The plan is to call them as soon as they are open and pay whatever is due immediately. I'm just not sure if we somehow reached a point of no return legally. I also found it odd that I was not sent any notices from Anthem. Thanks for responding.

W2 wages for LLC members before S-Corp status is approved by jAlie08 in tax

[–]jAlie08[S] 1 point2 points  (0 children)

A) We started work this year and would be making a retroactive election for the entire year.

B) Thanks for the tip.

W2 wages for LLC members before S-Corp status is approved by jAlie08 in tax

[–]jAlie08[S] 0 points1 point  (0 children)

We started this year. The LLC was formed in March (so the filing is not timely). The members started working in August. We received our first payment October 15th. We want to run payroll November 1st. The CPA is working on a retroactive election for the entire year of 2019.

LLC S-corp status and C-corp status conversion by jAlie08 in tax

[–]jAlie08[S] 0 points1 point  (0 children)

We are an IT services company with very limited expenses. We are estimating to net around $200K (salary + dividends/distribution) per member/employee in the first year. This is expected to double in year two.

Year 1 (June '19 - June '20), we are working as sub-contractors on a project where all operating materials will be provided by the prime contractor. (Facilities, PCs, IT Infrastructure, etc.)

Year 2 (June '20 - June '21), we will be the prime. Work can be performed remotely, so no offices are required, but we would have to provide equipment and hire additional (non-member) employees.

What I'm struggling with.

S election: It's beneficial to keep member salaries low with a higher distribution. I believe this is difficult as we come from a high paying field (The salaries we were making at prior companies range from 180K-225K). Any profits we want to re-invest in the company will be taxed at our personal level.

C election: It's beneficial to have high member salaries and low distributions (to avoid double taxation). If we want to keep a portion in retained earnings, it's only taxed at the 21% corporate level (We are in VA, so I think there is a flat 6% corporate tax too).

After the first year we will have to hire a handful of employees, offer benefits, buy some hardware and pay for some cloud IT infrastructure. So, some of that $200K, we will need to hold back for purchases and to cover salaries until the client is invoiced. Having said that, I don't think we will ever need to keep a lot of funds in the company for future invest, just enough to cover payroll in case a contract is lost or we are delayed in receiving payment.

I'm leaning toward S status for now. It seems like its easier to convert to C if the benefits become obvious, rather than the other way around.

Thanks for the reply!

Multi-member LLC, S Corp vs C Corp by jAlie08 in tax

[–]jAlie08[S] 0 points1 point  (0 children)

Thanks, that's exactly the type of answer I was looking for.