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Index Funds and the Stock Market / Should I put all my money into an index fund?
« Last post by riddlemb on August 12, 2019, 01:30:36 AM »
I have been reading about frugal living and early retirement since 2014, mainly Mr Money Mustache's blog (which I like) and Early Retirement Extreme (which I don't like), and later on, I found The Wealthy Accountant :)


Saving money is very easy for me. I'm 30 years old, graduated as an Information-Systems Engineer 5 years ago, and manage to save about 50% of my income (the rest goes to rent and food). At this point, I managed to accumulate what would be about 100K US dollars (I live outside the US)


Investing though, is a difficult issue. So far, all my money is sitting in my bank account, doing nothing, for while I read a lot about FIRE and investments, all the guides were from the US, and it took me a lot of time and effort to understand how things work locally. That said, now, after reading Jim Collins' Stock Series, posts by John Bogle, Warren Buffett, MMM, and The Wealthy Accountant, I think I have a clear understanding on how index funds work.


My issue:
I live outside of the US, in a very poor country and without any family or relatives. Nor do I have any assets. All my net-worth is those 100k in the bank account I managed to save. And I wonder, is it wise to put it all into an index fund? (VTI, if to be specific). Owning a real estate is a big problem here. For example - being an engineer with a relatively high income, I get what would be 2,900 USD after takes. Half of this sum goes to rent and food. A what would be considered here as a "cheap apartment" costs 374,000 USD.


I am getting the impression that in the US, index funds are not the main source of investment/ income after early retirement. Keith and Pete, for example, own multiple real estates, and Pete clearly stated in one of his posts that his main source of income is the house he is renting, then the blog and the co-working space, and only after that, his stocks portfolio.


Thus I wonder: putting all my money (and keeping putting each month all that I save) into 100% VTI feels wrong, but I have no idea what else can I do wit the rest of the money.


Side note: Pete also once said: "an investment is anything which generates you money by simply owning it, even if you can't sell it", well, index fund doesn't really fit this description - the dividends are low, and most people relay on the fact that someone is going to buy their stocks in the far future for a high price.
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I need a Tax Accountant to Help Me With ____ / Solo401k and taxes
« Last post by SteveR on July 28, 2019, 04:13:09 PM »
Hi,

I'm invested in a number real estate syndications through my solo401k and am discovering that there actually are some scenarios that would trigger a tax liability.  I'm looking for someone who can help evaluate the tax issues related to these investments.  My current CPA isn't able to help as he's not familiar with this area of tax law. 

thanks

Steve
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How to Become a Wealthy Accountant / Re: Tax Preparation Training
« Last post by Joshua on July 27, 2019, 11:45:57 PM »
Hey Keith,

I'm pursuing my EA license now, working at a CPA office and finishing up school. I'm taking all these courses but quickly finding out I'm not learning anything (proper term may be retaining). I need more hands-on to feel like this type of material will stick but haven't had the chance. Long story short I want to open my own firm within the next five years. What would be the best course of action to get some more hands on? Are there any courses you recommend that really helped you out after you became a CPA.
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How to Become a Wealthy Accountant / Re: Why Drake over Intuit?
« Last post by KeithTax on May 27, 2019, 08:37:04 PM »
Matt, I don't recommend Drake Accounting over QBs, but asked if anyone was moving in that direction. I have yet to fully explore Drake Accounting. There are some things I find easier with Drake (e-filing, for example).

Once I flesh the whole thing out and have a few employees also give their approval I'll the info along. Until then it is a work in progress.
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How to Become a Wealthy Accountant / Why Drake over Intuit?
« Last post by Matt on May 26, 2019, 08:17:19 PM »
Hey Keith,
I was wondering why you recommend Drake over other tax and accounting software products? I know you that Drake is well known for their service response time. Drake's pricing is a bit cheaper but comparable to others. It seems like the majority of folks use Intuit products like ProConnect and Quickbooks. So then if I wanted to win business from a small company that uses QB, wouldn't it make sense to use QB Accountant? Appreciate your thoughts.
Thanks,
Matt
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General Discussion / Re: Things we pay for that we can get for free
« Last post by Hintz on May 03, 2019, 05:50:29 AM »
I'm guilty of that as well. We are ready to pay as soon as something looks a bit fancier or is slightly more convenient. haha
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How to Become a Wealthy Accountant / Re: CPA Pursuit
« Last post by JenSten88 on April 15, 2019, 11:30:48 AM »
ColeFord,

I've worked at a Big 4 firm, a middle market firm as well as a local firm.

If your end goal is to run your own CPA firm specializing in private client services (individuals, closely held businesses, estates and trusts- I would advise against the last two).  I would highly recommend starting out at a middle-market firm and eventually transition to a local firm.  You want the variety in the clients, the technology experience as well as the contacts available at both of those sized firms.

Once you transition to the local firm, you'll be able to get a much better idea of the players at that level, who will be retiring etc. Although I will say, many local firms that can't find a suitable person to take over their firm will sell to a larger firm. Even the Big 4 are buying local PCS firms now.

If you can get a position at a Big 4 firm, the benefits are fantastic and there are many wonderful career paths available to you. I would keep my options open and see what opportunities present themselves as you pursue your degree and license.

Best of luck with everything!
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Taxes / Re: UPE & QBI
« Last post by KeithTax on March 19, 2019, 03:35:55 PM »
My software has a place to make adjustments because UPI is an adjustment.
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Taxes / UPE & QBI
« Last post by Jimmy on March 04, 2019, 09:12:33 AM »
Are Unreimbursed Partnership Expenses deducted in the QBI calculation.  It seems only to make sense that they would be but the tax programs are not including this in the QBI calculation. 
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Taxes / QBI and former employer regulations
« Last post by FullTimeFinance on March 02, 2019, 04:46:16 PM »
Under 199A there is a provision for a three year look back for a contracting business with income from a former employer.  Under my understanding one can rebut this and still claim the deduction if you have sufficient evidence you are not acting in a similar capacity as you were as an employee.  My wife is currently in the position of making a viable rebuttal (last w2 income was in late 2016, 6 month gap in work,  different division, different work deliverables,  contracted for product delivery rather then hourly work, ect.). Anyway my question is does the IRS have a form for this?  Ie how do I rebut.  Is it as simple as a letter along with the filing and a copy of the applicable deliverable contracts for 2018?

Edit: No sooner do I post a question then I find my own answer buried in pub 535
"If you were previously an employee of a
business and continue to provide substantially
the same services to that business after you are
no longer treated as an employee, there is a
presumption that you are providing services as
an employee for purposes of section 199A for
the 3-year period after ceasing to be an employee. You may have to rebut this presumption
upon notice from the IRS by providing records
such as contracts or partnership agreements
that corroborate your status as a non-employee
. "

So it appears they'll contact me if need be.
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