Posts by Charles Ramos7

Kimberly Nguyen said:😂 😂

This isn't even funny anymore... it's actually pathetic. 😂

The bank just casually "corrects" their own mistake, and you're sitting there acting all polite because you think that after six days, that cash somehow magically became yours? Give me a break.

Honestly, I don't even think I have the patience to read the rest of this nonsense. 🙄

👍 It's pretty funny seeing what people choose to argue about, but we tried explaining it to him as clearly as possible. 🙂

Kenneth Brooks5 said:I don't get why you're making such a big deal out of 🤷
And honestly, why would they even need to give you a heads-up if the balance is correct in the first place?🤷

Look, I think it’s just common decency to let people know when there are changes hitting their accounts... it's just basic courtesy...[/I]

Look, I think it’s just common decency to let people know when there are changes hitting their accounts... it's just basic courtesy...[/I]

Look, I think it’s just common decency to let people know when there are changes hitting their accounts... it's just basic courtesy...
What kind of "changes"? The balance was perfectly correct.

Kenneth Brooks5 said:If it’s sitting in my account, it isn't yours or anyone else's business.

I just want to know if a bank is actually required to notify the account holder when they go in and correct a mistake.

In my opinion, they really should be letting people know.

Think about it—someone could deposit $333333 into my account and then report me for taking a bribe if I were, say, a federal judge...

For starters, anyone handing out bribes isn't leaving a paper trail, and there's no way they'd have your account number unless you handed it to them or they swiped it.
It’s pretty obvious that if money hits your account without you sending it or it being intended for you, even from Mars, it's clearly an error.
I don't really get why you're making such a big deal out of it 🤷
And honestly, why would anyone even notify you about it if the balance is actually correct?🤷

Kenneth Brooks5 said:So what you're saying is the bank has total control over an account regardless of how much time has passed or when the deposit was made.

I heard about this woman who messed up her own payment and couldn't get her cash back, so I find it pretty sketchy that they just pulled money from my account without even asking.

It wasn't "taken from your account"—it was just a correction.
Where exactly did you get the idea that this money belongs to you?😂

I wish you’d actually explained the whole thing...☕
If you inherit an estate, you inherit the debts along with it, so I don't see what the big deal is. 🤷

darkheron25 said:Greetings, everyone!
I am currently in the process of planning to launch my own LLC, and I find myself needing a little guidance on a few technicalities.
1. Is it legally permissible to list a personal vehicle as part of my initial capital contribution?
2. Am I allowed to register the business at my current residence if I don't actually own the property, but instead live there with my parents?

1. You can only contribute assets for up to half of the capital; the rest has to be cash. You'll also need a formal appraisal.
2. Yeah, you can. Either way, you'll eventually need to have the company sign a lease for the space.

Hmm, I’m not seeing any loophole in the law here, and I’m honestly not sure what you're getting at 😕
You have to account for that 20% contribution on every single lease payment and then book it as 100% of the expense. It isn't just a one-time thing; you do it for every installment.
Naturally, you'll need a formal sign-off from a manager to back that up, and that document should specify a clear timeframe.

When an employee uses a company car for personal trips, it counts as a fringe benefit under the Internal Revenue Code. You can see the details here:

http://www.irs.gov/content...PROSPECTUS_70.pdf

It doesn't specifically mention one-day rentals, but rental car expenses are 70% deductible per the Corporate Tax Law.

In practice, let's say your monthly lease payment is $1000 (including sales tax). If only 70% is deductible at a 20% rate, $300 you'll end up paying $60 corporate tax, though you can still claim $126 the input tax credits.
If 100% is deductible at a 20% rate, $200 you'll just pay the payroll taxes and still get to use $180 the input tax credits.

placidhawk12 said:Let me bump this thread back up for a second...

A few days ago, my company pulled the trigger on a finance lease for a new vehicle.
The total price including sales tax came to $69850. We had to put down a 30% down payment, and the lease term is set for one year, plain and simple.

The company received an invoice for the deposit and the first installment, which had to be paid together, totaling $26375. That includes $89 in sales tax, which I’m going to write off immediately...

Now, there's something else I'm wondering about (sorry, I haven't asked anyone yet, so it's been bugging me, so I figured I'd ask here—someone surely knows the deal...).

Am I going to get one single massive invoice for the whole car (minus the deposit), or will I receive individual invoices for every single monthly payment showing the sales tax, interest, and the tax on that interest?

Also, I've got another question. I was digging around online and found this:
Basically, the law states that all expenses for passenger vehicles are 100% tax-deductible if they are used to generate income.
The trick is that the legislature hasn't actually specified how much income needs to be generated or exactly how much the car needs to be driven for business versus personal use to qualify for that 100% deduction.
So, you lease a car to an employee via a management decision (for example, Goldman Sachs approves an executive to use a company car for personal use from April 15th to April 17th for route X covering Y miles). You take that mileage and multiply it by $0.67 (that $2 figure includes sales tax, so you have to strip it out rather than add it) and then report that amount to them as taxable income. Essentially, you pay all the standard payroll taxes and withholdings based on
.
Once you've established that income tied to the vehicle, all the costs become fully deductible. No disallowed sales tax, no extra corporate income tax on top of the 30%+ margin.

It's a neat little loophole in the tax code.
I've double-checked this with several sources—auditors, tax consultants, and even some pretty decent IRS agents.

So, from what I gather, I just lease the car to the director, treat it as supplemental income, pay the required payroll taxes on that amount, and call it a day. From there, you just keep running the expenses through.

Where are you getting that nonsense?
You have to use 20% of the lease payment as the base for calculating those taxes.

Steven Reed said:Just some first-hand intel—H&M in Denver won't touch an American Express. They’re strictly Visa or Maestro here—I nearly made a total fool of myself 🙈

Hardly think you would've been embarrassed; everyone carries a Maestro card by default these days. 🙂

frozenwalker4 said:Hmm... Most decent airlines take Amex. I just booked through Lufthansa and Southwest Airlines—no issues at all.
If a hotel doesn't take every type of card, I'm not staying there. 🤷
Still, gotta admit, I carry basically every card in existence... just in case. 🙈
If you want to be certain you can pay anywhere, you unfortunately just have to carry a bunch of different ones.
😬

Ryan is a standard airline in this industry, maybe even more well-known than Southwest Airlines, yet they don't take American Express.
Sometimes the issue with hotels isn't that they won't accept certain cards, but that some just don't go through. It probably depends on which bank they’re partnered with.
By the way, you really can't go wrong with Visa or Mastercard; they're much easier to get, too.
Unfortunately, you really do need to have a few different kinds.😢

darkraven10 said:I picked up some Euros at $2.50, and since I’m planning on furnishing an apartment, I’ll likely need USD soon. However, I haven't made a final decision yet, and I really want to avoid the hassle of converting them back to USD at $2.50 only to realize I don't need the renovation and have to buy more Euros later if the dollar drops. From what I understand about foreign currency accounts, I'll get a new Visa card that lets me shop based on whatever balance I have available. Is there a limit on how much I can purchase, or does it just depend on my balance? Also, it seems like there aren't fees for depositing cash into a foreign currency account or for making purchases at stores, but banks aren't exactly charities, so I need to know what kind of commission they're going to hit me with. I saw a few bucks a month for account maintenance, which is fine, but I don't want to be blindsided by a 2% fee for converting Euros to USD or for using the card at checkout. 🙂 Which card would you recommend for someone who will only be making one or two transactions a year—does it even matter?

Why a foreign currency checking account? 😕You probably mean a standard foreign currency account, right?
I have a Visa card linked to my foreign currency account, and I've had a Mastercard for the same account before. I didn't use them much, but as I recall, there aren't any extra conversion fees. Everything just goes through at the current market exchange rate.
If that Visa works for you, there's really no point in getting anything else.

Susan Ward4 said:We can't even book a hotel online because they don't take American Express.
Some plane tickets too.
Using Amex outside the US sucks.

Sorry, I think you misunderstood me. I meant that whether you get a basic or premium Visa or Mastercard, it’ll run you about 400 dollars. $167.
Just pick one—doesn't matter which—pay the enrollment fee $33, the annual fee $50, and you're all set.

Enrollment fee $33
Annual fee $50
Fee for the additional card $16
Annual fee for the primary user $33

Total amount $132

I just don't see why you'd even need two cards 🤷

You’ll definitely need to be registered as a legal entity, like an LLC or a corporation.

By the way, under the standard US SIC codes, this falls under Internet Portals.

Susan Ward4 said:The Visa (charge) fees at Chase end up costing me $167, not $50 like I claimed in that other thread.
Is there any charge card out there that isn't an American Express where the sign-up fee is under $167?

P.S. Don't think for a second I'm planning on going into overdraft. 🤣

Where are you getting that from? 😲
enrollment fee $33
annual fee $50

http://www.chase.com/download/2009/03/0..._march_09.pdf

No way. I wouldn't touch that with a ten-foot pole—they hold those funds in your checking account for every single card purchase you make 😲

Don't get too hung up on the initial savings if it means tying yourself down to stuff you aren't actually comfortable with.

Tyler Castillo96 said:Thanks for the reply...
I tried digging for an explanation on the JPMorgan Chase website, but honestly, the info over at Visa isn't exactly crystal clear...
Like I said, when I walked into the branch, I told them I wanted a credit card and they didn't even bother asking me what kind I wanted—so I just assumed I was getting some sort of "basic" one. Does anyone actually know what the "standard" card is that you get when they don't ask a single question?🙄I don't have my contracts handy right now, which is why I'm asking here...
It would be great if the answer to point 3 wasn't pure sarcasm...😁But look, the reason I asked is because I know plenty of people who take out a loan and then just ghost everyone—they end up blacklisted at that bank and there's nothing anyone can do about it. So, I figured credit cards might work along those same lines...😛
And like unknown said, forums exist specifically so people can ask questions, and that’s exactly what I’m doing so I can actually learn something. I don't get why you see a problem with that? And for the record, I have zero intention of using this credit card until I know exactly how the whole thing works...:/
That's why I need advice from the pros on here—there are things you just can't ask a banker without looking stupid...
By the way, I was talking to a buddy today and he was telling me you can shop online using just a checking account...
As for transferring money onto a credit card, I think you're mistaken there—I actually asked at the bank and the woman working there told me I could transfer funds from my checking account to the credit card. I guess that's how you pay it off or bump up the limit.<.<;
Also, there's always that risk when you shop online because you're handing over your card number and all that sensitive info... I've heard way too many stories about people getting ripped off that way...

With a checking account, you get a Visa debit card and can use it online wherever they accept it.
You don't really transfer money "to the card"—you likely have an account linked to it. You didn't give enough details for anyone to give you a straight answer. Based on why you got the card—like if you have a checking account at JPMorgan Chase or a foreign currency account there...🤷
Online shopping isn't any more dangerous than buying things in person.

And if you don't pay, it's not like you're off the hook; eventually, they'll come after you with interest...

Henry Moore2 said:So, what's the deal with this rule about names having to follow certain regulations?
I mean, what if I just wanted to call my company www.zbljb.com or maybe something like www.varampomalo.com

Do they actually have to give me the green light on stuff like that?

You're mixing up two different things: the legal business name and the domain.

It’s unlikely you'll get a business name that’s totally inappropriate, but if you somehow pull that off, your domain can be whatever you want.

By the way, you can grab a .com domain without even having a registered company...

Henry Moore2 said:And he’s claiming his base level was at 6k, but I honestly don't see how that works out.

Yeah, true, but what are the actual rules about names? Apparently, you aren't allowed to pick something "funny," but who gets to be the judge of what's actually funny?
I do know you can't have xyz in the name, though.

There's no way he only had 6. He probably had at least 10 in cash plus another 10 in gear—you have to estimate.
As far as domains go, there’s no such thing as "funny" if it’s actually your name or your business name. You could literally call yourself Smiley Smiley and still snag smiley.smiley.com.

Henry Moore2 said:I’m trying to get my bearings here, but there’s so much back-and-forth going on that I feel a bit lost. If anyone could point me in the right direction, I’d really appreciate it.

So, the big dream is to launch my own online marketing agency. A friend of mine mentioned he started his whole business with just a few thousand bucks instead of the twenty grand people usually talk about, and now I'm sitting here scratching my head wondering if I've got the math wrong.
It would basically just be me—acting as both the sole employee and the CEO.

Also, I’m looking into grabbing a .com domain. I heard there are certain rules about what you can actually name it—like, apparently you can't pick something totally ridiculous or unprofessional? Does anyone know how that process actually works or what the deal is with naming conventions?

$2000 covers your overhead, while $6667 is basically the seed money you have to put in upfront. Your company can then use that to buy a laptop, cover payroll, or even pay for my expenses at the 😉 games...
As far as I know, getting a domain like yourname.com or yourcompany.com is free—it’s just the hosting you actually have to pay for.