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Recent finance questions

This might be a stupid question, but it's one I have been

Hello, This might be a stupid question, but it's one I have been struggling with for along time. I'm a small business owner who uses freshbooks for my book keeping. My American Express and Capital one small biz card is hooked up to it, as well as my bank debit card. Ex: when I make a purchase on one of my credit cards, the transactions shows up in freshbooks, and I categorize it accordingly, Then when I pay my bill for the card I show that in my expense reports as well. My question is this. Am I duplicating the expense report by showing the same expense twice? It shows up once as the actual expense, and then again when I pay the bill as accounts payable. I just want to make sure my P&L's are correct.ThanksJarrett

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
I am partnering with another company over state lines with a

I am partnering with another company over state lines with a 40/60 split. We sell advertising services over the phone and work with businesses nationwide. My question is, with a 40% share and HR being ran out of my location, and with services sold out of both locations, are we able to take advantage of my state's more lax tax laws? Or, is it even relevant who owns the majority share of the new company? And, if so, does it matter in what state the credit card is ran?

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

 
930 satisfied customers
URGENT/ PLEASE ANSWER ASAP/ GRATEFUL & WILL TIP VERY

URGENT/ PLEASE ANSWER ASAP/ GRATEFUL & WILL TIP VERY WELL/REFI-MORTGAGE Q'SHi there!Even Though I pay for the monthly service, I haven't asked a Q for a long time. Is sure is great to know you're out there when I need you though!!I am in an unusual situation of working as a live-in care giver for the terminally ill. I have almost no time off, and as it turns out early tomorrow morning (Thurs 6/16/16) will be my only opportunity in this next 3 months to apply for a refi for my home mortgage.Can someone please answer these Q's for me tonight, so that I can know what I'm doing first thing in the morning when I apply? Thanks so much for your help!! Note: I will not be able to chat, or get to my computer to answer any Qs to clarify that you may have for me. I get one shot to send these Qs now, and one shot to read the answers in the morning. So I will very gladly tip, if you can please answer my questions very clearly & specifically & in a way that I will not have to ask follow up questions in order to understand. (Also I do realize this is more than one Q!) Thanks so much again for your help!Questions:1) I understand that it's the law now that mortgage lenders have to verify your income with the IRS before granting a loan, which makes complete sense to me. But can you please tell me if I give the mortgage co. my 2 most recent tax returns, and then also my pay check stubs to date, that have not yet been filed (on my 2016 tax return), does the mortgage lender somehow report that to the IRS as well?And is there some sort of way that the mortgage co is required to confirm my current pay earned so far this year with the IRS, or any institution other than directly with my employer, and showing my pay check stubs?*** THESE FIRST 2 Q's on #1 ARE THE MOST CRITICAL for me to have answered***As, although my current employer does give me pay check subs correctly, I'm not sure they are caught up to doing/& filing everything on their end yet, that they should be (and will be soon). Sometimes families with terminally ill loved ones find themselves scrambling to have to learn about & do all that is required of them legally to become an “employer” also, in the process of just wanting someone to come in and take care of their loved ones, who they of course are already very emotional about. And while I completely understand and sympathize with the stress on them, I just need to make sure that (by morning! Yikes), this will not turn out to be a problem for me for any reason. …either now, in applying for the refi, or later, after I have gotten the refi. Please be clear on specifically what I have underlined for question number 1. Thanks so much!2) I have an extension on last years taxes, and will be turning it in tomorrow. If I take it directly to the IRS office will verification from them that they received it, be enough for the mortgage co to go ahead and process my loan based on that information and my return as I turned it in…or will the IRS need to takes weeks to process it first before the bank can use the it?3) How do I get quotes for loans at 2 separate mortgage companies? Apply at both places at the same time? And will they each pay for their own appraiser to come out? Or will I be responsible for the bill for the appraisal if I do not follow through and choose that company for the loan?4) If I apply for a loan at one bank and don't qualify, is there any way for the next bank I apply at to know that I did not qualify previously? (other than an inquiry hit showing on my credit report)5) How soon after I refi, can I refi again? Because when they decide on my interest rate now, it will be based partly on my fico score which includes credit card debt, and although my fico score is not bad, it will be exceptional after I no longer have this debt (which will immediately be paid off as part of this inclusive refi loan). I would of course like to take advantage of the lowest rates possible while they are still available. Does my thinking make sense? Wouldn't it be to my benefit to do that?THANK YOU SO VERY MUCH FOR YOUR IMMEDIATE ANSWERS!

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PDtax

Owner

Master's Degree

 
6,658 satisfied customers
As an independent consultant who gets paid in lump sums at

As an independent consultant who gets paid in lump sums at various different times of the year, and at times am working on generating leads, sometimes months at a time, are there any issues taking the total year income and dividing it up over the 12 months of the year as monthly income when applying for a credit card or a mortgage? Typically these applications have no fields for yearly income, but simply request 'monthly' income?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
Credit Report question: Is there a way to prompt an update

Credit Report question: Is there a way to prompt an update of my credit reports on the 3 agencies??? I have a low credit score of about 660ish. All my indicators are good except for credit card utilization, which is about 42% available. I have about 30k on various accounts. I would like to get my score up over 680 so I can refi some real estate loans. I paid down about $15k of credit lines, cards, etc. about 4 weeks ago to cut some interest and to bump my score. Nothing has changed. I thought credit status was sent out monthly? When I monitor my report on creditkarma and identity gaurd, no reports have gone in to them with the now paid off balances since April and May on the various cards. Is there a way to prompt an update??

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Megan C

Master's Degree

 
29,934 satisfied customers
I've got gh credit card debt that I am paying off, but

I've got high credit card debt that I am paying off, but it is going slower than I anticipated. advice on taking a no interest new credit card with 3 %balance transfer fee and 0% for 18 months. I believe with making the minimum payment on that card (paying off the $10,000 card at current 10.75%) i could payoff the other card of $12,000 in a year time, then be real close to closing out the new credit card within the remaining 6months.

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

 
3,896 satisfied customers
My credit scores seem to have gone up slightly in the past

My credit scores seem to have gone up slightly in the past weeks. I still have a lot of outstanding credit although always paid on time. One thing I didn't know is that I have a lot of closed accounts (because I paid) from finance companies and those accounts still impact negatively in spite of having closed them. I got this warning from a credit service(Discover FICO) . Can you please tell me what I can do about this issue? ThanksSummary scoresscore657 Jun-15657 Jul-15642 Aug-15642 Sep-15642 Oct-15642 Nov-15648 Dec-15650 Jan-16650 Feb-16650 Mar-16662 Apr-16677 May-16

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
Is it possible to get a mortgage to buy a house when you

Is it possible to get a mortgage to buy a house when you gross just around 20,000 the past few years with a credit score in the upper 600s to low 700s and a cash down payment of 10000 to 12000. I hate to rent when a mortgage is often cheaper and your money is going toward owning your own place

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

 
3,896 satisfied customers
We are both retired and both pensioners. We each receive a

We are both retired and both pensioners. We each receive a pension slightly adjusted.We have a home nearly debt free by say $45, 000 left to pay off. Home is around 3/4 Million. 2 old cars dated 2006 worth 5,000 each.We dabble in hobby consulting business's but do not need to pay tax as below tax threshold. Both have separate accountants lodge returns.We may receive shortly a $500,000 estate from deceased relative.We will use $100,000 of that to pay credit Cards , Mortgage and travel trips.Wife has $200,000 in Superannuation.How should we best use the remaining $400,000 in a very careful totally safe way?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
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