quakerorts

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Living overseas: Question about foreign income exclusion and foreign tax credit by Nessiein tax

[–]quakerorts 1 point2 points ago

You're welcome and good luck!

The New Report Card: A Bill and Melinda Gates-funded STEM school is finding success by giving only two grades: "Mastery" and "Incomplete." Recipients of an "I" are given more hands-on opportunities to learn the same benchmark skill-set; once they demonstrate mastery, they can move on. by jleonardbcin news

[–]quakerorts 10 points11 points ago

This has always made sense to me. And wouldn't it make sense to then have a Grade Equivalent Level to show where you are, so that once you achieve a Grade Equivalent of 12 (for example), you can graduate regardless of your age?

Los Angeles bans plastic bags at all supermarkets by mepperin environment

[–]quakerorts 9 points10 points ago

Those reports were probably a press release by the plastic bag manufacturers association.

Living overseas: Question about foreign income exclusion and foreign tax credit by Nessiein tax

[–]quakerorts 2 points3 points ago

Your freelance income is most likely eligible for the exclusion too:

(From http://www.irs.gov/publications/p54/ch04.html#en_US_2011_publink100047450)

Earned and Unearned Income

Earned income was defined earlier as pay for personal services performed. Some types of income are not easily identified as earned or unearned income. Some of these types of income are further explained here. Income from a sole proprietorship or partnership. Income from a business in which capital investment is an important part of producing the income may be unearned income. If you are a sole proprietor or partner and your personal services are also an important part of producing the income, the part of the income that represents the value of your personal services will be treated as earned income.

Capital a factor. If capital investment is an important part of producing income, no more than 30% of your share of the net profits of the business is earned income.

If you have no net profits, the part of your gross profit that represents a reasonable allowance for personal services actually performed is considered earned income. Because you do not have a net profit, the 30% limit does not apply.

Example 1.

You are a U.S. citizen and meet the bona fide residence test. You invest in a partnership based in Cameroon that is engaged solely in selling merchandise outside the United States. You perform no services for the partnership. At the end of the tax year, your share of the net profits is $80,000. The entire $80,000 is unearned income.

Example 2.

Assume that in Example 1 you spend time operating the business. Your share of the net profits is $80,000; 30% of your share of the profits is $24,000. If the value of your services for the year is $15,000, your earned income is limited to the value of your services, $15,000.

Capital not a factor.
If capital is not an income-producing factor and personal services produce the business income, the 30% rule does not apply. The entire amount of business income is earned income.

Example.

You and Lou Green are management consultants and operate as equal partners in performing services outside the United States. Because capital is not an income- producing factor, all the income from the partnership is considered earned income.

can I deduct out-of-pocket insurance premiums if I'm not self-employed? by robotparkerin tax

[–]quakerorts 0 points1 point ago

Only if you itemize. In my experience, if you aren't paying mortgage interest and real estate taxes you generally will not have enough to itemize, and you will just take a standard deduction. But some unfortunate folks have enough medical expenses to be able to itemize.

Los Angeles bans plastic bags at all supermarkets by mepperin environment

[–]quakerorts 2 points3 points ago

How often do you wash them? I remember seeing an article about bacteria growth on reusable bags.

Baking Soda to Tea Water by Jobajain tea

[–]quakerorts 0 points1 point ago

A few grains of salt in a bitter cup of coffee does amazing things.

I have a question about my wife being authorized on her parent's credit card with a very high balance by jokerwilgressin personalfinance

[–]quakerorts 14 points15 points ago

Never thought I'd miss you, but this current crop of Republicans...

To the Redditor that Suggested Knocking Down Weeds with White Vinegar- You Nailed it by sardonicsalmonin LifeProTips

[–]quakerorts 1 point2 points ago

Put some rock salt down for long lasting kill. You can put the salt down before you spray on the vinegar so it dissolves the salt a little.

Is there any difference between the tax liabilities of a LLC and a Class-C corporation? by HermitCrabTuesdayin tax

[–]quakerorts 2 points3 points ago

There are no tax forms for LLCs because LLCs have to choose how they are to be taxed. An LLC can choose to be taxed as a C corp and then there would be no tax difference.

I want to get rid of every ounce of shit in my intestines. by soconfused81in Health

[–]quakerorts 0 points1 point ago

Coffee and lots of magnesium.

Lately the GOP base believe Obama should be tried for treason yet these same people say G.W. Bush was innocent and should go free. Do they live on another planet? by one_of_redditin politics

[–]quakerorts 0 points1 point ago

Preemptive war is a war crime. Using chemical weapons on Fallujah was a war crime. Torture is a war crime, or just a crime.

I had a retired general tell me that W was guilty of war crimes.

LPT Request: Anything and everything to deal with allergies by Tsumin LifeProTips

[–]quakerorts 0 points1 point ago

Yeah, I know several people who use and like that. Do you but their pre-made packs or just use pure salt? Do you think the sodium bicarbonate makes a difference?

Edit: Is 'Lords of Chaos" your band's name?

Romney wants to eliminate taxes on LT capital gains, dividends, and interest income for households making under $200,000/year. How is this a bad thing? by RTchokein PoliticalDiscussion

[–]quakerorts -2 points-1 points ago

It's clear you don't want to, or are incapable of, having a civil conversation. Bye bye!

LPT Request: Anything and everything to deal with allergies by Tsumin LifeProTips

[–]quakerorts 0 points1 point ago

My allergies were not horrible. I'd wake up with a sore throat in the spring and fall and could not drink alcohol without getting a headache during those months.

I switched to healthier shampoos, soaps, shaving cream, lotions, etc. Mostly from Aubrey Organics, but some other brands too. They seem more expensive, but I find they're typically cheaper per use and they're much better products as well.

I also rinse my sinuses with a Nasaline syringe. It's easier to use than a Netipot and I like being able to apply some pressure.

I no longer have the symptoms listed above and my razor blades went from lasting 4 weeks to about 8 months! I suspect the blade manufacturers put a mild corrosive in their shaving cream to make you buy more blades. Any scientists out there want to test this hypothesis?

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