I’m looking into investing money for various people who have asked me to manage their money. I’m interested in doing so in a mutual fund sort of way and would like to know if anyone has recommendations as to some good software programs that will track (and keep separate) the numerous contributions and deductions by people invested in the fund. I need to be able to always know what percentage of the funds value is attributable to each investor.

On a side note: Am I wrong in thinking that I don’t need any special license in order to invest other people’s money? I would have a contract with each investor that would cover all the typical disclosures IRT “the risks of investing” and “past returns are no guarantee of future results”, etc. I plan on making this my home business for tax purposes as well. Am I missing something?

Thanks.
I realize that people "usually" have some sort of a business degree but I don’t think there’s an actual "requirement". Besides, some of the advisor/planner "credentials" I’ve seen are so easy to get that it’s a little comical when I see them listed as qualifications…
Yes, I could get financial advisor and planner certifications but I really think there not worth much. I served with a guy who had a financial degree and he consistently commented as to how I knew more than he did and how I could pass the exam to be a broker if I wanted. I’m just not sure if I "have to".

I’m looking into investing money for various people who have asked me to manage their money. I’m interested in doing so in a mutual fund sort of way and would like to know if anyone has recommendations as to some good software programs that will track (and keep separate) the numerous contributions and deductions by people invested in the fund. I need to be able to always know what percentage of the funds value is attributable to each investor.

On a side note: Am I wrong in thinking that I don’t need any special license in order to invest other people’s money? I would have a contract with each investor that would cover all the typical disclosures IRT “the risks of investing” and “past returns are no guarantee of future results”, etc. I plan on making this my home business for tax purposes as well. Am I missing something?

Thanks.
I realize that people "usually" have some sort of a business degree but I don’t think there’s an actual "requirement". Besides, some of the advisor/planner "credentials" I’ve seen are so easy to get that it’s a little comical when I see them listed as qualifications…
Yes, I could get financial advisor and planner certifications but I really think there not worth much. I served with a guy who had a financial degree and he consistently commented as to how I knew more than he did and how I could pass the exam to be a broker if I wanted. I’m just not sure if I "have to".

Is there any exception to the rule of not being able to use the standard deduction when filing separately when the other spouse filing separately itemizes? Or, can a husband (salesman with unreimbursed business expenses) file separately and itemize on a schedule A, and the wife (home business) file separately and itemize on a schedule C?

I currently live in the US and am considering a move to Montreal. I operate a home business, and all of my income is coming from US sources, but I have been told that Canada taxes all worldwide income. Then it seems that the US would give me some sort of tax credit for what I paid to Canada.

I expect to make ,000 before deductions. Does Canada have a similar system as far as self-employment taxes? Do they have a self-employment tax?

What abouts would I have to pay for tax, including federal and provincial?

What does it usually cost to have H&R Block or Jackson Hewitt prepare a tax return? We have no home business, and just the normal 1040 with schedule A deductions – married filing joint, if that helps.
I’m considering having someone else do them because my husband is adamant – we’ve used turbo tax for the last several years with no issues, but I can’t convince him that we’re not "getting less than we should." That’s the only reason I’m entertaining this option – if it were up to me, I’d do them myself.

I had 2 W-2′s of my husbands, 2 1099′s of my own. The 1099′s were for a home business, but there were very few deductions and very straightforward. I have 2 kids. Does this seem ridiculous? Should I fight them on this fee or just pay it?

turbo tax has us with 36,413 basically saying I am not taxed at all after my deductions for having a home business and just using my husbands income.. and my accountant has us at 38,511 why the differance I gave them both the same numbers… except my account said I couldnt use the interest on my business vehicle and I did look it up on irs website and I can… though when I went into turbotax and took it the interest out it didnt change our refund ( turbo tax has us getting 1,000 more then our accountant)

Do you know if there is a website that shows me all of the things Im allowed to deduct for having a home business? Also, how do you know what percentage is figured for tax write off? For example I know if I take a client to dinner that 50% of the bill I’m able to write off? How much would it be for office supplies, business cards, tax preperation? Any ideas? Or is there a website out there that talks about my questions? Any help would be great! THANKS

I currently have enough money saved for a house. Currently people tell me to borrow a mortgage. So I am earning interest at 6% now, but to get a 15 year mortgage
at 7.25%. Is this wise? In the long run I was told I would gain more tax benefit because I now get a tax deduction off the interest so instead of losing 7.25% , I am only paying 4.5% in interest assuming you are in the highest bracket because of the tax savings. Is this logic correct? And with new home I also get property depreciation because I have a home business? THanks for your help
dob-ulgco , that is true, but what are the benefits in numbers?

Also, are there brokers who can split their commission with the borrower? where can i get the lowest rate now for the mortgage

No Home business, No Dependents, No Spouse, No Investment Property

Please provide IRS form # and Source.

Thank you