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  1. CareCPA

    I never knew how bad the system can screw someone until now

    This is great, I don't have to answer tax questions anymore :) Just to reiterate, I would be surprised if this one specific deduction swung the scales for you on whether to rent or buy.
  2. CareCPA

    I never knew how bad the system can screw someone until now

    Yea, the short version is: Home office depreciation is a portion of your home office deduction. If you use actual expenses, depreciation is one of several expenses (along with utilities, allocated taxes and insurance, etc). If you use the Simplified method, no depreciation needs to be calculated...
  3. CareCPA

    I never knew how bad the system can screw someone until now

    Yes, this was what my memory was telling me (but my memory lies sometimes). Given the earlier responses, I wasn't inclined to spend a lot of time double-checking my memories.
  4. CareCPA

    I never knew how bad the system can screw someone until now

    Depending on sales price, amount of gain, etc, yes, most likely. The term you're looking for is "unrecaptured 1250 gain" - here is a brief primer Unrecaptured Section 1250 Gain The silver lining is the unrecpatured 1250 gain is limited to a max 25% tax rate (and gain beyond the unrecpatured...
  5. CareCPA

    I never knew how bad the system can screw someone until now

    I see I got bat-signaled in, so I'll pop in long enough to say: Depreciation recapture is real, just like for any other asset that gets depreciated. I would be surprised if you could allocate your Section 121 exclusion to it. It's not something we do every day, so I would have to research it...
  6. CareCPA

    Ways to make money

    I'm guessing it involves the ad I keep seeing on Facebook that keeps trying to teach me high-ticket closing. At least now I know the ad leads to a $2,500 course, so I don't have to click it out of morbid curiosity and get stuck in their re-targeting.
  7. CareCPA

    Somebody Sell Me on "Fastlane Insiders"

    This could not be more true. Some things in business will just be a waste of money, but if you're not constantly testing, how will you know? Example: we spent about $1,200 in FB ads in January. Want to know how much we got in sales from it? $0. Not only is the Insiders a low amount of...
  8. CareCPA

    What are my legal rights of a DBA name sale

    What does your Operating Agreement say?
  9. CareCPA

    Selling a business?

    Most brokers are going to want to base the price off a multiple of the trailing twelve months. If you've been consistent for 5 months, some will annualize the price based off of that, but they'll disclose that methodology in the listing. The lower profit from the tariffs, and the short...
  10. CareCPA

    Does offering too many sizes lead to loss of sales?

    Test it. Your most recent reply says you're going to offer one more size instead of two. What if you picked the wrong one? The one you deem more valuable may not be the one the market deems more valuable. A lot of your posts on this forum tend to overthink and overcomplicate. You don't need to...
  11. CareCPA

    OFF-TOPIC Billionaire pays off graduates' student loans

    I've seen a lot of bitter reactions to this. A whole lot of "but I paid my loans, so they should too" and "what about the families that sacrificed and worked 10 jobs to put their kid through college with no loans." And yet, I only hear those complaints from outsiders. I haven't seen any parent...
  12. CareCPA

    NOTABLE! Free Accounting Software: If you need software, use these guys

    Hmm, for some reason that tag didn't show up in my notifications - odd. I use QBO and Xero. I actually prefer Xero, although QBO is good for recurring charges without having to add another processor (i.e. Stripe or Paypal). The recommendation would change depending on what you're trying to...
  13. CareCPA

    NOTABLE! Starting a lawn care service business

    Awesome. You seem like the kind of person who would automate/optimize where possible, so I would have been surprised if you were manually doing it. Also, just saw this: Definitely makes you think about what's possible. I keep thinking it's too difficult to teach my employees what I know (and...
  14. CareCPA

    NOTABLE! Starting a lawn care service business

    Just curious if you have a software for this, or if you manually optimize the routes/procedures.
  15. CareCPA

    Beginner's Guide on Who to Follow! (2019)

    Honored to make the list. Also, very helpful. I always intend to follow people, and then never click the button for some reason. I'll need to start fixing that.
  16. CareCPA

    Do you think freelancing in SEO, SEM, Facebook Ads or Bookkeeping would be a better option?

    Yes. Going to take this to PM if you don't mind. I feel like I'm hijacking this thread. We can bring it back here if it becomes relevant and helpful, I just don't want to clutter it up with my stuff.
  17. CareCPA

    Do you think freelancing in SEO, SEM, Facebook Ads or Bookkeeping would be a better option?

    Cool, so we're headed in the right direction. Working on SOPs and consistency now. Resource hub is on the list for later this year. It's tough to get these really rolling during tax season. Our biggest time-suck is the pure volume of communication with clients. So having the resource hub and...
  18. CareCPA

    Do you think freelancing in SEO, SEM, Facebook Ads or Bookkeeping would be a better option?

    I'd like the secret. You seem to have a knack for service businesses, and I do way more work for way less money.
  19. CareCPA

    Do you think freelancing in SEO, SEM, Facebook Ads or Bookkeeping would be a better option?

    Could be both. For example, we focus in Xero, but can also do QBO. However, what I meant was an industry. Take us for example: we specialize in e-commerce. So we've built processes where we break down all the Amazon fees (and can even do it by product). Most bookkeepers would record the amount...
  20. CareCPA

    Do you think freelancing in SEO, SEM, Facebook Ads or Bookkeeping would be a better option?

    True. Make sure you work towards a specialty. Generic bookkeepers are (literally) a dime a dozen.
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