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  1. CareCPA

    Serious glitches in filing all US taxes this year!

    TAXES | REGS 
    Honestly, the biggest pains this year were/are: - Massive delays in opening the filing program - Changing the rules at year-end, and then again during tax season - Ever-evolving guidance on all the new rules. Every time we think we have it down, the IRS comes out with new guidance "enhancing"...
  2. CareCPA

    Serious glitches in filing all US taxes this year!

    TAXES | REGS 
    I'm not sure if that's a rhetorical question, or if you really want to know. But technically your quarterly payments are based on the profit you expect during that year. The IRS just provides you a "safe harbor" of relying on the prior year's tax to avoid penalties and interest.
  3. CareCPA

    What Are the Dumbest Financial Decisions You Have Ever Made?

    GOLD! HOT! EXECUTION 
    Ha, don't let me talk you out of the deal. BUT - do make sure you do thorough due diligence, and have a plan for transitioning customers over.
  4. CareCPA

    What Are the Dumbest Financial Decisions You Have Ever Made?

    GOLD! HOT! EXECUTION 
    Mine happened on the buy side.... I paid ~$24k for a "book of business" a couple years ago. Ended up with just a couple thousand in revenue - a lot of the clients just ghosted during the transition. This doesn't sound like a lot, until you consider that my gross revenue the year before the...
  5. CareCPA

    What I Learned Being A Banker & Interviewing 2k Businesses

    I missed this thread when it was originally posted, but just got here via a comment in another thread by @BizyDad The one section that stood out to me was: My "sales calls" are mostly me asking potential clients about their business. What is going well? What is challenging? And, since I tend...
  6. CareCPA

    How many of you guys pay virtually nothing in taxes due to write offs?

    HOT! TAXES | REGS 
    I always tell people that if they want to lower their taxable income, I will happily increase my fees and take on the tax burden for them. So far, zero people have taken me up on that offer.
  7. CareCPA

    How many of you guys pay virtually nothing in taxes due to write offs?

    HOT! TAXES | REGS 
    Assuming he is in the US, I am not aware of any situation where you could take a full deduction for buying a house in the year you buy it. There are two scenarios: Scenario 1. You buy and hold for rental. In this case, the cost of the house is depreciated over 27.5 years based on when it is...
  8. CareCPA

    How many of you guys pay virtually nothing in taxes due to write offs?

    HOT! TAXES | REGS 
    No. I mean, maybe you can get away with this for a bit, but foreign control rules have gotten a lot more strict over the last couple years. If you have control over a foreign corp, then all that income gets pulled back into the US. You even put "owner" in quotes, do you think the IRS won't see...
  9. CareCPA

    Payroll solution for one employee

    I like Gusto, very user friendly. Also, able to to just set it up on auto-pilot so you touch it once and never think about it again. The other part I like is the integration with other benefits - seamless integration with Guideline for 401k, ability to have an HRA administered, etc. All for a...
  10. CareCPA

    Could you kill an animal?

    HEALTH 
    I can and have (one time for a class dissection that I'm not 100% sure would be legal here in the US...) Certainly not an enjoyable experience, and I haven't bought a hunting license in about 10 years. How can this be true? How can it be more efficient to convert plants > meat > human energy...
  11. CareCPA

    I have $1,000, should I invest? Save? Buy hazmat suit?

    HOT! INVESTING 
    Yes - there's another one or two that are longer, I just can't remember where they are.
  12. CareCPA

    I have $1,000, should I invest? Save? Buy hazmat suit?

    HOT! INVESTING 
    Well, this was quite the rollercoaster! From Stonks to Hazmat suits, I've learned a ton today (namely, if I go to the library, I will without a doubt contract meningitis). Actual advice for the OP: Somewhere around here is a thread or two on hustling and flipping via FB Marketplace/Craigslist...
  13. CareCPA

    [C0VlD-19] Forgiveable SBA Loans For Small Biz and Freelancers

    HOT! 
    There were two main funding programs as part of the CARES Act: PPP and EIDL. PPP was a forgivable loan to cover payroll and mortgage/rent/utilities (business). This was calculated at 2.5x monthly payroll from the previous year. Funds from the PPP that were used for payroll were forgiven. In...
  14. CareCPA

    Why are we in so much debt? Central Banks...

    OFF-TOPIC 
    Who is the "we" in your argument. It's a bit vague, and I'm having trouble following. Is it "we" as a country? As a globe? As individual people with way too much consumer debt? Hard to form a coherent discussion without a bit more specifics.
  15. CareCPA

    Building a billion dollar enterprise

    GOLD! EXECUTION 
    I would guess you need to bring your own financing from wherever you can get it. However, I do not speak for the banks. A couple phone calls would help you. The seller would accept the cash no matter the source, so you would just need to figure out if you can get financing in the US or if you...
  16. CareCPA

    Building a billion dollar enterprise

    GOLD! EXECUTION 
    I'm not sure I understand the question. Find a property that fits your criteria, and make an offer on it. Even easier if it's already for sale. I'm not aware of any restriction for a non-US person to own real estate in the US, but I'm always open to being corrected.
  17. CareCPA

    Building a billion dollar enterprise

    GOLD! EXECUTION 
    I'm obviously not @Envision but my advice would be: Invest somewhere other than India.
  18. CareCPA

    How do I setup an S-CORP for rental/investing (stock trading) business

    INTRO 
    This doesn't make any sense. One of the main benefits of an S Corp is avoiding self-employment/FICA tax on earnings above your "reasonable salary." Rental income is not subject to self-employment tax. Capital gains are not subject to self-employment tax. Why would you setup an S Corp (or, more...
  19. CareCPA

    Any of you guys use slack for your businesses?

    Since everyone seems to dislike Slack, what are you using that is objectively better? I've "used" Discord, but just for chat functions. Are there features that make it better than Slack that I'm not understanding? If not, what are other people using for internal communication to keep email from...
  20. CareCPA

    Building an Accountancy Practice

    EXECUTION 
    I still look at revenue per hour, even if I am flat-fee billing. We haven't really done "value-billing" because I can't figure out how to sell it. It's hard for me to convince someone that we're adding $10k of value to their business, so they should pay us $2k even if it takes me 10 minutes to...

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