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  1. CareCPA

    Personal Challenge: 1 Month To Impossible Success

    EXECUTION 
    How long-term is this? If it's just a short-term project, with no other complications or liability issues, I probably wouldn't bother with the entity or separate account. Unless you think that you're going to make enough for the S Corp conversion to be worth it? The problem (as you probably...
  2. CareCPA

    Copywriting Contest... (RESULTS POSTED!)

    HOT! MARKETING 
    An entry from one very non-creative type. Simple and to the point speaks to my logical side.
  3. CareCPA

    Personal Challenge: 1 Month To Impossible Success

    EXECUTION 
    I'm also going to watch closely. I'm always interested to see how other people walk through the process. Plus this is an ambitious goal if you aren't using current mailing lists.
  4. CareCPA

    Selling my Ecommerce Business

    GOLD! 
    The "assets" aren't traditional assets, so he won't have the depreciation recapture of selling an equipment-heavy business. We looked at the tax impact before signing.
  5. CareCPA

    Selling my Ecommerce Business

    GOLD! 
    Super excited that this has finally gone through. And even more excited for the next venture.
  6. CareCPA

    Sales is a screening process

    MARKETING 
    I know I struggle with this. Many people see accounting as a cost. It's sometimes tricky to find the ones who understand that a good accountant can also be a business adviser, and offer insights and actionable suggestions. I spend a lot of time trying to justify my cost to potential clients...
  7. CareCPA

    Selling my Ecommerce Business

    GOLD! 
    I'm very biased, but yes. It's much easier, and more accurate, to do it in real-time vs after the fact.
  8. CareCPA

    Selling my Ecommerce Business

    GOLD! 
    Frustrating. I can't imagine spending all this time and energy on the due diligence - this isn't the type of transaction you make if you're new to the industry, and an experienced person shouldn't have so many step-by-step process questions.
  9. CareCPA

    US-Based Taxes/Business Formation (CPA)

    TAXES | REGS AMA 
    Personally, I would probably let it go. The IRS doesn't expect you to take a wage if you're running a loss, but they do expect you to take a wage before you take distributions. I've even heard stories that they are re-classifying for prior years. For example, say in your first three years, you...
  10. CareCPA

    US-Based Taxes/Business Formation (CPA)

    TAXES | REGS AMA 
    Ha! Fair enough. Can't argue with that.
  11. CareCPA

    US-Based Taxes/Business Formation (CPA)

    TAXES | REGS AMA 
    I'll take the easy one first: you can open a Delaware LLC (or an LLC in any state) for any type of business. A lot of companies that register in Delaware are, or will be, C Corps. They're bringing in investors, etc that are looking for the corporate structure, not a passthrough structure...
  12. CareCPA

    US-Based Taxes/Business Formation (CPA)

    TAXES | REGS AMA 
    I have not, but I've seen the methodology (did you mention it in another thread, perhaps?). I believe the philosophy is simply a "pay yourself first" mentality? I guess my question would be: what are you doing with the profits that you take out first? Would that profit be better served...
  13. CareCPA

    US-Based Taxes/Business Formation (CPA)

    TAXES | REGS AMA 
    When you register an LLC, the default classification for a single-member LLC is a disregarded entity. This means that the activity from the LLC would show up on your Schedule C similar to a sole proprietorship. The default for a multi-member LLC is a partnership. You can then elect to be taxed...
  14. CareCPA

    US-Based Taxes/Business Formation (CPA)

    TAXES | REGS AMA 
    Well that blew up quickly. I'll get to all these tonight guys/gals. Thanks for participating.
  15. CareCPA

    US-Based Taxes/Business Formation (CPA)

    TAXES | REGS AMA 
    You clicked because you knew it was me - who else would write about taxes? I would be fine with that, but I believe @MJ DeMarco has a vetting process for his AMAs?
  16. CareCPA

    US-Based Taxes/Business Formation (CPA)

    TAXES | REGS AMA 
    Awesome. The answer to your original question was no, and that many people are in that position the first year (and some for quite a few years thereafter).
  17. CareCPA

    MATH: Building a Sellable Business vs Getting a Job

    MINDSET 
    Cutoff is a year. If you hold the investment less than a year = short term. If you hold more than a year = long term.
  18. CareCPA

    MATH: Building a Sellable Business vs Getting a Job

    MINDSET 
    In the US, short term capital gains are taxed at ordinary income rates. Long term capital gains get preferential treatment (0%, 15%, or 20% depending on your income level).
  19. CareCPA

    MATH: Building a Sellable Business vs Getting a Job

    MINDSET 
    Ha! Good call on that one (been a long week). Of course if you're cash based and pay a bunch of expenses at year-end to reduce income, you probably don't have the $15k to pay yourself anyway. Either way. I think the idea of the post is solid. Don't let my minor quibbles with the details detract...
  20. CareCPA

    MATH: Building a Sellable Business vs Getting a Job

    MINDSET 
    Yes, in the long term, I completely agree. I guess my umbrage is with the part where he claims: This assumes that someone can live off of ~$15k per year while building a business. Also, why do we factor income taxes into the salary, but not the business?

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