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  1. CareCPA

    Is it wise to turn my house into a rental property?

    REAL ESTATE 
    I don't think the numbers will work out for you if you want it to be cash flow positive. Let's assume worst-case scenario since I don't know your location: $2,500 rent -10 % management -10% Capex reserve -5% Vacancy (this is less than a month a year) -2,200 Debt service This would put you at...
  2. CareCPA

    Made roughly 250k this year what can I do about taxes?

    TAXES | REGS 
    The IRS has guidance out on dealing with cryptocurrencies. Their publication uses Bitcoin as an example, but I will assume your investment has similar characteristics. The kind of gain you recognize depends on how you held the currency. It sounds like you held it for speculation/investment...
  3. CareCPA

    Does buying still make sense in a high property tax area?

    REAL ESTATE TAXES | REGS 
    Yes, but it's over 30 years. Think about what rent costs today vs 30 years ago. Think about how much further $1,000 goes today than 30 years ago. That's why home ownership is touted as an inflation hedge. Your mortgage payment stays the same for 30 years, while your earnings go up, and the real...
  4. CareCPA

    Made roughly 250k this year what can I do about taxes?

    TAXES | REGS 
    By "this year" do you mean 2016 or 2017? If 2016, very little. If 2017, do you have other investment losses you can take? Do you have a 401k that you can shovel money into? IRA is always an option, but watch the phaseout limits. I know it doesn't make you feel better, but if you have to pay...
  5. CareCPA

    Should I stop my 401k?

    HOT! INVESTING 
    So hopefully I won't get kicked out for saying this, but I haven't read the books yet. I came to this forum because it is a business forum full of people taking action on their ideas, and building the lives they want. There is a lot of pessimism and bad math in this thread though. I think if the...
  6. CareCPA

    Should I stop my 401k?

    HOT! INVESTING 
    Why? Non-rollover (i.e. regular) contributions to a Roth IRA can be withdrawn with no tax penalty. Earnings cannot.
  7. CareCPA

    Should I stop my 401k?

    HOT! INVESTING 
    Or, that year that your business didn't turn out as well as you hoped, and you have no income? Roll it into a Roth and utilize your standard deduction and personal exemption. Tax-free rollover, no penalty. Once it's in the Roth, it's now counted as contributions, and contributions can be...
  8. CareCPA

    Should I stop my 401k?

    HOT! INVESTING 
    Yes sir. Licensed CPA specializing in small business and individual taxes.
  9. CareCPA

    Should I stop my 401k?

    HOT! INVESTING 
    If it's a traditional 401k, you will absolutely pay taxes rolling it into a Roth IRA. You would need to roll it into a traditional IRA for it to be a non-taxable event.
  10. CareCPA

    Does buying still make sense in a high property tax area?

    REAL ESTATE TAXES | REGS 
    Make sure you're comparing apples to apples. I'm willing to put up with less-favorable conditions when renting to save some money, but when I plunk down 20% on a house to live in, I have much higher expectations. Naturally these cost more.
  11. CareCPA

    Should I stop my 401k?

    HOT! INVESTING 
    It also doesn't have to be either/or. If you aren't starting a capital-intensive business, and you have enough to live on, then why stop it? Take the tax deferral benefits. When you get to the point you need capital, then worry about it.
  12. CareCPA

    Should I stop my 401k?

    HOT! INVESTING 
    Also consider the risks of your new business. 401k funds are generally protected from lawsuits.
  13. CareCPA

    Selling my Ecommerce Business

    GOLD! 
    @amp0193 I would be interested to hear if your broker has other comments on the financials. I've heard from other individuals that they don't know what the brokers will be looking for. Other than tracking inventory for COGS purposes, did he have other suggestions for what makes the cleanest...
  14. CareCPA

    Selling my Ecommerce Business

    GOLD! 
    Publication 334 (2016), Tax Guide for Small Business
  15. CareCPA

    Selling my Ecommerce Business

    GOLD! 
    Unless you fit the small taxpayer exemption ;)
  16. CareCPA

    Selling my Ecommerce Business

    GOLD! 
    My hunch is that the people interested in buying your website are buying it because they have no interest in growing their own. They aren't interested in growing the business into new markets and channels. They want to know that it is proven and doing well in its current channels, and they want...
  17. CareCPA

    Selling my Ecommerce Business

    GOLD! 
    As a general rule (and not @amp0193 -specific because I don't have his details): If you don't need the cash right away, an installment sale can help you out tremendously at tax time(US-specific example ahead). The year you sell, you're probably going to have a huge increase in income, and I'm...
  18. CareCPA

    Selling my Ecommerce Business

    GOLD! 
    Thanks for the shoutout @amp0193 . I'm obviously following along to see how it plays out for you.
  19. CareCPA

    Establishing a Productocracy - PULLing rather than PUSHing

    NOTABLE! 
    I think you misunderstood me. They have the product you currently sell (the business you're looking to sell), not the one you're bringing to market now. I was attempting to speak to how quickly you get lost in the shuffle if you're just re-badging an item that anyone can sell easily. Apparently...
  20. CareCPA

    Establishing a Productocracy - PULLing rather than PUSHing

    NOTABLE! 
    I don't have my own product, but I will speak to the effectiveness of this with @amp0193 's product. I have a friend who owns the exact product he sells. I asked them where they got it, and they said Amazon. I asked if they knew who sold it, and they had no idea. I showed my wife the product...

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