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  1. CareCPA

    Plastic pollution - I want to provide value

    I would approach it from both ends. You can clean up the plastic, recycle it into other products, and sell those. But also, create alternatives to those plastic items (like @MTF said). They need to be economically priced and easy to use. Without those two factors, only the passionate will...
  2. CareCPA

    Question on partnerships & buy outs

    This is exactly what your lawyer should help you with. It sounds like you're going to use one anyway (and I always strongly recommend someone does if they are creating a business with multiple owners), so I would start there and see if either they can help, or if they have a referral for someone...
  3. CareCPA

    The slowlane sucks a$$

    SLOWLANE RANT 
    If it's a NY tax, you aren't going to pay the IRS. The IRS is a federal agency. I'm not sure you understand what a "civilized society" is. We've moved past the point where certain people only have 3/5 of a vote. If you truly think you come out ahead by being on social programs, why not join the...
  4. CareCPA

    The slowlane sucks a$$

    SLOWLANE RANT 
    If you're single and this is your only income, you're having about $50 a paycheck too much withheld for federal taxes. You might want to double check and correct your W-4. Note: this is going forward for 2019. I did not run your cumulative number for 2018.
  5. CareCPA

    Investing My Hard Earned $$

    INVESTING 
    You would still qualify. The threshold of $157.5k is just where the additional qualifications must be met. If your passthrough income is $420k, your potential deduction is $84k. This will be limited by the W-2 wages paid by each business. So if you take the $80k salary from the business making...
  6. CareCPA

    Investing My Hard Earned $$

    INVESTING 
    @biophase absolutely. Some background: The 20% passthrough deduction is only applicable to entities taxed as a passthrough (Sole Proprietorship, Partnerships in all their variations, and S Corporations). The new deduction is 20% of Qualified Business Income, with certain limitations based on...
  7. CareCPA

    Investing My Hard Earned $$

    INVESTING 
    This is pretty vague, so my answer will have to be as well. I always start with: what is your long-term goal? Is it to cash out in a year? Build an empire to last generations? Work short term or long term? The tax structure can then be created around your goals. Don't let a tax strategy dictate...
  8. CareCPA

    2019 Fastlane Summit: Preliminary Speaker Call

    MEETUPS 
    I would very much like to see this discussion.
  9. CareCPA

    AMAZON FBA - The Journey Begins

    EXECUTION 
    No. There are a plethora of subjects that go into this. E-commerce is a full business, not just a hobby. You need to learn: Product Sourcing Quality Control Manufacturing Specs Importing (including what testing is needed for your products, tariff rates, etc) Freight forwarding and general...
  10. CareCPA

    AMAZON FBA - The Journey Begins

    EXECUTION 
    This is the reason I'm watching. Should be entertaining at least. I would gently suggest that this is the most difficult way of starting a business, and difficulty does not always lead to success. If others have done similar things before, why not take a lesson from what has worked for them...
  11. CareCPA

    Suggestion: Like / Dislike / Sad / Happy / Funny / Etc reaction buttons for posts

    I would just like two buttons: 1. "Like" 2. "You're a moron"
  12. CareCPA

    Payroll Services

    PEOPLE 
    Then if they're at a computer, TSheets would work well for you. They can Clock in and out, or you can allow them to enter time manually.
  13. CareCPA

    The Luxury Strategy

    HOT! 
    I understand that. I'm curious if opinion should play a role in whether or not something is luxury, or is there an objective way.
  14. CareCPA

    The Luxury Strategy

    HOT! 
    This is a weird thread. It started with a discussion of luxury strategies, and there are amazing posts randomly in the middle, but the majority is "my taste in cars/watches/purses is better than yours, so that makes my brand luxury." Then it turned into "why would I pay that much for something...
  15. CareCPA

    Payroll Services

    PEOPLE 
    I've used T-Sheets before. It is web-based, so depending on what work your employees are doing it may or may not work for your business. It does integrate directly with several payroll processing services.
  16. CareCPA

    You’re not selling wholesale?

    NOTABLE! 
    Depending on how aggressive you want to be, and how badly they need your product, you can also implement a penalty if payment isn't in hand in 30 days. Actually collecting the penalty could be just as difficult, unless you report to D&B or similar.
  17. CareCPA

    Do you have health insurance?

    HOT! MINDSET 
    From my understanding, there is still technically a mandate in the US to have health insurance. However, there is no longer a financial penalty for not doing so. Therefore, there is no enforcement mechanism.
  18. CareCPA

    So in a nutshell, LLC = less taxes VS Self Employed?

    TAXES | REGS 
    And this is why, when you're making real money, it's worth paying a professional who specializes in this area.
  19. CareCPA

    So in a nutshell, LLC = less taxes VS Self Employed?

    TAXES | REGS 
    There are some. @GlobalWealth specializes in international structuring for minimizing taxes (please correct me if I've mis-characterized this). It all depends on your goals and lifestyle.
  20. CareCPA

    So in a nutshell, LLC = less taxes VS Self Employed?

    TAXES | REGS 
    It does. NY, for example, says: "But every partnership having either (1) at least one partner who is an individual, estate, or trust that is a resident of New York State, or (2) any income, gain, loss, or deduction from New York State sources, must file a return on Form IT-204, regardless of...

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