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  1. CareCPA

    Figuring Out Net Income for Owning A Business

    HOT! 
    I'm not sure that you know enough about me or my business to be able to make this determination. I think there are several people on this forum who would speak to my knowledge and proactive thinking. And this is even after they sought me out, since I don't solicit business on the forum. You...
  2. CareCPA

    Figuring Out Net Income for Owning A Business

    HOT! 
    I think there's a disconnect here. People on this forum can't help you, because we don't know anything about your business structure, expenses, etc. I run a service business. If I bill out $90k, I'm probably looking at $80k in profit. If you run an eCommerce business, you may be looking at $10k...
  3. CareCPA

    Figuring Out Net Income for Owning A Business

    HOT! 
    I wouldn't say twice, I would say it's cumulative. It's 15.3% + income tax (anywhere from 0% to 37% in 2018). It's also not strictly as laid out above, as the math is a little more involved, but that's close enough for argument's sake. For example, half of your Self employment tax is a...
  4. CareCPA

    Figuring Out Net Income for Owning A Business

    HOT! 
    Self-employment tax is 15.3% - this is your Medicare and Social Security tax. If you had a W-2 job, you would pay 7.65%, and your employer would pay the other half. As a self-employed individual, you are both the employer and employee. On top of this, you pay income tax for federal (and...
  5. CareCPA

    Financial advisor business

    I think if I found out my financial adviser's only experience is 500 hours of class-time, and no work experience under a professional, I would run away pretty quickly. I'm also not sure how cleaning and bookkeeping go together under one business. Either way, good job running from that other...
  6. CareCPA

    Lesson learned on pricing (Think like a business owner, not an employee!)

    It's a learning process. Sometimes I overbid, and sometimes I underbid. Sometimes I think I overbid and I actually underbid (those are the worst). The more you do it, the better you'll understand the market, and the better you'll understand the value you can actually provide. Hourly billing is...
  7. CareCPA

    Taxes = Wakeup

    TAXES | REGS 
    When all you have is a W-2, your tax saving options are limited. You're also going to have a painful period where you start a business, and you're earning more than your W-2, but not enough to make the more aggressive tax-savings strategies worth the price and complexity. Eventually you'll...
  8. CareCPA

    2018-Q2

    Figure out how to find the people who could use my help the most. Word of mouth has been great, but it's time to actively pursue. Document and streamline processes. Q1 has been a lot of putting out fires. I'd like to get ahead now that I don't have the "other job" to take up all my time. This...
  9. CareCPA

    Billing my client. Recommending resource?

    SIDE HUSTLE 
    There are a couple that allow this. The client would need to enter their card info the first time, but then it remains "on file." Off the top of my head: authorize.net is the main one that comes to mind. I've also heard of Rerun and Plooto. Whichever you choose, make sure you get the proper...
  10. CareCPA

    Dividend Reinvesting vs. IRA investing (tax treatment)

    TAXES | REGS 
    There are a couple different options depending on your business structure and whether or not you have employees. I always point people to the Vanguard page here, since they summarize it more succinctly than I could. It all depends on how you structure the sale, and the type of entity you are...
  11. CareCPA

    Dividend Reinvesting vs. IRA investing (tax treatment)

    TAXES | REGS 
    Sure thing. There are a couple different ways to look at this. The traditional viewpoint: - With a small business, you can put away up to $53,000 a year into a 401k, instead of the employee-max of $18,000 with a regular job. - For real estate, depreciation shields most of your cash income...
  12. CareCPA

    Dividend Reinvesting vs. IRA investing (tax treatment)

    TAXES | REGS 
    Here is my generic tax advice. If you're in a high tax bracket (i.e. 35%), and you plan to be in a lower tax bracket in retirement (i.e 12% under current law), the arbitrage of socking money away now to use in retirement can work in your favor. If you plan to be in a similar tax bracket, it may...
  13. CareCPA

    Dividend Reinvesting vs. IRA investing (tax treatment)

    TAXES | REGS 
    You pay taxes on the dividends when they are earned, whether you reinvest them or cash them out.
  14. CareCPA

    The little things are important!

    NOTABLE! 
    This is me (maybe not literally, but then again maybe literally). This is also why I'm dramatically scaling back and/or quitting the job and focusing on my clients. They aren't getting the value they deserve. My issue is general courtesy, as mentioned before. If you've got the time to send me a...
  15. CareCPA

    Moved to Scottsdale, Growing a Web Design Firm

    GOLD! 
    I think it depends on your size. If you're bootstrapping and just starting, I have no issue with spreadsheets and bank statements. However, the point where you need an accounting system to keep track of your financials comes much earlier than most people think. There are plenty of options out...
  16. CareCPA

    Moved to Scottsdale, Growing a Web Design Firm

    GOLD! 
    The default for a single-member LLC is a disregarded entity, so it would just show up on your Schedule C. You would need to elect to be treated as an S Corp. Technically, if you want to be an S Corp, you have to elect within 2.5 months of entity formation (or year-end for the subsequent year)...
  17. CareCPA

    Moved to Scottsdale, Growing a Web Design Firm

    GOLD! 
    You can hold off on the S election if you want, until you see if it makes sense. S Corp traps you into payroll and an additional tax filing. A single-member LLC will show up on your personal return. You might want to wait until the added cost of running payroll and having another tax filing...
  18. CareCPA

    Dividend Reinvesting vs. IRA investing (tax treatment)

    TAXES | REGS 
    You still had to earn the money (and pay tax on it) to invest in the stocks that pay dividends. Say you have an extra $15,000 to play with, and you're averaging 30% in income taxes. You can put it either in the Roth (subject to limits) or brokerage stocks. Either way, you're going to pay the...
  19. CareCPA

    Where do you trade stocks

    INVESTING 
    This is why when my money goes into the stock market, I don't cherry-pick the stocks. I can analyze a 10-K (and have put a few together in my time), but that doesn't mean everything is being disclosed in there. However, I think my chances of 500 companies all tanking at the same time is pretty...
  20. CareCPA

    [Progress] Sanctus Nutrition - Supplement Company (and first real entrepreneurial pursuit)

    NOTABLE! 
    I often get hit with your ads (I assume I'm in a re-targeting list somewhere because I visited your page from this thread). I don't use supplements (or quite honestly, even work out with any consistency), but I'm always left with the impression after seeing your ad that it's just so dark. I...

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