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  1. CareCPA

    Has the United States turned to sh*t?

    OFF-TOPIC 
    I'm going to gently make a recommendation, and then bow out of the thread - this is a little more negative than I like to interact with. I think you should strongly consider a news/media purge.
  2. CareCPA

    Has the United States turned to sh*t?

    OFF-TOPIC 
    I'm curious what your ideal is. What was better 20, 30 years ago that we're missing today?
  3. CareCPA

    Received 2 notices from the IRS contradicting each other

    Also not completely accurate. You don't need to be a C Corp at any time for your LLC to be an S Corp. When you register for your EIN, you should select the LLC option to avoid any potential issues, since you are an LLC. You did used to have to file two different forms to get your LLC to be...
  4. CareCPA

    Received 2 notices from the IRS contradicting each other

    That's... Not how it works.
  5. CareCPA

    How are you budgeting

    Well, you could spend money on a second subscription to Xero. We personally use a spreadsheet, but we're also nerds who love spreadsheets.
  6. CareCPA

    How are you budgeting

    I've done a couple migrations lately. It's not too painful, and Xero help is very responsive. Just make sure your QBO data is clean before you start - it's more of a pain to fix after the conversion.
  7. CareCPA

    How are you budgeting

    You might not have the right package. Looks like budgeting in QBO is only available on the "Plus" subscription. If you're looking to switch, I don't see any such restriction with Xero. Otherwise, your options are spreadsheet tracking, or another software (or something like Mint.com or Personal...
  8. CareCPA

    How are you budgeting

    What accounting system are you currently using for your business? Does it not allow the option for you to create a "budget" and then compare to your actuals for each month?
  9. CareCPA

    Received 2 notices from the IRS contradicting each other

    In theory it's simple. Let us know how long it takes you to get an answer.
  10. CareCPA

    Received 2 notices from the IRS contradicting each other

    +1
  11. CareCPA

    Can someone recommend me a book about taxes

    TAXES | REGS 
    The cliffnotes version is: You will pay taxes at 15.3% for self-employment, plus your income tax rate for federal. Half of that SE tax is deductible in figuring your adjusted gross income. I'm assuming from your profile you're in Florida, so no need to worry about state taxes. You will want to...
  12. CareCPA

    Going for it. Ecommerce.

    NOTABLE! 
    +1 For sales tax, at your level of revenue, I wouldn't worry about it.
  13. CareCPA

    Going for it. Ecommerce.

    NOTABLE! 
    Why are you guessing? Put a system in place to know exactly how much you make on each unit. Between your Amazon/Shopify reports and knowing your other costs, this should be fairly easy. Let me know if you need help pulling together a spreadsheet to do this. Many people look back a year or two...
  14. CareCPA

    Taxation smack upside the head

    TAXES | REGS 
    Looks like I'm already late to the party, but yes, sounds like the 3.8% surcharge on investment income. If you don't need the cash, I'd hold and wait too. With politics in their current state, I'd be surprised if something didn't come through to benefit those with long term gains.
  15. CareCPA

    Understanding Brand Building And Accounting

    EXECUTION 
    Are you looking to just keep track of profit and loss, or full financials? Profit and loss is fairly easy - just track money in and out as @jpanarra mentioned. If you want to keep full financials, look up double entry accounting. It's not intuitive for everyone, but for most people who are...
  16. CareCPA

    Drafting agreement for commissions

    PEOPLE 
    It will most likely be 1099 to him. The exception would be if you hire him as an employee (and depending on how you control what he does, he may be deemed an employee even if you say he isn't. This generally isn't the case with outside sales reps though), or if you entered into a partnership...
  17. CareCPA

    Copywriting Contest... (RESULTS POSTED!)

    HOT! MARKETING 
    More dismal or less dismal than what you currently have? Will you show how they compare to your control ad?
  18. CareCPA

    Anonymous Donor Comes Forward, Gives Insider Sub

    Thanks @MJ DeMarco and anonymous donor. This is an incredible gift, and hopefully my contributions are as meaningful on the inside as the outside.
  19. CareCPA

    How to not get screwed in signing an LLC.

    If you've already signed your operating agreement, then it's a little late to do your research. You should have made sure all the "what ifs" were covered before you signed. For example, if your partner dies, do you get buyback rights? Or are you stuck with a new partner that you can't stand? Or...
  20. CareCPA

    Buying a already profitable business, now to due dilligence

    Thanks for pulling me in @G-Man Look at the tax returns, but assume they're understating income on there. Assume they're overstating income on whatever financials they give you. Somewhere in the middle is the answer. As mentioned previously, check cash flow. But not the cash-flow report from...

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