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  1. CareCPA

    MATH: Building a Sellable Business vs Getting a Job

    MINDSET 
    I like the thought process, but wouldn't that mean you would have to sell a business every year? Otherwise you're just making roughly a third of the income you would be making from a job.
  2. CareCPA

    $100k 2017

    EXECUTION 
    So if people wanted this bag, why wouldn't they have just bought it at the $30 sale price you did, instead of paying you twice as much for it?
  3. CareCPA

    $100k 2017

    EXECUTION 
    I just want to jump in for a second. I've been following your thread to see if you actually make a sale. Are you saying you bought an item off the shelf (presumably on sale), and then tried to sell it for more than retail on websites where people routinely go to buy items for pennies on the dollar?
  4. CareCPA

    US-Based Taxes/Business Formation (CPA)

    TAXES | REGS AMA 
    There is usually a procedure with your state to formally dissolve. There should be no tax implications. For federal tax purposes, a partnership does not need to file a tax return if it "neither receives income nor incurs any expenditures treated as deductions or credits for federal income tax...
  5. CareCPA

    Painful Progress

    Plus you already used that buying power when you racked up the $10k of debt. You don't get to use it twice.
  6. CareCPA

    US-Based Taxes/Business Formation (CPA)

    TAXES | REGS AMA 
    Speaking to the name issue only (and not the non-resident taxes, since you seem to have already done your research on that part). There should not be an issue using the same name in another state. Business are incorporated under state laws. The IRS merely gives you an identification number...
  7. CareCPA

    US-Based Taxes/Business Formation (CPA)

    TAXES | REGS AMA 
    You'll want to correct this with the payment processor ASAP. The reason being, when they report the payments to the IRS (which they will), it will all be under your SSN. The business still earned the revenue, so it needs to be reported on the business taxes, but it's potentially a lot of back...
  8. CareCPA

    US-Based Taxes/Business Formation (CPA)

    TAXES | REGS AMA 
    With the info provided, I would stay LLC. It avoids the pro-rata distribution rule. For the "investment only" members, I would not subject them to self-employment tax. If they are truly passive and not doing work for the LLC, then their earnings should not be considered self-employment income...
  9. CareCPA

    US-Based Taxes/Business Formation (CPA)

    TAXES | REGS AMA 
    Hey @Scot, the answer is either. Some people like to make their entity structures complicated. LLCs owned by other LLCs owned by S Corps, etc. This is certainly an option. You can set up a separate entity that owns part of the LLC, and is intended only for family and friends to own parts of...
  10. CareCPA

    The man gets its scripted claws on the kids early now

    Optimistically, it could be a good tool. Think about it, the average person gets their first credit card somewhere between 18-25. Right when they're itching to buy all kinds of stupid and expensive things. For example, after I graduated college I bought a car, a house and a motorcycle - all...
  11. CareCPA

    US-Based Taxes/Business Formation (CPA)

    TAXES | REGS AMA 
    You actually have a couple different options. My assumptions: 1. You are the sole shareholder/member of the LLC taxed as an S Corp 2. You have not carried on substantial activity yet (so your basis is essentially what it was at the time of formation). 3. Assets in the S Corp have not...
  12. CareCPA

    US-Based Taxes/Business Formation (CPA)

    TAXES | REGS AMA 
    Reserving for future use, as I expect this to grow. Feel free to ask questions, and I will incorporate (see what I did there) into the post.
  13. CareCPA

    US-Based Taxes/Business Formation (CPA)

    TAXES | REGS AMA 
    Since this section of the forum is not as robust, I wanted to add some info that would hopefully help those starting out in their business. There is a short stickied thread, but I didn't want to hijack it. This is a work in progress, and will be updated and people ask questions/I have extra time...
  14. CareCPA

    Mindset issue with money - Need advice

    HOT! MINDSET 
    Thanks. You sound like the perfect person to take marriage advice from.
  15. CareCPA

    Mindset issue with money - Need advice

    HOT! MINDSET 
    Call it sad all you want. I've won the game - happily married and kid on the way. I've got nothing to prove here.
  16. CareCPA

    Mindset issue with money - Need advice

    HOT! MINDSET 
    Let me get this straight. People on this forum gave you a hard time about your obsession with picking up women. As a result, you quote here a reply that you got on another forum. The best part? The forum you got that response on is focused completely on... ...wait for it... picking up women!
  17. CareCPA

    Mindset issue with money - Need advice

    HOT! MINDSET 
    "Binders full of women" Maybe you should just get another job then, and try not to get fired from it. Stress = gone
  18. CareCPA

    What laptop should a starting online entrepreneur buy?

    HOT! 
    I bought a refurb Dell Latitude with a SSD for somewhere around $350. Most of my work is web-based or spreadsheet-based. Make sure you get the business line, not the consumer line. These things are built to take abuse (they usually come with a service contract when Dell sells them new to a...
  19. CareCPA

    How to draw dividends before year end?

    I would just let it go. It won't really be detrimental, other than an extra tax return cost. Yep, that would give you basis to take losses. I'll work on pulling something together. If anyone has specific questions for me to include, please PM me. I don't want to clutter up the OPs thread here.
  20. CareCPA

    How to draw dividends before year end?

    Here are some US SPECIFIC answers: You don't. You most likely wouldn't have any payroll that year. It also wouldn't be worth the formalities of an S Corp since you don't have enough income to take advantage of the benefits. You should have stayed a single-member LLC treated as a disregarded...

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