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  1. CareCPA

    Employing Children in your business

    I wouldn't 1099 him - that would subject him to self-employment tax. Just put him on payroll, send him a W-2, and skip right by the self-employment/payroll taxes. IRA contributions are limited to earned income, so it would be limited to $3k if that is all his wages were. As for the amount...
  2. CareCPA

    Employing Children in your business

    Can I make the assumption from your name that you are non-US based? Social Security and Medicare taxes are a specific subset of payroll tax in the US. It has nothing to do with them actually receiving medical care. Children are only exempt from these in a family business up until they're 18 -...
  3. CareCPA

    Employing Children in your business

    Ok, well if that's the part you're going to get hung up on, then pretend I said "retail store" and "cashier" instead of manufacturing and working on the floor. The basic premise stands, I don't know any state where you aren't allowed to hire a minor, but obviously check your state employment...
  4. CareCPA

    Employing Children in your business

    I wanted to start a separate thread for this to not clog up the other tax thread that was ongoing. @Lyinx was asking some good questions, so here is a brief summary. One of the biggest benefits of having your own business is being able to tax-plan more efficiently/effectively. We all hear "the...
  5. CareCPA

    We could do this for growth and fun?! (30 Day Challenges)

    HOT! MINDSET 
    My accountant says I need to keep overhead down, and that two phones are unnecessary. However, I have actually considered having two phones. The urge to check work email outside of work hours is too strong. I think tech-addiction is a real thing.
  6. CareCPA

    Would taxing the wealthy make things more expensive?

    OFF-TOPIC TAXES | REGS 
    Better approach: A. Setup as an LLC (actually, you could skip this step and just be a sole proprietorship) B. Pay child $12.4k per year (wages must reflect actual work done) C. Since this is your child of your fully owned LLC, no Medicare/SS taxes need to be paid on their wages. D. Since this is...
  7. CareCPA

    We could do this for growth and fun?! (30 Day Challenges)

    HOT! MINDSET 
    Oh man, I completely forgot. I need to find a "Streaks" app for android so I can't use that excuse anymore.
  8. CareCPA

    Lean Principles & Creating a Culture of Continuous Improvement

    HOT! EXECUTION 
    Even if this is a "corporate platitude," that doesn't keep it from being true or valuable. I can't speak for @amp0193 's experiences here, but let me tell you my own. A year ago, I had one employee. It was easy for me to review her work, keep a handle on her capacity and workload, and know...
  9. CareCPA

    Lean Principles & Creating a Culture of Continuous Improvement

    HOT! EXECUTION 
    If your employees didn't care, they wouldn't have stayed with you as long as they have. Sounds like you've found the right key to motivating them at the moment (give them something to fix/improve instead of just showing up, doing some tasks, and leaving each day). I'm interested to see the...
  10. CareCPA

    How should I do market research for my product without offending/annoying?

    MARKETING 
    Sales is also very much about matching the timing and the need of the end customer. If you were selling a product that truly delivered value to my company, then I would absolutely take the time to listen and discuss it with you. But if you're offering something I don't need, or even worse...
  11. CareCPA

    [PROGRESS] Bekit's Progress Thread

    EXECUTION 
    My general thoughts here: If it is a $3-4 product to make, this is certainly not the only factory that can make it. If the relationship can't be adjusted moving forward, then I just can't imagine it would be a huge burden to move to another factory.
  12. CareCPA

    Register LLC business in Nevada when based outside of USA

    The same way as if you lived in the US: https://www.nvsos.gov/sos/businesses The bigger questions you're not asking are: do you need an LLC in the USA? And what are the ramifications of creating one/not creating one? Hopefully you've already gotten answers to these.
  13. CareCPA

    Register LLC business in Nevada when based outside of USA

    I would first look at whether or not you really need to register in CA. Once CA gets their claws in you, they never let go.
  14. CareCPA

    Products That Remind You to Be a Badass Thread

    MINDSET 
    Not quite as hardcore, but I got some mugs from coffeeandmotivation.com after @ZCP pointed them out. I got the one that just says "Do Epic Shit" - nice daily reminder.
  15. CareCPA

    We could do this for growth and fun?! (30 Day Challenges)

    HOT! MINDSET 
    I see @ZCP is part of the challenge. Edit to add something useful: I will turn off my phone and computer for 1 hour each day. Not just silence them, turn them off.
  16. CareCPA

    How do people charge hourly?

    SIDE HUSTLE WEB DESIGN 
    We try to do flat-fee as much as possible. This removes all anxiety from the client as to how large their invoices are going to be. It also motivates us to be more efficient. However, sometimes we just can't define the scope well enough to be flat-fee, so we switch to hourly. I just don't like...
  17. CareCPA

    Who's the tax guy in here?

    TAXES | REGS 
    Yep, saw that. That's why I warned you :)
  18. CareCPA

    Who's the tax guy in here?

    TAXES | REGS 
    You're so dramatic. I'll call you for our weekly "goodnight" chat soon.
  19. CareCPA

    Who's the tax guy in here?

    TAXES | REGS 
    I'm 99% US tax stuff, just FYI.
  20. CareCPA

    Need Help (Even if i ask to a CPA ) Amazon FBA / Amazon KDP

    I believe if you are a SMLLC, you need to enter your personal details for Amazon. If you live in a country with a US tax treaty (*cough*MostEuropeanCountries*cough*) then you may consider structuring your business(es) in a way that allows you to take a treaty-based position and not pay tax in...

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