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  1. CareCPA

    [PROGRESS] Bekit's Progress Thread

    EXECUTION 
    I can relate to this. Hard. Going through a period of overwhelm now. There isn't one major thing that's holding me back, but when I look at the mountain of "to-dos" they just seem like so much. Logically, I know it's fine. Emotionally, it's just a lot. Luckily, I've got a couple great people...
  2. CareCPA

    20 Year Old On Fastlane Buys R8 V10 SUPERCAR!

    EXECUTION 
    I think you're wasting a lot of time and effort defending this guy if you aren't working for him. Getting my comment in early before the full dumpster fire sets in.
  3. CareCPA

    How do you professionally and politely get a client to pay?

    SIDE HUSTLE 
    We're using Practice Ignition.
  4. CareCPA

    How do you professionally and politely get a client to pay?

    SIDE HUSTLE 
    We just got up and running with our new proposal software. It collects payment information at the time of the proposal, and automatically charges based on the schedule in the proposal. We were manually collecting CC info previously, which means I would need to remember to check and follow up if...
  5. CareCPA

    How do you professionally and politely get a client to pay?

    SIDE HUSTLE 
    We're currently revamping our process to require money up front on a lot of our services. I've literally had people where I send them a completed tax return (after being in discussion with them during the process, it isn't a surprise), and then they tell me they've found another accountant...
  6. CareCPA

    How to Use Book Marketing to Grow Your Business (a Less Common But Powerful Strategy)

    GOLD! HOT! MARKETING 
    You may be overthinking it. Different people prefer to learn by different methods. I know a guy who has a fairly successful blog. He then took a collection of his blog posts, cleaned them up a bit, and turned them into a book. He flat out told people that the book is just a collection of blog...
  7. CareCPA

    Travel Expenses paid via company

    I would think it's the same philosophy. If one of your employees was traveling, what expenses would you reimburse them for? This should be a good indicator of what you can consider a business expense.
  8. CareCPA

    Travel Expenses paid via company

    Thanks for tagging me @eliquid Note: OP lists England in his profile, my answer here is for the US. I assume most of it will be similar in England, but can't guarantee that. Like most things in the tax world "it depends." If you have a job that can be done from anywhere, and are just doing...
  9. CareCPA

    Generally speaking, how much should I pay myself?

    HOT! 
    If you're an S Corp or C Corp they're treated differently. If you're a partnership or single-member LLC, then not so much. I especially like your dad's point of view. Many business owners work twice as many hours for the same amount of money they could make at a regular job (ask me how I...
  10. CareCPA

    Is buying cheating?

    I've seen the opposite as well. I've seen stores where they're growing so fast, that they have to take out debt to keep up with the growth, and still haven't paid themselves a wage. Eventually it takes it's toll, and people are afraid to throttle growth.
  11. CareCPA

    Can We Talk Tools for the "Maker Market"?

    HOT! 
    If it were me, I would trace the circuit to see what is on the 20 amp breaker, then I'd pull the outlets to see if it has the right wiring. If it does, I'd just replace the outlet. But, I would not advise that most people do this. I'll stop derailing now :)
  12. CareCPA

    Can We Talk Tools for the "Maker Market"?

    HOT! 
    How old is your house? You likely have some, maybe just not where you want them. Check the breaker box for 20 amp breakers. The outlets themselves are the ones that have the weird sideways line in them (radiant® 20A Commerical Spec-Grade Tamper-Resistant Receptacle, White | Legrand) If you...
  13. CareCPA

    Gravy's Hustle Thread: $100k/mo or Bust!

    GOLD! HOT! 
    Once the "enhanced" unemployment runs out, you should have a lot more options for employees as long as you're paying reasonable wages. 5 months ago it was hard to find good people. With unemployment rates the way they currently are, it seems like a good opportunity to scoop up some better talent.
  14. CareCPA

    PPP Loan and new Hire

    OFF-TOPIC 
    Guidance is pretty spotty at the moment. When you apply for the PPP, you certify that "current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant." So my question two months ago was: if you're growing, can you, in good faith, certify that...
  15. CareCPA

    Entity Structure - Multiple Businesses

    Yes, exactly. The downside, of course, is if you want to sell one of the lines of business, you basically need a forensic accountant to sort out the income/expenses related to that particular DBA. Also - let me know if you have a physical shop. Would love to check it out next time I'm down in...
  16. CareCPA

    Entity Structure - Multiple Businesses

    Yep, that would work. You can run a bunch of DBAs within an LLC. If they're small, it's not worth the administrative headache of multiple LLCs.
  17. CareCPA

    From FIRE to DIRE...

    INVESTING 
    I personally know several people "high up" in the FIRE movement. I think there's a bit of a misunderstanding. We're all searching for the ability to do things that allow us some freedom. The FIRE folks do this by cutting expenses and saving large amounts of their income. People on this forum...
  18. CareCPA

    Online Tax Return

    TAXES | REGS 
    You would need to elect a different tax treatment. By default, a SMLLC is a disregarded entity and will show up as a Schedule C on your personal return.
  19. CareCPA

    For Sale: Untapped Niche Food Business With Massive Wholesale Potential

    MARKETPLACE 
    I don't want to wade too deep into this, but I would bet that if someone spent the next 12 months optimizing some of the operations issues that @Scot has already identified, it would be much easier to raise capital in a year.
  20. CareCPA

    [C0VlD-19] Forgiveable SBA Loans For Small Biz and Freelancers

    HOT! 
    This sparks an interesting conversation in to how vague the legislation is (and often is, not just in the case). For example, in the Emergency EIDL Grants section of the CARES act it states: "(1) IN GENERAL.—During the covered period, an entity included for eligibility in subsection (b)...

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