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  1. CareCPA

    How to evaluate existing Internet business for purchase

    I would caution buying a business from Flippa unless you know what you're looking for in due diligence (or have a good team). There was a recent thread on here about business brokerages: Any reputable business brokers with good inventory?
  2. CareCPA

    Confused About Health-Dental-Eye Insurance Thread

    An HSA works with a high-deductible health plan (this is actually defined. You should be asking the agent if the health plan is HSA eligible), it is not a standalone account. If you have a qualifying health plan, then you can funnel pre-tax dollars into the HSA to pay for your medical bills...
  3. CareCPA

    Why Economists never mow their own lawn, and if you want to make money… neither should you.

    HOT! 
    It takes me about two hours to mow my lawn, and one of the reasons I continue to do it is that it's forced quiet time. I can't answer client phone calls, or send emails, so it gives me a chance to think about big-picture items, and mull over some of the thoughts that have accumulated. While I...
  4. CareCPA

    Random Chat, Thoughts, Posts, and/or Rants Thread

    HOT! CHAT 
    Go find the thread about Eric's cheesecakes. Then you'll get it.
  5. CareCPA

    Why I despise Pickup Artistry, and how to have a fulfilling sex life.

    HOT! PEOPLE 
    I feel like I'm saying this more and more often, but this thread got weird. Maybe it started out weird, I'm not really sure, but it definitely got weirder as it went along.
  6. CareCPA

    Greetings from Pennsylvania

    INTRO 
    Where have all you PA guys been hiding? Where is everyone at in the state? I'm up North, outside Lewisburg.
  7. CareCPA

    looking for direction on bookkeeping apps for small operation

    INVESTING 
    Sure, we can highjack this thread. Some of these are subjective. For example, are you looking for a solo bookkeeper because you're trying to save some money? Or do you want a firm so you know there's continuity if your bookkeeper leaves? If you hire a random person off Upwork and they...
  8. CareCPA

    looking for direction on bookkeeping apps for small operation

    INVESTING 
    That reminds me, I should have one of my bookkeepers do our books. I don't think I even need to be spending the time at this point.
  9. CareCPA

    looking for direction on bookkeeping apps for small operation

    INVESTING 
    Wave is a free option. Paid options include Xero and QBO. For any of these, you'll need separate subscriptions for business and personal. I'd do something like Xero/Wave/QBO for business, and Personal Capital or Mint for personal. No need to pay for a software if you don't need the business...
  10. CareCPA

    Any reputable business brokers with good inventory?

    The ones I know of are WebsiteClosers, Quietlight, FEInternational, The FBA Broker, Empire Flippers (which you obviously mentioned) AppBusinessBrokers.com globalwiredadvisors.com Latonas.com There's also the Shopify Exchange. I would stay away from Flippa unless you really know how to...
  11. CareCPA

    I never knew how bad the system can screw someone until now

    HOT! 
    This is great, I don't have to answer tax questions anymore :) Just to reiterate, I would be surprised if this one specific deduction swung the scales for you on whether to rent or buy.
  12. CareCPA

    I never knew how bad the system can screw someone until now

    HOT! 
    Yea, the short version is: Home office depreciation is a portion of your home office deduction. If you use actual expenses, depreciation is one of several expenses (along with utilities, allocated taxes and insurance, etc). If you use the Simplified method, no depreciation needs to be calculated...
  13. CareCPA

    I never knew how bad the system can screw someone until now

    HOT! 
    Yes, this was what my memory was telling me (but my memory lies sometimes). Given the earlier responses, I wasn't inclined to spend a lot of time double-checking my memories.
  14. CareCPA

    I never knew how bad the system can screw someone until now

    HOT! 
    Depending on sales price, amount of gain, etc, yes, most likely. The term you're looking for is "unrecaptured 1250 gain" - here is a brief primer Unrecaptured Section 1250 Gain The silver lining is the unrecpatured 1250 gain is limited to a max 25% tax rate (and gain beyond the unrecpatured...
  15. CareCPA

    I never knew how bad the system can screw someone until now

    HOT! 
    I see I got bat-signaled in, so I'll pop in long enough to say: Depreciation recapture is real, just like for any other asset that gets depreciated. I would be surprised if you could allocate your Section 121 exclusion to it. It's not something we do every day, so I would have to research it...
  16. CareCPA

    Ways to make money

    I'm guessing it involves the ad I keep seeing on Facebook that keeps trying to teach me high-ticket closing. At least now I know the ad leads to a $2,500 course, so I don't have to click it out of morbid curiosity and get stuck in their re-targeting.
  17. CareCPA

    Somebody Sell Me on "Fastlane Insiders"

    MINDSET 
    This could not be more true. Some things in business will just be a waste of money, but if you're not constantly testing, how will you know? Example: we spent about $1,200 in FB ads in January. Want to know how much we got in sales from it? $0. Not only is the Insiders a low amount of...
  18. CareCPA

    What are my legal rights of a DBA name sale

    What does your Operating Agreement say?
  19. CareCPA

    Selling a business?

    Most brokers are going to want to base the price off a multiple of the trailing twelve months. If you've been consistent for 5 months, some will annualize the price based off of that, but they'll disclose that methodology in the listing. The lower profit from the tariffs, and the short...
  20. CareCPA

    Does offering too many sizes lead to loss of sales?

    Test it. Your most recent reply says you're going to offer one more size instead of two. What if you picked the wrong one? The one you deem more valuable may not be the one the market deems more valuable. A lot of your posts on this forum tend to overthink and overcomplicate. You don't need to...

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