socialforums2019
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- Nov 8, 2019
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I have a former client in my network who I've kept in touch with and mentioned to her that I am looking to leave my job. She brought up a $500K opportunity and wants me to deliver it on my own. I'm in shock because I was just going to jump to another company, but this has me intrigued and I want to work some rough numbers (going to end up getting a CPA) before I committ to anything, but this seems like its a no-brainer to go with. Few questions:
1. What are the big expenses I need to consider for start up expenses? At this moment, I have estimated about $70K for the year. This would include a virtual office, software/technology, website, medical insurance, professional liability insurance, anticipated legal/CPA/developer costs through the year.
2. For the self employment tax, it is calculated based upon net profit correct? And you need to pay estimated taxes? So that calculation would be based on say $430K ($500K less $70K expenses)
3. That $430K is "profit" and would be the basis of my income tax that I need to pay taxes on in April correct? Or are my personal taxes based only upon the draw amounts for the year?
Anything else I should be considering?
1. What are the big expenses I need to consider for start up expenses? At this moment, I have estimated about $70K for the year. This would include a virtual office, software/technology, website, medical insurance, professional liability insurance, anticipated legal/CPA/developer costs through the year.
2. For the self employment tax, it is calculated based upon net profit correct? And you need to pay estimated taxes? So that calculation would be based on say $430K ($500K less $70K expenses)
3. That $430K is "profit" and would be the basis of my income tax that I need to pay taxes on in April correct? Or are my personal taxes based only upon the draw amounts for the year?
Anything else I should be considering?
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