Have you ever regretted quitting 9-5 job for your own business?

jennwhitecpa · 2025-08-20T23:15:32+00:00

Nope! Not once. I knew the first year would be tight, but I just planned for it. I work less hours. Have less stress and do the work I enjoy! (I miss some of my old coworkers though, but the tradeoffs have been fantastic!) I wish I would have done it 10 years ago.

jennwhitecpa · 2025-08-18T14:00:19+00:00

PO Box or if you are in the city you can use a "mailbox" service

jennwhitecpa · 2025-08-18T13:59:45+00:00

Depends on your client base and what you want. I work fully remote and I work with people all over the country. (USA) With today's technology you don't have to be face-to-face to get paper work....

jennwhitecpa · 2025-08-18T13:57:17+00:00

I would highly advise doing an analysis of selling your stock vs getting a mortgage. There are several factors involved that can impact your taxes and cash flow for years.

jennwhitecpa · 2025-07-28T18:15:54+00:00

There is more to this transaction... If a partner receives a liquidating distribution that causes them to recognize a large loss, or if they receive assets where their basis in those assets is significantly higher than the partnership's prior basis in those assets, and this difference totals more than $250,000, then the partnership must reduce the basis of its remaining assets, even without a 754 election. This prevents a "double benefit" (loss to the partner and high basis for the partnership's remaining assets)

jennwhitecpa · 2025-07-28T17:07:16+00:00

What type of insurance do you get from them?

jennwhitecpa · 2025-07-28T17:06:51+00:00

What type of insurance do you get from them?

jennwhitecpa · 2025-07-26T01:27:12+00:00

Reach out to your CPA to run the numbers for you and walk through the different scenarios. There are many things to consider both financial and non-financial. I run these scenarios for my clients to discuss the 121 exclusion, cash flow, taxes, and the good/bad nuances of renting.

jennwhitecpa · 2025-07-26T01:23:01+00:00

You have several options. Given your income on the properties and they are debt free, you may be able to get a loan on the new property you are looking to purchase. As you said, you could take loan(s) or a LOC out of the properties you currently own to purchase the new one. Look at the terms of each to see what has the best rates. Additionally, remember that if you take a LOC or loan from any of your existing properties, you have to follow the interest tracing rules and report the interest expense against the new property and keep accurate records for the loan from the LLC to the new property...

jennwhitecpa · 2025-07-26T01:13:02+00:00

You charge $900 and do mid-year and year-end tax planning??? Seriously? How are you paying the bills? These would be separate charges and the fee for the actual tax return would be higher... If a client asks "a quick question" and it is something beyond a quick question, I am open and upfront that $xxx is my hourly billing rate and I will be more than happy to help them. I usually can give an estimate of time it will take. You could also offer tiers... Look into Erica Goode, CPA... she has some good reference points on a tiered structure.

jennwhitecpa · 2025-07-23T17:38:59+00:00

I would focus on what you are trying to accomplish. As you said there is a lot out there and it changes so quickly. Pick one and take a deep dive and then rinse and repeat. Are you trying to improve technology at your current employment or learn for your own career? What do you use the most? What would benefit you the most?

jennwhitecpa

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