Question For +50k/month Affiliates

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AlexJames

AlexJames

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For everyone who is grossing over 50k/month (SUP3RN0VA, Cakes, etc) -

Did you guys hire a CPA?

I talked to one of my business consultants today and she told me I should be hiring a CPA immediately to assist me with my bookkeeping and write offs.

I have a few friends that work as CPAs and was planning on hiring one of them.

Any other tips for taxes or the like would be extremely helpful. Thanks!
 


yeah, i would be sure they would..

if your doing 50k month.. its much easier to HIGHEr someone to do ur taxes ;) then you do urself
 
If you're doing any sort of business, you need an accountant

First, you don't want to dick with the IRS. Business taxes are wicked complex and you need someone to help you navigate that.

The second reason is that a good accountant will pay for himself at the first consultation. I just paid my accountant $750 for doing my taxes and I know for a fact that he saved me at least five times that amount in the past six months.
 
Yeah, having a certified accountant is kind of necessary when you suddenly start making $400,000 a year when you were earning almost nothing previously...

See if you can find one that can do "creative" accounting too... then you can do things like write holidays off on tax if you can figure out how to call it an "executive networking function" or some other crap... ;)
 
Wait, do you mean hire as in hire full time? Or just to have someone do your taxes? If you mean the latter, then yes, definitely.

I think I got one back when I was grossing 20k /m, best money spent ever.

And kingfish definitely got a good idea ;)
 
yoink*gasp* said:
YEa, you say that, then you start making $50K a month and suddenly it doesn't seem worth it.
Click to expand...

Then you don't get excited and $50k/mo doesn't seem like shit and you want $50k/day to fill that void that is never ending...damn good feeling though.
 
Xrproto said:
Then you don't get excited and $50k/mo doesn't seem like shit and you want $50k/day to fill that void that is never ending...damn good feeling though.
Click to expand...

The first month I made $25K profit I didn't know what the fuck to do with all that money so I just dumped it into a savings account. LOL.
 
My mom's a CA so I just have her do all my tax crap for free. As per the question about LLC's, I operate under my given name because I'm to damn cheap to shell out $50 to register a business name!
 
I don't care about the money for an LLC, I just don't get how and when paying taxes works for them and I'm too lazy to read about it. Probably gonna do it soon, though.
 
quickbooks ftw. learn it well, the reporting is fantastic and your accountant will love you.

btw, NOT at 50k, yet.
 
yoink*gasp* said:
The first month I made $25K profit I didn't know what the fuck to do with all that money so I just dumped it into a savings account. LOL.
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I take it you don't have a wife. :D

Oh yeah...I'm not at $50k a day just yet. ;)
 
AlexJames said:
For everyone who is grossing over 50k/month (SUP3RN0VA, Cakes, etc) -

Did you guys hire a CPA?

I talked to one of my business consultants today and she told me I should be hiring a CPA immediately to assist me with my bookkeeping and write offs.

I have a few friends that work as CPAs and was planning on hiring one of them.

Any other tips for taxes or the like would be extremely helpful. Thanks!
Click to expand...
I'm working on it right now actually. I think the decision for each person depends on how they are at such things though, and how long it would take them.
 
I have a CPA do my taxes then take it to another more aggressive CPA/lawyer who I pay a percent of whatever he saves me off what the first guy found.
As part of the deal, he agrees to fight any tax challenges for free...

Takes money to make it work, but well worth the effort when you get to a certain earning level.
 
I don't make anything near $50k per month, but I still have a CPA do my taxes at the end of the year. Now that I have an LLC partnership that everything's paid to, I need to make sure my taxes are being done by someone who understands the intricacies of taxes, especially on the LLC/partnership end. Hell, I've always used a CPA for my business taxes, even back in high school when I was running a web host with revenues of $100k+ per year, under a sole proprietorship.
 
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