@Anonymous wrote:
Actually man my business doesn't really make any money so taxes are pretty easy lol. You don't have to align your spending on business credit cards with your taxes, if that's what you're thinking.
As for CSP for csr in year 1, some people find it worthwhile to get the csr in year 1 (basically it has to offset an additional $95). But since you already have the Amex Platinum, you're already getting some of the features the csr has over the CSP. So you need to see if its worth it for the rest of the unique perks to the csr (which is pretty much the travel insurance). Either way, CSP or CSR in year 1, isn't a bad move, but csp year 1 will save you the annual fee.
The Amex gold is a good card, but I'm still debating whether or not I'll keep it long term. It really depends on how a certain things works out (pm me if you want more info about that). I have several 5% cash back cards and I end up getting restaurant and grocery covered on those cards a lot of the time, so for me using the Amex gold for its 4x categories has a higher opportunity cost than if I did not have those 5% cards.
All I can say about opening a business to get the blue business plus and ink preferred (product changed to ink cash after year 1 [at the time the ink cash only had a $300 SUB instead of the current $500 SUB, but the ink preferred 80k sub is still better]) is that I don't regret it and I'm glad I got 2 of the best point earning cards between the UR and MR systems - both with no annual fee - out of it. Without them, I'd have CSP/Freedom/Freedom Unlimited/Amex Plat/Amex Gold. Not bad but...that ink cash really bolsters UR while the BBP really boosters MR. In fact if you have the platinum and BBP, that's a solid setup. The gold is much less "necessary" in that case.
Correct me if i'm wrong but the only additional forms you would need to file as a Sole proprietor would be the schedule C correct? I had a partnership a while back which required 1065, K1 etc which was a large pain in the butt to file since it took a couple years before I got around to fully dissolving the partnership. If you just have to add the schedule C with a bunch of zeros on it that might be something I can work with. I assume all you would have to do is spend as you normally would on these business cards and just not claim any of them as "expenses" for the business on the schedule C?
I have to think about he CSR vs CSP this year because you're right. I think all the added benefits you don't get on the CSP I have on the Amex Plat (plat also has the travel insurance right?). The only thing at this point that might make me go with CSR in year one is the additional 300 travel credit because i know I'm traveling this year (at least twice domestic and at least one two week Euro trip) and that extra 300 in baggage/inflight/taxi etc credit could come in handy in addition to the $200 credit for Amex Plat.
We need to discuss Amex gold, i just pulled up the link and I'm SHOCKED! I knew the redid the earning but 4X with no limit?! Wow. Based on the looks of your cards it sounds like our rewards goals are similar so i would love to hear your perspective as someone who has both cards and also some cards on the UR platform. I will PM you.
I just pulled up the link to the BBP, can you tell me why you consider that one of the best MR earning cards you have? All the current Amex link shows is that its 2X on common business purchases with no annual fee. I definitely see the benefit to Ink Business Cash. That's very nice 5X spend in categories (does this rotate or are these same categories every year?) and the actual cash back on gas/food is a practical category that everyone spends in.
[2/2019]