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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 14470
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I am owner of a sole proprietor LLC and trying to figure out

Resolved Question:

I am owner of a sole proprietor LLC and trying to figure out the best option for a pension or 401k for myself. I currently have an old Fidelity 401k with about 9k in it from my past job that I no longer contribute to and can be added to the equation.

Ideally the pension/401k would be long term and an entity I contribute to monthly (as opposed to quarterly or yearly). I would like this to be a retirement account. A big concern is finding the most tax beneficial option and one that I can write off. Another concern is whether there are options whereby I can contribute the money and actually get a significant, but safe return.

I am looking for options in terms of overall directions (pension, 401k, etc) and also possible suggestions for vendors or companies that I can use.
Submitted: 1 year ago.
Category: Finance
Expert:  Megan C replied 1 year ago.

MyVirtualCPA :

I would recommend a SEP IRA for your LLC

MyVirtualCPA :

You can contribute up to 25% of your net profits into this account, with a cap at $51,000 per year

MyVirtualCPA :

You can fund this monthly if you wanted to, or you could wait until you filed your return to file this. it's up to you.

MyVirtualCPA :

The contributions are fully deductible

MyVirtualCPA :

You could set this up through an account such as charles schwab, fidelity, td ameritrade, or any of your local banks

MyVirtualCPA :

The safest investment will be an investment in FDIC insured money market accounts, but the return would be very small

MyVirtualCPA :

You can't get both a "significant' and "safe" return, so you must decide which is more important to you

MyVirtualCPA :

A "Safer" return would be to invest in a fund that follows the S&P 500

MyVirtualCPA :

Is there anything else that I can assist you with today? Do you have further questions?

Customer:

Great - thanks for quick response.

MyVirtualCPA :

You're welcome

Customer:

What do you think would be the more aggressive option?

MyVirtualCPA :

If you would, please rate my response as "excellent" so that I may receive credit for assisting you today

Customer:

In terms of returns

MyVirtualCPA :

I would advise to invest in a fund that follows the S&P 500

Customer:

Thanks

MyVirtualCPA :

You're welcome

Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 14470
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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