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92% owner of S-corporation who also is 100% owner of LLC
92% owner of S-corporation who also is 100% owner of LLC entity. S-corporation has 401K established for the owner. Can LLC also open SEP for the purposes of minimizing taxes?… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,508 satisfied customers
I am amending my client's 2016 1120S to include $3,850 as a
Second opinion] Hi, I am amending my client's 2016 1120S to include $3,850 as a SEP-IRA contribution on Line 17. My question is how do I adjust the balance sheet?… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,508 satisfied customers
I am self-employed (sole). I am about to open a new IRA
Hi, I am self-employed (sole). I am about to open a new IRA account (Self Employed IRA), but not sure which one would be optimal for my situation (SEP, Solo 401(k) or SIMPLE IRA). Here is one major va… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,508 satisfied customers
My husband has a consulting LLC but he has an S corp set up
My husband has a consulting LLC but he has an S corp set up for tax purposes. My question is, since he pays himself a salary from the S Corp is that considered self employment income and I need to fil… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,104 satisfied customers
Lane, If you are a general partner in an LLC Partnership
Hi Lane,If you are a general partner in an LLC Partnership with your wife, can the partnership contribute to a SEP only based on the self employment income? What is the maximum $ amount and % of incom… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,508 satisfied customers
It is Professional. me and my wife partner in LLC. We file
It is for Tax Professional.me and my wife partner in LLC. We file joint return.I have set up 401K plan under my LLC . since it is husband and wife LLC, We do not generate W2, so did not do salary defe… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,508 satisfied customers
I, as an employer, have been contributing to two employees
I, as an employer, have been contributing to two employees IRA accounts (quarterly) in addition to their salary. I have been reporting their salary through my payroll software and sending them paystub… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,508 satisfied customers
I have a client that has an S corp where he is the only
I have a client that has an S corp where he is the only employee. He doesn't do much W2 income. Can his SEP contribution be based on the net income of the business or his K1 income at least?… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,508 satisfied customers
C corporation that is owned by family members, if the
for a C corporation that is owned by family members, if the officers apply for S corporation this year, when would the corporation would be able to start contributing to SepIRA for the officers.… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,508 satisfied customers
I own and am the only employee of an s-corp. Is there a way
I own and am the only employee of an s-corp. Is there a way that would benefit my bot***** *****ne more financially if I set something up through the company or am I ok just doing something tax-free o… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,508 satisfied customers
S corp officer had $10k in Retained Earnings at the
S corp officer had $10k in Retained Earnings at the beginning of 2014. The Company earned income $50k during 2014. Officer took a distribution of $40k during 2014 and then in 2015 established a SEP IR… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,508 satisfied customers
, Can I set up a SEP plan and contribute 25% of profit
Hi, Can I set up a SEP plan and contribute 25% of profit from Schedule C. (I did not take any salary from the self employment though). I'm making estiomated taxc payments on the assumed profits, but n… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I was a single member LLC all the way until Oct 2014 at that
I was a single member LLC all the way until Oct 2014 at that time I turned my single member LLC into an scorp begining Jan-2014(late election). During the year I made a contribution to a SEP-IRA for t… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
Can I use social security benefits to calculate my annual SEP
Can I use social security benefits to calculate my annual SEP IRA contribution for a self employed individual… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,508 satisfied customers
Question regarding Individial 401k's. I have a client who
Question regarding Individial 401k's. I have a client who is a sole member llc and was able to contribute the max to his individual 401k last year of about 50L based on the profits of the business. He… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,508 satisfied customers
I am in the process of filing my 2012 1120 S corp return (on
I am in the process of filing my 2012 1120 S corp return (on extension). I will have a profit on the S Corp return that will pass to me on Sch K that will cause me a tax liability on my personal 1040.… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I am the 100% owner of a sub s corporation that has a SEP IRA
I am the 100% owner of a sub s corporation that has a SEP IRA and a SEP 401K. What is the maximum I can contribute. I am also over 50.… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,104 satisfied customers
LLC has employees and has a Simple Retirement plan for ...
LLC has employees and has a Simple Retirement plan for them. Managing member does not pay himself a salary, but takes draws and is allocated income based on percentage ownership. Can the managing memb… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
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