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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
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Lane
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Tax Experts Small S-corporation paid SEP contribution on
Tax ExpertsSmall S-corporation paid SEP contribution on behalf of only employee (owner). Is this contribution deductible on corporate or individual tax return? Is K-1 income used to calculate sep cont… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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An Single member S-Corp is an employee of the S-Corp who
An Single member S-Corp is an employee of the S-Corp who pays themselves a salary. The would like to contribute to a retirement plan. Can the contribute to a SEP or does it need to be an individual 40… read more
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Jason M. Tyra, CPA
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Sep-ira's, ok, I am a 50 year old physician and sole
ok, I am a 50 year old physician and sole employee of my s-corp... I earned w-2 wages of $93,555 from the corp, as well as another $291k in w-2 wages from other employers. I want to figure out the maximum contribution my s-corp can make to my sep-ira this year … read more
Lane
Lane
JD, MBA, CFP, CRPS
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I own an accounting business which is set up as an S corp,
I own an accounting business which is set up as an S corp, and pay myself W-2 wages from the business. My husband Josh is an ER PA and started a new job last year at a hospital where they pay provider… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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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, MBA, CFP, CRPS
Doctoral Degree
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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, MBA, CFP, CRPS
Doctoral Degree
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, 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.
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Vocational, Technical or Trade School
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If I own an S Corp and I contribute to a SEP can I claim that
If I own an S Corp and I contribute to a SEP can I claim that contribution on my 1040 as a deductible on line 28, or must I file it on the 1120S??… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I'm looking an 1120S tax return prepared by a CPA and trying
I'm looking an 1120S tax return prepared by a CPA and trying to get an understanding about the SEP amount deducted on the return on line 17. The SEP amount contributed in 2014 before March 15th was $3… read more
PDtax
PDtax
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How can I maximize tax savings for 2013 . Husband pays into
How can I maximize tax savings for 2013 . Husband pays into 401K I don't qualify for 401 K so I will contribute to Traditional IRA account for the year . What else can we do to lower tax liability at … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I own a LLC (with my wife, split 40-60). LLC had a net profit
I own a LLC (with my wife, split 40-60). LLC had a net profit will report self-employment income on K-1 for both myself and my wife. Both of us also had W2 income made 401k contributions on W2 employe… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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Question regarding Additional Retirement Savings from free
Question regarding Additional Retirement Savings from free lancer side income. I am looking for options to put away more money in tax advantaged retirement account such as SEP IRA or similar. in 2013 … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I am an s-corp and I want to shelter as much money as possible.
I am an s-corp and I want to shelter as much money as possible. From what I understand, I can write off 25% of my income in a sep up to certain limits. Lets say I earn 100,000 W-2 income. and put 25,0… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
My wife and I run an LLC, where she primarily runs the business.
My wife and I run an LLC, where she primarily runs the business. We both take no salary and have not received a distribution of profits, with the exception of $7,000 put into an SEP-IRA account for my… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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Owe $10,255 (MFJ) FIT. Self employed Spouse (55 years old)
Owe $10,255 (MFJ) FIT. Self employed Spouse (55 years old) considering contributing to Traditional IRA ($6,000). I have run numbers, however, & it appears that only saves us about $260 per $1,000 cont… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
Facts -Married & file jointly -Both husband and I have W-2
Facts -Married & file jointly -Both husband and I have W-2 income. -Husband belongs to and contributes to his company's 401(k) plan. -I do not have a company retirement plan -For the past 3 years, I n… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
I am an employee of company X. Company X provides me with
I am an employee of company X. Company X provides me with a 401(k) plan that I contribute $15,500 to. Company X also matches my contributions. Let's say their match is $10K. In addition to my employme… read more
Lev
Lev
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Bachelor's Degree Equivalent
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