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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, MBA, CFP, CRPS
Doctoral Degree
13,611 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, MBA, CFP, CRPS
Doctoral Degree
13,611 satisfied customers
Two partners in a partnership. One has other self employment
Two partners in a partnership. One has other self employment income and has a solo 401(k). If the other partner would like to have a SEP but i believe that has to be set up at partnership level. If it… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,611 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, MBA, CFP, CRPS
Doctoral Degree
13,611 satisfied customers
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
13,611 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, MBA, CFP, CRPS
Doctoral Degree
13,611 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, MBA, CFP, CRPS
Doctoral Degree
13,611 satisfied customers
We my husband and I have a S-Corp. The W2 employees are myself,
We my husband and I have a S-Corp. The W2 employees are myself, my husband and one other clerical part-time employee. I have filed an extension for S-corp 2014 taxes and personal 2014 tax return. My h… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,611 satisfied customers
Hi Bill, I have 1/3 ownership of an LLC. I want to do a SEP, but the other partners d
Hi Bill, I have 1/3 ownership of an LLC. I want to do a SEP, but the other partners do not want to contribute at the same percent as I do. Can I set up a second LLC to hold my ownership in the initial… read more
Bill
Bill
Master's Degree
3,132 satisfied customers
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
13,611 satisfied customers
Can a partnership with 3 owners and no employees have partnership
Can a partnership with 3 owners and no employees have partnership income distributed to their individual LLC's and then do an individual SEP plan. I have this situation where only one of the parner's … read more
Bill
Bill
Master's Degree
3,132 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
Tax Advisor
Bachelor's Degree Equivalent
34,304 satisfied customers
My California S-Corp has a 401K plan available to all employees. And
My California S-Corp has a 401K plan available to all employees. And a SEP plan that our owner and 2 other employees qualify for. We are already in compliance for our 401K for 2010, and are looking in… read more
Bill
Bill
Master's Degree
3,132 satisfied customers
Hi, My husband and I are self employed with a household
Hi, My husband and I are self employed with a household income this year of over $800K and we are interested in reducing our taxable income. Will opening a 529 college fund for each of our 2 small chi… read more
Bill
Bill
Master's Degree
3,132 satisfied customers
I have made 401K contribution for 2009 so far of the year of
I have made 401K contribution for 2009 so far of the year of about 15,000$ and now I have opened another SEP IRA account with 4800$ and Roth IRA with 4500$. 1. Am I crossing the contribution limits fo… read more
Bill
Bill
Master's Degree
3,132 satisfied customers
401K question My husband was 100% share-holder of C-Corp.
401K question: My husband was 100% share-holder of C-Corp. As of this year, he terminated the C-Corp. and operating business under the same business name but as sole proprietorship. The C-Corp. have 4… read more
Bill
Bill
Master's Degree
3,132 satisfied customers
Last year my husband and I had an AGI of $97,861. Out of each
Last year my husband and I had an AGI of $97,861. Out of each of my biweekly checks I had $38 additional Federal taxes deducted and $11 additional IN State taxes deducted. We owed $482 for Federal and… read more
Bill
Bill
Master's Degree
3,132 satisfied customers
We have an LLC, taxed as a partnership, with 3 individual members
We have an LLC, taxed as a partnership, with 3 individual members and one tax exempt org. member. The 3 individual members provide services/expertise to the LLC that result in the income the LLC earns… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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