Author Topic: Business owner question?  (Read 1093 times)

jleo

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Business owner question?
« on: November 21, 2017, 10:15:24 PM »
So I am trying to figure out if there are any tax advantage accounts I can still qualify for 2017 as an S-corp business owner.

I would like to do the simple IRA for my company but cutoff date was 10/1/17 for 2017.

Sep IRA is allowable but I would have to contribute to my other 3 employees the same % as I contribute to myself so I would maybe break even or most likely would cost me more money to do this.

My question is can anyone think of any tax advantage investing I could qualify for? My income is 200k+ so over IRA limits.

I am currently thinking the only way I can invest in the market right now is with a taxable account, any help would be appreciated!


jleo

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Re: Business owner question?
« Reply #1 on: November 24, 2017, 11:18:11 AM »
I honestly do not think my employees will even opt in to investing even with a company match they are more of the pay check to pay check spend everything type so I think my best option is to sit this year out as I can not think of any way to invest in a non taxable account.

I will start the simple IRA in 2018 for sure though just this year is going to be higher income for me then the following year so I wish I had more write offs for this year.

firescape

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Re: Business owner question?
« Reply #2 on: November 26, 2017, 06:52:47 PM »
I'm not sure about a SEP, but I know with our simple plan we have to offer it to employees but that doesn't mean they necessarily take it. Most, in my experience, do not.

jleo

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Re: Business owner question?
« Reply #3 on: November 26, 2017, 07:19:52 PM »
I'm not sure about a SEP, but I know with our simple plan we have to offer it to employees but that doesn't mean they necessarily take it. Most, in my experience, do not.

Yes from what I have gathered I must offer it to them but it is there choice on if they want to contribute and my guess is none will as they are more pay check to pay check mindsets.

Not sure how hard these are to setup but I think I will use Vanguard to do it in 2018.