SEP IRA

Archive for March, 2008

[Pension Funds} 12% Daily Return On Money WOW!!!!

Shaam ‘ Song Promo – Aisha -(2010) – Sonam Kapoor

Question: What is the best way to set up a new business if I am working?

I currently work for a company. I would like to start my own consulting business on the side. My question is, how should I set up my company? As a separate entity? What is my best tax strategy? Is there a way to keep my personal income separte from my consulting income so that my tax rate doesn’t go up or keep my from contributing to a Roth Ira etc? Finally would I be able to set up a SEP plan for my consulting company while still particpating at my employer’s plan

Answer: You may want to read the article “Balancing Part-Time Business with Full-Time Job” http://www.powerhomebiz.com/vol114/balancing.htm

Regarding tax rates, unfortunately I don’t think there is a way for you to separate the two. Even if you do an LLC, you will need to file a K1 form to reflect your business earnings.

One tax-saving measure you may consider is Self-Employed 401K. From the article “Self-Employed 401K: A Retirement and Tax Savings Tool for Small Businesses” http://www.powerhomebiz.com/vol149/401k.htm

“The Self Employment 401(K) plan allows a self-employed individual or business owners with no employees other than a spouse to open and contribute to a Self-Employed 401(k) plan and receive a tax break from the contributions.”

It would be best to consult with a financial/tax advisor to help you plan ways to control your taxes.

Financial Services Hemet CA: Investments, Mutual Funds, 401k, IRA, Annuity, Life Insurance