SEP IRA

Posts Tagged ‘financial’

Question: E-biz, sole proprietorship laws in FL, etc.?

I am buying an existing E-business which is located in New Jersey. I am in Florida; I am wondering how to go about setting everything up. How do i set up a sole proprietorship in Florida? What else do I need to do? (taxes, IRS issues, SEP-IRA account, schedule C, etc.)

We have already signed the contract; all I have to do is pay the guy now and everything is mine. Any and all info. is appreciated!

Thanks!

Answer: Best Bet: Make an appointment to talk with a local CPA. He/she would need less than an hour to answer your questions. The CPA will know about how to register your company with IRS and state regulatory agencies. Do not postpone getting this done. You could wind up out of compliance with various laws on taxation, withholdings, etc. Mu-u-uch better to get it right from the git-go.

You’ll likely need a relationship with an accounting professional who keeps up with the laws. They’re always only a phone call away … and the questions that will cause you the most trouble are those you didn’t ask!

You’ll get no better answer than this one!!

Ira Tenax

Why PGI SelfDirected vs. All the Other Guys

Question: How much can I put in my IRA?

I have a Tradtional IRA (rollover), and a SIMPLE IRA with my current Employer. I was told I can put up to 10K in my SIMPLE, and 4000 in my Tradtional. But If I put 4000 in my Tradtional, will I still be able to put 10,000 in my SIMPLE, or am I limited to 6,000?
If I were to open a Roth IRA, is that 4,000 seperate from my Tradtional , or total of all IRA’s is 4,000? What If I own multiple Trational IRA’s can I put 8000 (4000 a piece) in two of them?

Answer: You have two different IRA accounts, one that you personally own (the traditional), and one with your employer (the SIMPLE).

If you put $4000 into a Traditional IRA, you can still put $10,000 into your SIMPLE. Your SIMPLE IRA is similar to a 401k, except that only small businesses can have a SIMPLE IRA.

If you open multiple Traditional IRA and Roth IRA accounts, you can only contribute a TOTAL of $4000 (or $5000). That means, you can’t put $4000 into each account. Plus, it’s not smart to open multiple IRA accounts in the first place since it will be hard to track your investments.

Self-Direction — Can MY SD IRA/401K Purchase Property I Already Own?