What a great forum to seek wide spread advice:We are self-employed, recently (1/1/00) incorporated, only family member shareholders. We set up a profit sharing plan in 89, only funded it sporadically. Also set up a Simple IRa for my husband as sole proprietor in '97, but never had excess funds to put in. We incorporated, in part because we're thinking it might help our teenage children qualify for better fanancial aid packages.This year I paid both my husband & myself $15,000 each in gross wages. We made a fair profit in the last 2 months and are now scrambling to maximize retirement contributions. We plan to put $6000 in each Simple Ira (I just signed the salary reduction agreement) along with the 3% employer contribution.Can we open Roth accts or other saving vehicles of our own? What is the most amount of money we can shelter?Also, We would like to relocate (so our foolish daughter won't drive her foolish parents to ruin by driving foolishly on the 9 mile road to town!) Can we sell our current home to the corporation and use that money for our downpayment, avoiding paying ourselves more salary?Does any of this foolheartedness make foolish sense?
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